tenancy by the entirety
A type of joint tenancy of property that provides right of
survivorship and is available only to a husband and wife.
Contrast with tenancy in common.
A type of joint tenancy in a property without right of survivorship.
Contrast with tenancy by the entirety and with joint tenacy.
The obligee for a cooperative share loan, who is both a stockholder
in a cooperative corporation and a tenant of the unit under
a proprietary lease or occupancy agreement.
A process by which a lender uses another party to completely
or partially originate, process, underwrite, close, fund,
or package the mortgages it plans to deliver to the secondary
mortgage market. See mortgage broker.
A legal document evidencing a person's right to or ownership
of a property.
A company that specializes in examining and insuring titles
to real estate.
Insurance that protects the lender (lender's policy) or the
buyer (owner's policy) against loss arising from disputes
over ownership of a property.
A check of the title records to ensure that the seller is
the legal owner of the property and that there are no liens
or other claims outstanding.
Total obligations as a percentage of gross monthly income.
The total expense ratio includes monthly housing expenses
plus other monthly debts.
Equity that results from a property purchaser giving his or
her existing property (or an asset other than real estate)
as trade as all or part of the down payment for the property
that is being purchased.
Any means by which the ownership of a property changes hands.
Lenders consider all of the following situations to be a transfer
of ownership: the purchase of a property "subject to"
the mortgage, the assumption of the mortgage debt by the property
purchaser, and any exchange of possession of the property
under a land sales contract or any other land trust device.
In cases in which an inter vivos revocable trust is the borrower,
lenders also consider any transfer of a beneficial interest
in the trust to be a transfer of ownership.
State or local tax payable when title passes from one owner
An index that is used to determine interest rate changes for
certain adjustable-rate mortgage (ARM) plans. It is based
on the results of auctions that the U.S. Treasury holds for
its Treasury bills and securities or is derived from the U.S.
Treasury's daily yield curve, which is based on the closing
market bid yields on actively traded Treasury securities in
the over-the-counter market.
A federal law that requires lenders to fully disclose, in
writing, the terms and conditions of a mortgage, including
the annual percentage rate (APR) and other charges.
An adjustable-rate mortgage (ARM) that has one interest rate
for the first five or seven years of its mortgage term and
a different interest rate for the remainder of the amortization
to four-family property
A property that consists of a structure that provides living
space (dwelling units) for two to four families, although
ownership of the structure is evidenced by a single deed.
A fiduciary who holds or controls property for the benefit