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VENDEE The purchaser of realty; the buyer. The buyer under an agreement of sale. COST OF FUNDS INDEX (COFI) An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District. DESCENT The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate. FEASIBILITY STUDY An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design. NOTICE OF NONRESPONSIBILITY A legal notice designed to relieve a property owner from responsibility for the cost of improvements ordered by another person. BANKRUPTCY A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts. EFFECTIVE RATE The effective rate is a consumer-oriented rate that takes into account the projected amount of time you tell us you will actually have the loan, as well as the specific costs, fees, and potential rate changes associated with it. The fees and costs are distributed over the time you plan to be in the house, allowing you to do an apples-to-apples comparison of a variety of loan types. The effective rate is not the APR. It is similar in that it factors in interest, mortgage insurance, and other fees (including points); however, the APR assumes that you keep your loan for the entire term, while the effective rate takes into account how long you tell us you plan to be in your house. |
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