Activities required to compensate for wear and tear on a property.
The fee charged for professional property management. Usually set at a fixed percentage of total rental income generated by the managed property.
The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period.
A homeowners' association sometimes formed in a large condominium project or planned unit development (PUD) that is made up of representatives from associations covering specific areas within the project.
A pre-set date informing account owners when they can withdraw principal funds without incurring a penalty. (Please note that you may withdraw any generated interest before reaching an account's maturity date at E-LOAN.)
Usually, a loan amount that is within 5 percent of the highest loan-to-value (LTV) percentage allowed for a specific product.
Merged Credit Report
A credit report that contains information from at least three credit repositories. Any duplicate entries are combined to provide a concise summary of a your credit.
Military Classification refers to whether the veteran served and qualifies for VA home loan benefits as Active Duty, Reserve Service or National Guard Member.
Actions by the Federal Reserve System to influence the cost and availability of credit, with the goals of promoting economic growth, full employment, price stability and balanced trade with other countries.
Money Market Account
A type of savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions may apply to the withdrawal of funds.
Money Market Fund
A mutual fund that allows individuals to participate in managed investments in short-term debt securities, such as certificates of deposit and United States Treasury bills.
A legal document that pledges a property to the lender as security for payment of a debt
A company that originates mortgages for resale in the secondary mortgage market.
Mortgage Disability Insurance
A disability insurance policy which will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time.
Mortgage Insurance (MI)
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LTV of 80.01% or higher.
Mortgage Insurance Premium (MIP)
Amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI) company
Mortgage Life Insurance
A type of term life insurance often bought by mortgagors. In the event that the borrower dies while the policy is in force, the debt is automatically repaid by insurance proceeds. Not to be confused with mortgage insurance.
Mortgage Registration Fee
The person or company who receives the mortgage as a pledge for repayment of the loan. The mortgage lender.
The mortgage borrower who gives the mortgage as a pledge to repay.
A residential mortgage on a dwelling that is designed to house more than four families, such as an apartment complex.
Wainwright Real Estate | Virginia Real Estate Broker | 4098 Foxwood Dr. Virginia Beach, VA 23462
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