A carefully documented estimate of property value. This is prepared by a licensed appraiser who analyzes recent sale prices of similar/comparable properties.

The actual interest rate you pay on your mortgage, which factors in fees, points, and other costs associated with the loan.

One to whom a transfer of an interest or property is done. This is also known as Assigns.

The written transfer of an interest in a lease of mortgage. The lessee, or assignor transfers the remainder of the term and the assignee becomes liable to the original lessor for the rent. For example: When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.

A lump sum payment that is larger than the other, periodic payments. It pays off the remaining balance of a loan.

A single mortgage covering more than one real property.

A short-term loan that “bridges” the period between the closing date of the loan and the ending period of the loan.

A short-term and usually more expensive loan that provides funds to borrower until a longer term and less expensive loan is secured.

A broker is an intermediary who handles paperwork & forms, negotiates rates, legal items and serves the borrower.

The expenses which borrowers incur to complete the loan transaction and may include title searches, closing fees, recording and processing fees and other charges.

Property pledged as security to a debt. If the borrower fails to repay the loan, the lender may gain ownership of the collateral and sell it to recover the money.

A total of all loans relative to the value of the property

A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The three parties included in a deed of trust are the borrower, lender, and trustee.

An item of value, money, or documents deposited with an impartial third party to be delivered upon the fulfillment of a condition. Escrow acts as the custodian for the documents and funds involved – and makes disbursements, delivers documents and effects the consequential changes to the title record of the subject property.

The fair market value an owner has in real estate over and above the obligation against the property.

A private money loan (also known as private money, or bridge loan) is financing obtained from a private individual or group. These loans are usually real estate based. Hard money loans are generally sought after by people having trouble obtaining loans from conventional sources.

Monthly payments are calculated comprised only of the finance charge.

The claims of debt, judgment, mortgage or taxes brought against a property. Examples of types of liens would include judgments, mortgages, and unpaid taxes.

The loan amount relative to the value of the property.

The current value of property as determined by factoring in location, assets, demand & supply.

Refers to any investment property that does not serve as the owners primary residence.

A notice sent to the wrongful party as recognition of a default made. This is the first phase of the two step foreclosure process in most States.

1.The starting date of a loan.
2. The process leading to the start of a loan.

A fee paid upfront on a loan that is incurred at the time of the loan. A point is equal to 1% of the amount of the mortgage.

A private money loan (also known as hard money, or bridge loan) is financing obtained from a private individual or group. These loans are usually real estate based. Hard money loans are generally sought after by people having trouble obtaining loans from conventional sources.

The process of establishing the validity of a will before a duly authorized court or person. Once validity is confirmed, the probate court then administers the sale of property as directed by the will or as authorized by the court to settle any financial obligations.

One who holds property in trust for another to secure performance of an obligation, the neutral party in a trust deed transaction.

The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan. This is based on the criteria of assets, credit, income, employment, etc.