Courses in this Department
Step 1 - Planning
Step 2 - Financing
Step 3 - Selecting
Step 4 - Buying
Step 5 - Owning
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TERMS TO KNOW
increase in the value of a Property
(the opposite is depreciation). Property
can appreciate due to a number of reasons including changes in economic conditions.
in which a lender loans funds and receives secured Interest
until the funds are repaid.
difference between the fair market value of the Property
and the amount of Debt
outstanding against it.
- The legal process by which a borrower is deprived of their Interest
in the Mortgaged
This usually is the last action taken by a lender to collect from a borrower in
involves a forced sale of the Property
at public auction with the proceeds of the sale being applied against the Mortgage
- An insurance policy that protects a dwelling and its contents
from personal liability and damage. Sufficient coverage is required by lenders.
- Private Mortgage Insurance, which protects the lender in case of default by the borrower.
is often used when buyers obtain financing with less than a 20% Down payment.
charge by the lender representing 1 percent of the amount of the Mortgage.
Click on the glossary icon to access the complete glossary of terms.