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Mortgage Terminology Part 2

For additional mortgage terms and definitions please click on the following link: Mortgage Terms Continued

 

Deed of Trust : An instrument that makes real property security for a loan; unlike a mortgage, may be foreclosed nonjudicially

Loan to Value Ratio: Also known as LTV ratio. The loan to value is the percentage of equity that you are borrowing from your home. For example:

If your home is worth $200,000 and you wanted a mortgage of $150,000, the Loan to Value ratio would be 75%, because you would be borrowing 75% of the home's value. Generally speaking, the higher the Loan to Value ratio, the higher the interest rate of the loan.



Equity: The difference between the current value of the home and the amount the owner still owes on the mortgage. In the example above, the same home valued at $200,000 with a mortgage balance of $150,000 would have $50,000 equity in the home.

Quit Claim Deed : A deed coveying the title to real property with the title in an "as is" condition. In other words, there are no expressed or implied guarantees or waranties that you will have clear and/or marketable title included with the deed.

Deficiency Judgment : a court judgment ordering a debtor to pay the difference between the amount of a debt and the proceeds raised by foreclosure and sale of the security property

FHA mortgage insurance : Requires a fee (up to 2.25 percent of the loan amount) paid at closing to insure the loan with FHA. In addition, FHA mortgage insurance requires an annual fee of up to 0.5 percent of the current loan amount, paid in monthly installments. The lower the down payment, the more years the fee must be paid.

Impound : That portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves.

FHLMC : Federal Home Loan Mortgage Corporation, "Freddie Mac," a government agency that performs a similar function to that of FNMA

FNMA : the Federal National Mortgage association, "Fannie Mae," a private corporation supervised by HUD; FNMA is a major secondary market investor

GNMA : Government National Mortgage Association, "Ginnie Mae," a government agency supervised by HUD; GNMA promotes investment in real estate by guaranteeing payment on FHA, FMHA and VA loans

Negative Amortization : an increase in an outstanding loan balance brought about by deferred interest

Note Rate : the interest rate specified in a promissory note; also called the coupon rate

Origination : the process of making a new loan

Margin : the difference between the index rate and interest charged on an ARM

Mortgage : an instrument wherein property is pledged as security for a debt, creating a lien on the security property; must be foreclosed judicially

Mortgage-Backed Securities : instruments issued by various agencies such as GNMA and FHLMC to raise investment funds

Mortgagee : the one who receives a mortgage, usually the lender

Mortgagor : the person who gives a mortgage; the borrower

FHA : a government agency designed to aid the construction and real estate industries by providing mortgage insurance, among other programs

Gross Income : a person's income before deductions for income taxation

Interest Rate Cap : a limit on the amount that interest rates may be increased in an ARM

Foreclosure : A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property.

HUD-1 statement : A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing.


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