Broker Broker has several meanings in different situations. Most realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. (see the home loan Library that discusses the different types way of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing. Buydown Usually refers to a fixed rate mortgage where the interest rate is "bought down" for a temporary period, usually one to three years. After that time and for the remainder of the term, the borrower's payment is calculated at the note rate. In order to buy down the initial rate for the temporary payment, a lump sum is paid and held in an account used to supplement the borrower's monthly payment. These funds usually come from the seller (or some other source) as a financial incentive to induce someone to buy their property.
Bond market, usually refers to the daily buying and selling of thirty year treasury bonds. Lenders follow this market intensely because as the yields of bonds go up and down, fixed rate mortgages do approximately the same thing. The same factors that affect the Treasury bond market also affect mortgage rates at the same time. That is why rates change daily, and in a volatile market can and do change during the day as well. Bridge loan Not used much anymore, bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment. One reason for their fall from save favor is that there are more and more second mortgage lenders now that will lend at a high loan to value. In addition, sellers often prefer to accept offers from buyers who have already sold their property.
Bill of sale, a written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds. A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty year mortgage. They charge a set-up fee and a transfer fee for every payment. Your funds are deposited into a trust account from which your monthly payment is then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce your principle. You could save money by doing the same thing yourself, plus you have to have faith that once you transfer money to them that they will actually transfer your funds to your lender.
Assignment in real estate
Other assets hemingway include real estate, personal property, and debts owed to an individual by others. Assignment, when ownership of your mortgage is transferred from one company or individual to another, it is called an assignment. Assumable mortgage, a mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan. Assumption, the term applied when a buyer assumes the seller's mortgage.
A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid. Balloon payment, the final lump sum payment that is due at the termination of a balloon mortgage. Bankruptcy, by filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 no asset" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishment of an ability to repay debt.
Because you are using the same payment on a smaller amount, the apr is always higher than the actual note rate on your loan. The form used to apply for a mortgage loan, containing information about a borrower's income, savings, assets, debts, and more. Appraisal, a written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby. Appraised value, an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.
Appraiser, an individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent. Appreciation, the increase in the value of a property due to changes in market conditions, inflation, or other causes. Assessed value, the valuation placed on property by a public tax assessor for purposes of taxation. The placing of a value on property for the purpose of taxation. Assessor, a public official who establishes the value of a property for taxation purposes. Asset, items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and.
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The loan payment consists of a portion which will be applied to pay the movie accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time. Amortization schedule, a table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero. Annual percentage rate (apr this is not the note rate on your loan. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your actual loan. You will come up with a number close to the apr.
Although we make every effort to process renewal applications prior to expiration of the previous license, it is imperative that we receive renewal applications in a timely manner. In order to maintain an "active" listing of your appraisal license, please do not wait until the last week or month to submit a renewal request. nbsp, brea basics, subscribe to our email list to get updates and announcements. (Note: to ensure delivery of the emails, add " " to your email contacts). Glossary definitions acceleration clause, a clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating essay a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender. Adjustable-rate mortgage (arm a mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All arms are tied to indexes. Adjustment date, the date the interest rate changes on an adjustable-rate mortgage.
to amendments made to the california code of Regulations Section 3568, effective october 1, 2016, the national Uniform Appraiser License examination or its equivalent is no longer needed to become a licensed Trainee (AT). If you have already taken and passed the exam to obtain an at license, your exam results are valid for one year from the date the exam was passed to qualify for the residential (AL) license. If your al application is received by our office after that one year time frame, you will need to re-exam to obtain the al license. Brea has revised its, customer Satisfaction Survey, so please take a moment to send us your feedback. The bureau of real Estate Appraisers sends license renewal notifications to all licensees six months prior to expiration, requesting submittal of renewal applications ninety days prior to license expiration. Should a licensee delay submittal of the renewal application, they may be deleted from brea's website as an "Active" appraiser, and shown on the Appraisal Subcommittee's National Registry as "Inactive" until such time as the renewal license is issued.
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