Poor Credit Home Loan,

BUILDING RESIDUAL TECHNIQUE
A method of determining the value of an improvement normally used in appraising income property.

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.

LITTORAL LAND
Land bordering on the shore of a sea or ocean and thus affected by the tide currents.

FNMA
See Federal National Mortgage Association.

PROPERTY MANAGEMENT
That aspect of real estate devoted to the leasing, managing, marketing and overall maintenance of the property of others.

RECEIVER
An independent party appointed by a court to impartially receive, preserve and manage property which is involved in litigation, pending final disposition of the matter before the court.

GROSS INCOME MULTIPLIER
A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average.

ASSESSED VALUATION
The value of real property as established by the state government for purposes of computing real property taxes.

CODE OF ETHICS
A written system of standards of ethical conduct. The Code of Ethics of the National Association of Realtors, first written in 1913, establishes the high standards of conduct for members of the Realtor community.

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.

BUSINESS OPPORTUNITIES
Any type of business which is for sale.

LETTER OF INTENT
An expression of intent to invest, develop or purchase without creating any firm legal obligation to do so.

FIRST REFUSAL, RIGHT OF
The right of a person to have the first opportunity either to purchase or lease real property.

DEDICATION
The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes.

CONTRACT
A legal agreement between competent parties who agree to perform or refrain from performing certain acts for a consideration. In real estate, there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others.

EQUAL CREDIT OPPORTUNITY ACT (ECOA)
Federal law requiring creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.

LITTORAL LAND
Land bordering on the shore of a sea or ocean and thus affected by the tide currents.

PENTHOUSE
An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building.

LOAN COMMITMENT
A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms.

STATUTE OF LIMITATIONS
That law pertaining to the period of time within which certain actions must be brought to court.

COMMITMENT
A promise to lend and a statement by the lender of the terms and conditions under which a loan is made.

CODE OF ETHICS
A written system of standards of ethical conduct. The Code of Ethics of the National Association of Realtors, first written in 1913, establishes the high standards of conduct for members of the Realtor community.