Country Wide Home Loan,

HOTEL
A building or group of attached or detached buildings containing dwelling or lodging units in which 50 percent or more of the units are lodging units, usually distinguished by a front desk, dining and other common facilities.

ETHICS
A system of moral principles, rules and standards of conduct.

LANDSCAPING
Shrubs, bushes, trees and the like, on the grounds surrounding a structure.

NEGATIVE CASH FLOW
The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment.

QUIET ENJOYMENT
The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title.

MAINTENANCE
The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value.

HUD-1 UNIFORM SETTLEMENT STATEMENT
A standard form which itemizes the closing costs associated with purchasing a home or refinancing a loan.

USURY
Interest charged in excess of the legal rate established by law.

FHA
See Federal Housing Administration.

EXCHANGE
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind.

JUNIOR MORTGAGE
A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first.

TRUST FUND ACCOUNT
An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.

INTEREST
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.

INSTITUTIONAL LENDER
Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law.

ESCHEAT
The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned.

EFFECTIVE RATE
The effective rate is a consumer-oriented rate that takes into account the projected amount of time you tell us you will actually have the loan, as well as the specific costs, fees, and potential rate changes associated with it. The fees and costs are distributed over the time you plan to be in the house, allowing you to do an apples-to-apples comparison of a variety of loan types. The effective rate is not the APR. It is similar in that it factors in interest, mortgage insurance, and other fees (including points); however, the APR assumes that you keep your loan for the entire term, while the effective rate takes into account how long you tell us you plan to be in your house.

DOWN PAYMENT
The amount of your home's purchase price you need to supply up front in cash to get your loan. For conventional loans, you should strive for a down payment that's at least 20% of your home's value, since lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price. (Note, however, that FHA and VA loans have different policies regarding insurance.)

OPEN SPACE
Certain portion of the landscape which has not been built upon and which is sought either to be reserved in its natural state or used for agricultural or recreational purposes(such as parks, squares, and the like).