The refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the extra funds in any manner.
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A document which shows that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm or other financial institution.
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A document issued at a judicial sale, which entitles the buyer to receive a deed after court confirmation of the purchase of the property.
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A modification of the construction contract to authorize a change in the work, an adjustment in the amount of the contract or a change in the contract time. The owner, architect and contractor must sign the change.
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A financial institution that provides a broad range of services, from checking and savings accounts to business loans and credit cards.
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The process of pouring concrete into forms on the ground, allowing the forms to harden and then raising the material to a vertical position to form walls.
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Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.
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A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 8701 Georgia Avenue., Suite 507, Silver Springs, MD 20910. Phone: (800) 388-2227.
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A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.
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A mortgage which starts as an adjustable-rate loan, but allows the borrower to convert the loan to a fixed-rate mortgage during a specified period of time.
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A business trust that holds the title to a cooperative residential building and grants occupancy rights to shareholders in the corporation.
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A project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title.
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A credit bureau report that shows a loan applicant's history of payments made on previous debts. Several companies issue credit reports, but the three largest are Trans Union Corp., Equifax and Experian (formerly TRW ).
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Nonprofit cooperative organizations that provide banking and financial services, including mortgages, home improvement loans and home equity loans, to their members.
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