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by Mark Mathis
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s).
Point - A charge of 1 percent of the mortgage amount. Points are a one-time charge assessed by the lender at closing to increase the interest yield on a mortgage loan.
Prepayment - Payment of all or part of a debt prior to its maturity.
Principal - The amount borrowed in a loan, excluding interest and other charges.
Property Survey - A survey to determine the boundaries of your property. The cost will depend on the complexity of the survey.
Rapid Payoff Mortgage - (See Growing Equity Mortgage).
Recording Fee - A charge for recording the transfer of a property, paid to a city, county, or other appropriate branch of government.
Real Estate Settlement Procedures Act (RESPA) - A federal law requiring lenders to provide home buyers with information about known or estimated settlement costs. The act also regulates other aspects of settlement procedures.
R-Value - The resistance of insulation material (including windows) to heat passing through it. The higher the number, the greater the insulating value.
Sales Contract - A contract between a buyer and seller which should explain, in detail, exactly what the purchase includes, what guarantees there are, when the buyer can move in, what the closing costs are, and what recourse the parties have if the contract is not fulfilled or if the buyer cannot get a mortgage commitment at the agreed-upon terms.
Settlement - (See Closing).
Shared Appreciation Mortgage - A loan in which partners agree to share specified portions of the downpayment, monthly payment, and appreciat |
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