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Estate

The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an...

Escrow Disbursements

The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due....

Line Of Credit

An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified...

Prime Rate

The interest rate that banks charge to their preferred customers. Changes in the prime rate influence changes in other rates, including...

Default

Failure to make mortgage payments on a timely basis or to comply with other requirements of a...

Origination Fee

A fee paid to a lender for processing a loan application. The origination fee is stated in the form of points. One point is 1 percent of...

Pud (planned Unit Develop)

A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of...

Amortization Schedule

A timetable for payment of a mortgage loan. An amortization schedule shows the amount of each payment applied to interest and principal and...

Deed-In-Lieu

A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary...

Building Code

Local regulations that control design, construction, and materials used in construction. Building codes are based on safety and health...