|
| Florida Real Estate Agent |
|
Menu
|
Free Classifieds and Advertising for Individuals and Businesses at www.KeepSane.com
TAX LIEN A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens. FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system. RELEASE CLAUSE A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan. ADJUSTABLE RATE MORTGAGE LOANS (ARM) Loans with interest rates that are adjusted periodically based on changes in a pre-selected index. As a result, the interest rate on your loan and the monthly payment will rise and fall with increases and decreases in overall interest rates. These mortgage loans must specify how their interest rate changes, usually in terms of a relation to a national index such as (but not always) Treasury bill rates. If interest rates rise, your monthly payments will rise. An interest rate cap limits the amount by which the interest rate can change; look for this feature when you consider an ARM loan. TERM The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due. BUDGET MORTGAGE A mortgage with payments set up to cover more than interest and principal reductions. COVENANTS RUNNING WITH THE LAND Covenants which become part of the property and benefit or bind successive owners of the property. WAREHOUSE A building used to store merchandise and other materials or equipment. BLANKET MORTGAGE A mortgage that covers more than one parcel of real estate. |
Copyright © 2004-2005 | www.WeWillBuyYourHouseFast.com | Privacy Policy |