Home Loan Rate,

NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

BENEFICIARY
A person who receives the benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will, insurance policy or trust.

DEFICIENCY JUDGEMENT
A judgment against a borrower, endorser, or guarantor for the balance of the debt issued when the security for a loan is insufficient to satisfy the debt.

FEE SIMPLE
Absolute ownership of real property.

PITI
Abbreviation for Principal, Interest, Taxes and Insurance, the components of a monthly mortgage payment.

DISCOUNT POINTS (OR POINTS)
Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system.

ASSUMPTION OF MORTGAGE
The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.

CHAIN OF TITLE
The chronological order of conveyance of a property from the original owner to the present owner.

BULK TRANSFERS
Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise.

VENDOR
The seller of realty. The seller under an agreement of sale.

PURCHASE MONEY MORTGAGE
A mortgage given to the seller as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a simultaneous part of the transaction.

OBSOLESCENCE
A type of depreciation of property.

GRADUATED RENTAL LEASE
A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.

PARTITION
The dividing of common interests in real property owned jointly by two or more persons.

APPLICATION
An initial statement of personal and financial information required to apply for a loan.

CONSTRUCTIVE EVICTION
Acts done by a landlord which so materially disturb or impair the tenant's enjoyment of the leased premises that a tenant is effectively forced to move out and terminate the lease without liability for any further rent.

PRIVATE MORTGAGE INSURANCE
A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property.

FLOOR AREA RATIO
The ratio of floor area to land area expressed as a percent or decimal, which is determined by dividing the total floor area on a zoning lot by the lot area.

EQUITY
The difference between the current market value of a property and the total debt obligations against the property. On a new mortgage loan, the down payment represents the equity in the property.

DEVELOPER
One who attempts to put land to its most profitable use by the construction of improvements.

EXECUTIVE
The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed.

PARTNERSHIP
"An association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states.

RETALIATORY EVICTION
An act whereby a landlord evicts the tenant in response to some complaint made by the tenant.

FLOOD INSURANCE
Insurance that compensates for physical damage to a property by flood. Typically not covered under standard hazard insurance.

NONDISTURBANCE CLAUSE
A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building.

LOAN APPLICATION
An initial statement of personal and financial information required to apply for a loan.

FORBEARANCE
The act by the lender of refraining from taking legal action on a mortgage loan that is delinquent.

HIGHEST AND BEST USE
That use which, at the time of appraising the property, is most likely to produce the greatest net return to the land and/or the building over a given period of time.