Home Loan Mortgage Company,

MECHANIC'S LIEN
A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property.

SHORELINE
The dividing line between private land and public beach on beachfront property.

VARIABLE RATE
Interest rate that changes periodically in relation to an index.

SWEAT EQUITY
Value added to a property in the form of labor or services of the owner rather than cash.

RESTRICTIONS
Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases.

HOLDOVER TENANT
One who stays on the leased premises after his lease has expired. The landlord normally has the choice of evicting the holdover tenant or permitting him to remain and continue to pay rent.

CONVERTIBLE ARMS
A type of ARM loan with the option to convert to a fixed-rate loan during a given time period.

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.

LANDLORD
The lessor or the owner of leased premises. The landlord retains a reversion interest in the property so that when the lease ends the property will revert to the landlord.

VARIANCE
Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

APPLICATION FEE
Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges.

AFFIDAVIT
A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath.

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.

GUARDIAN
One who is given the lawful custody and care of another(called a ward).