Account held by a lender
for payment of taxes, insurance or
other related expenses.
Recording, Delivery, Wire, etc., Fees
Other costs that are incurred when
a real estate loan is closed.
A published rate or benchmark measure
of current interest rate levels used
to calculate periodic changes in rates
charged on adjustable rate mortgages
A tax term used to describe
a sale which is usually accomplished
by use of a land contract.
A mortgage insured
against loss to the mortgagee in the
event of default and failure of the
mortgaged property to satisfy the
balance owing plus cost of
Payment Notification (1098)
federal tax form that lenders use at
year end to notify borrowers of the
interest that was paid on their
mortgage over the last year.
The percentage of an amount
of money which is paid for its use for
a specified time.
A property that is not
occupied by the owner and in most
cases produces income or is held for
gains from appreciation.