Local municipalities set regulations regarding minimum structural and sanitation expectations for residential buildings.
HUD 1- Settlement Statement
A form that itemizes the closing costs associated with purchasing a home. This statement is a balance sheet that shows the source of funds and the distribution of funds in connection with the purchase or mortgaging of a residential property.
A fraction of a borrower
An account that is set up as a savings account that accumulates a portion of a borrower
Additions to raw lands.
Making a payment for a loss.
A measure of the interest rate changes used to determine changes in an adjustable rate mortgage
The right to enter a tract of land.
The rate charged during the first interval of the adjustable rate mortgage.
The situation that occurs when a person is unable to pay debts as they become due.
Protection against specified hazards by a company that a party pays a premium to.
The loan that is taken out by a borrower that is the cash value of the borrower
Generally expressed as a percentage, this is the periodic charge on borrowing money.
Interest Rate Cap
A clause built into an adjustable rate mortgage that limits drastic changes in the interest rates.
Commonly used as a
The responsibility shared by two or more parties to repay a debt.
An equal, agreed upon joint ownership of a property whereby in the event of the death of one owner, the surviving owner takes over total interest in the property.
A lien upon the property of the debtor that is appointed by a County Clerk.
The charge filed on the lands of a debtor that results from the decree of the court entered into the judgement docket.
A mortgage that is above the limit set by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), that typically carries a higher interest rate. Currently in Bexar county, the limit is $317,250 for a single family home.
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