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AMORTIZATION Repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan at the end of a fixed period of time. LOAN 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. PER DIEM INTEREST Interest calculated per day. (Depending on the day of the month on which closing takes place, you will have to pay interest from the date of closing to the end of the month. Your first mortgage payment will probably be due the first day of the following month.) RESTRICTIVE COVENANT A private agreement, usually contained in a deed, which restricts the use and occupancy of real property. FEASIBILITY STUDY An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design. |
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