Commonly known as a vacation
home. This home is not rented and is
occupied occasionally by the owners.
A loan secured by a
mortgage or trust deed, which lien is
junior to another mortgage or trust
The buying and selling of
mortgage notes between sophisticated
investors such as pension funds,
commercial banks, savings and loans
and wall street firms.
An entity, such
as FNMA or FHLMC, that buys mortgage
loans for investment or sells them
again to another secondary market
investor. Secondary market investors
do not service loans and do not
collect payments from borrowers.
The buying and
selling of first mortgages of trust
deeds by banks, insurance companies,
government agencies, and other
Real or personal property pledged by a
borrower as additional protection for
the lender's interest.
Agent who takes the seller
as a client, is legally obligated to a
set of fiduciary duties and is
required to put the seller's interests
above all other's.
distance from the lot line to the
point where improvements may be
Cost, a HUD Guide
gives an overview of the lending
process and is required by HUD. It is
provided to consumers after the loan
application is completed.
A statement prepared by
broker, escrow or lender giving a
complete breakdown of the cost
associated with a real estate
A deed given at the
sheriff's sale in foreclosure of a
Family Detached Home
residential home that is not attached
physically to another home.
that a contract be exactly carried
out, usually asking that the seller be
ordered to convey the property as
application developed by FNMA and
FHLMC that is widely used in the
and Local Housing Programs
housing finance programs to assist
first time home buyers and low to
moderate housing groups. Each state
and local group has different sets of
An involuntary lien,
includes tax liens, judgement liens,
mechanic liens, etc.
A document which is
recorded to change the trustee under
the deed of trust.
Map made by a licensed surveyor who
measures land and charts its
boundaries, improvements and
relationship to the property