Flashcards - Real Estate Financing

Flashcards - Real Estate Financing
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lien
A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation
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interest only mortgage
An interest-only loan is a loan in which, for a set term, the borrower pays only the interest on the principal balance, with the principal balance unchanged
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Ginnie Mae
The Government National Mortgage Association , or Ginnie Mae, was established in the United States in 1968 to promote home ownership
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FHA financing
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender
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Federal Home Loan Mortgage Corporation
The Federal Home Loan Mortgage Corporation , known as Freddie Mac, is a public government-sponsored enterprise , headquartered in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia
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Fannie Mae
The Federal National Mortgage Association , commonly known as Fannie Mae, is a government-sponsored enterprise and, since 1968, a publicly traded company
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Equal Credit Opportunity Act
The Equal Credit Opportunity Act is a United States law , enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age ; to the fact that all or part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act
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deed of trust
In real estate in the United States, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan between a borrower and lender
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balloon mortgage
A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity
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appraiser
An appraiser , is one who sets a value upon property, real or personal
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appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property
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adjustable rate mortgage loan
A variable-rate mortgage, adjustable-rate mortgage , or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets
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adjustable rate mortgage loan
A variable-rate mortgage, adjustable-rate mortgage , or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets
appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property
appraiser
An appraiser , is one who sets a value upon property, real or personal
balloon mortgage
A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity
deed of trust
In real estate in the United States, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan between a borrower and lender
Equal Credit Opportunity Act
The Equal Credit Opportunity Act is a United States law , enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age ; to the fact that all or part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act
Fannie Mae
The Federal National Mortgage Association , commonly known as Fannie Mae, is a government-sponsored enterprise and, since 1968, a publicly traded company
Federal Home Loan Mortgage Corporation
The Federal Home Loan Mortgage Corporation , known as Freddie Mac, is a public government-sponsored enterprise , headquartered in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia
FHA financing
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender
Ginnie Mae
The Government National Mortgage Association , or Ginnie Mae, was established in the United States in 1968 to promote home ownership
interest only mortgage
An interest-only loan is a loan in which, for a set term, the borrower pays only the interest on the principal balance, with the principal balance unchanged
lien
A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation
loan officer
Loan Officers, also referred to as "Mortgage Loan Originators", are people who work for banks and other financial institutions with the main objective to recommend individual and business loan applications for approval
Loan origination
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application
loan to value ratio
The loan-to-value ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased
Loan underwriting
Mortgage underwriting in the United States is the process a lender uses to determine if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable
mortgage insurance premiums
Mortgage Insurance is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan
promissory note
A promissory note is a legal instrument , in which one party promises in writing to pay a determinate sum of money to the other , either at a fixed or determinable future time or on demand of the payee, under specific terms
re-amortization
Amortization is the process of reducing, or accounting for, an amount over a period according to a plan
Regulation Z
The Truth in Lending Act of 1968 is United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed
secondary mortgage market
The secondary mortgage market is the market for the sale of securities or bonds collateralized by the value of mortgage loans
seller financing
Seller financing is a loan provided by the seller of a property or business to the purchaser
title insurance
Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans
Underwriting
Underwriting services are provided by some large specialist financial institutions, such as banks, insurance or investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee
VA home loans
A VA loan is a mortgage loan in the United States guaranteed by the U

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