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TRUTH-IN-LENDING ACT
Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after application. Also requires the right to rescission period.

TENANCY AT WILL
A tenancy in which a person is in possession of real estate with the permission of the owner, for a term of unspecified or uncertain duration, as when an owner permits a tenant to occupy a property until it is sold.

FANNIE MAE
A common nickname for the Federal National Mortgage Association.

ANY CASH RECEIVED WHEN YOU GET A NEW LOAN THAT IS LARGER THAN THE REMAINING BALANCE OF YOUR CURRENT MORTGAGE, BASED UPON THE EQUITY YOU HAVE ALREADY BUILT UP IN THE HOUSE.THE CASH OUT AMOUNT IS CALCULATED BY SUBTRACTING THE SUM OF THE OLD LOAN AND FEES FR
For example, if your existing loan is $100,000, you might refinance it with a loan of $120,000. After you pay off your current loan ($100,000) and any loan-origination costs for the new loan (for example $2,000 in points), you would be left with $18,000 cash out.

TENANCY AT WILL
A tenancy in which a person is in possession of real estate with the permission of the owner, for a term of unspecified or uncertain duration, as when an owner permits a tenant to occupy a property until it is sold.

IMPOUND ACCOUNT
A trust account established to set aside funds for future needs.

NOMINAL CONSIDERATION
A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration."

FANNIE MAE
A common nickname for the Federal National Mortgage Association.

EVICTION
The legal process of removing a tenant from possession of the premises for some breach of the lease contract.

ENVIRONMENTAL IMPACT STATEMENT
A report which includes a detailed description of a proposed development project with emphasis on the existing environment setting, viewed from both a local and regional perspective, and a discussion of the probable impact of the project on the environment during all phases.

FIXED RATE
An interest rate which is fixed for the term of the loan.

TITLE INSURANCE
A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy.

PROSPECT
A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA.

COLLATERAL
Assets (such as your home) pledged as security for a debt.

INTEREST
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.

TITLE SEARCH
Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

NEGATIVE CASH FLOW
The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment.

UNILATERAL CONTRACT
A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.

ABANDONMENT
The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person.

TERM
The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due.

FRAUD
Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another.

GENERAL AGENT
One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business.

PRESENT VALUE OF ONE DOLLAR
A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest.

DISCRIMINATION
The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.

PRIVATE MORTGAGE INSURANCE (PMI)
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 purchase price. (Note, however, that FHA and VA loans have different insurance guidelines.)

REFINANCE
The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.

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

POWER OF ATTORNEY
Legal document authorizing one person to act on behalf of another.

COFI
See Cost of Funds Index.

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