Home Loan Savings,

CERTIFICATE OF VETERAN STATUS
FHA form filled out by the VA to establish a borrower's eligibility for an FHA Vet loan. Obtainable through local VA office by submitting form DD 214 (Separation Paper) with form 26-8261a (request for certificate of veteran status).

MORTGAGE INSURANCE
Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. (Note, however, that FHA and VA loans have different insurance guidelines.)

LOCK OR LOCK-IN
A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.

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

ABATEMENT
A reduction or decrease in amount, degree, intensity or worth.

MORTGAGE BANKER
A corporation or firm which normally provides its own funds for mortgage financing.

LAND TRUST
An association organized by common owners of real property, which holds title to the real property in the name of one or more trustees for the benefit of the owners, whose beneficial interests may be represented by trust certificates.

LATERAL AND SUBJACENT SUPPORT
The support received by a parcel of real property from the land adjoining it is called lateral support. Subjacent support is that support which the surface of the earth receives from its underlying strata.

JOINT VENTURE
The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center.

FIRM COMMITMENT
A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term.

DUE ON SALE CLAUSE
A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option.

CERTIFIED PROPERTY MANAGER
A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM.