The lender's "retail markup" on the mortgage. For example, if the index rate for an adjustable-rate mortgage is 5 percent but the lender has a 2.5 percentage-point margin, the rate the borrower will pay is 7.5 percent.
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A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential and public accommodations.
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Accounts that work like money market funds and allow individual investors to participate in certain managed investments and withdraw funds under most conditions.
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A legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral.
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A clause which allows a lender to demand that the entire balance of the loan be repaid in a lump sum under certain circumstances. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or
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A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae.
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A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services.
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Required by lenders in some loans to protect them from a possible default . All conventional loans with less than a 20 percent down payments require private mortgage insurance, or PMI.
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The tax write-off that the Internal Revenue Service allows most owners to claim for the annual interest payments they make on their real estate loans.
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The service combines the listings for all available homes in an area, except For-Sale-By-Owner (FSBO) properties, in one directory or database.
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