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And now for you to be able to understand what all Loan terms are commonly evolved into the market, we herewith bring to you an instant Loan Glossary online. |
FLH :: Online Loan Glossary |
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Online Loan Glossary
S
Security interest: An interest that a lender takes in
the borrower’s property to ensure repayment of a debt.
Settlement: another name for closing .
Special
Forbearance: a loss mitigation option where the
lender arranges a revised repayment plan for the
borrower that may include a temporary reduction or
suspension of monthly loan payments.
Subordinate: to place in a rank of lesser
importance or to make one claim secondary to another.
Survey:
a property diagram that indicates legal
boundaries, easements, encroachments, rights of way,
improvement locations, etc.
Sweat
equity: using labor to build or improve a
property as part of the down payment |
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Online Loan Glossary
T
Title 1: an FHA-insured loan that allows a borrower to
make non-luxury improvements (like renovations or
repairs) to their home; Title I loans less than $7,500
don't require a property lien.
Title
insurance: insurance that protects the lender
against any claims that arise from arguments about
ownership of the property; also available for
homebuyers.
Title
search: a check of public records to be sure
that the seller is the recognized owner of the real
estate and that there are no unsettled liens or other
claims against the property.
Total Debt
Ratio: Monthly debt and housing payments
divided by gross monthly income. Also known as Back-End
Ratio.
Transaction fee: A fee charged each time you
draw on your credit line.
Truth-in-Lending: a federal law obligating a
lender to give full written disclosure of all fees,
terms, and conditions associated with the loan initial
period and then adjusts to another rate that lasts for
the term of the loan.
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