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Glossary of Terms, I-W
- Income
- Amount earned or gained; not a return of capital.
- Index
- A number used to compute the interest rate for an adjustable-rate
mortgage (ARM). The index is generally a published number
or percentage, such as the average interest rate or yield
on Treasury bills. An amount known as a margin is added
to the index to determine the interest rate that will be
charged on the ARM.
- Interest
- The fee charged for borrowing money.
- Inventory
- The detailed descriptive list of your household goods
showing the quantity and condition of each item.
- Judgment lien
- A lien on the property of a debtor resulting from the
decree of a court.
- Lien
- A legal claim on property of some obligation or debt.
- Local moving
- Local moving usually refers to moves of less than 100
miles within the same state. This type of move is based
on hourly rates and is regulated by the states DOT or other
regulatory body.
- Lock-in
- An agreement guaranteeing a specific interest rate and
points if a transaction is closed by a certain date.
- Lock-in period
- The time period during which the lender has guaranteed
an interest rate to a borrower. See lock-in.
- Long distance
- These refer to moves of more than 100 miles within one
state or moves between two states.
- Margin
- The amount added to an index to establish the interest
rate on an adjustable-rate mortgage (ARM) on each adjustment
date, subject to any limitations on the interest rate change.
See index.
- Money market account
- An account that provides depositors with a slightly higher
rate of interest than an ordinary savings account. Money
market accounts are not FDIC insured.
- Money market fund
- A mutual fund that invests in short-term debt securities,
such as certificates of deposit and Treasury bills.
- Monthly payment mortgage
- A mortgage that requires payments to be made once each
month.
- Mortgage
- A contract in which a lender loans funds and receives
secured interest in property until the funds are repaid.
- Non-binding or hourly
rate
- Customers are charged by the hour per man, per truck.
- Offer
- An intentional proposal or promise made by one party to
act or perform provided the other party acts or performs
in the manner requested.
- Order for service
- This is the authorizing document that allowing movers
to move your goods.
- Order Number
- This also refers to the Bill of Lading. It's the number
used to identify and track your shipment.
- Peak season rates
- A premium rate is typically charged at certain times of
the year, usually summer. You can sometimes get a break
on fees in the winter.
- PMI
- Private mortgage insurance, which protects the lender
in case of default by the borrower. PMI is often used when
buyers obtain financing with less than a 20% down payment.
- Point
- A charge by the lender representing 1 percent of the amount
of the mortgage.
- Points (loan discount points)
- Prepaid interest assessed at closing by the lender. Each
point is equal to 1 percent of the loan amount.
- Pre-qualification
- A determination of how much money a prospective home buyer
will be eligible to borrow before he or she applies for
a loan.
- Principal, interest, taxes, and insurance
(PITI)
- The four components of a monthly mortgage payment often
referred to as one. See principal and interest. Taxes and
insurance represent amounts that are paid into an escrow
account for property taxes and hazard and/or mortgage insurance.
- Property
- A bundle of legal rights for real estate.
- Property Tax
- A charge imposed on the assessed value of real estate,
to be used to support the State or municipality who in turn
utilizes the funds in the best interest of the general public.
- Qualifying Ratios
- Housing and debt ratios used by lenders to determine a
potential borrower's credit-worthiness. The ratios are expressed
as numbers like 28/36 where 28 would be the housing ratio
and 36 would be the debt ratio. The housing ratio of 28
means that housing expenses should not exceed 28 percent
of gross monthly income and the debt ratio of 36 means that
housing expenses plus long term debt should not exceed 36
percent of gross monthly income.
- Record
- To place any document or instrument affecting title or
an interest in real property in the public records of the
county in which the property is located.
- Recorder
- The public official sometimes called a "Registrar of Deeds"
or "County Clerk." or "Clerk of the Court" who
keeps records of legal transactions in a jurisdiction.
- Recording
- Entering into the public records the written documents
affecting title to real property, such as a properly executed
legal document (deeds, mortgage notes, satisfactions of
mortgage) thereby making it a part of the public record.
Constructive notice. See recorder.
- Real estate
- Land including the air above and the earth below plus
any permanent improvements affecting the utility of the
land. Property that is not personal property.
- Real estate agent
- A person licensed to negotiate and transact the sale of
real estate on behalf of the property owner. See agent.
- Real estate broker
- An agent who buys, sells, or rents real estate for a company,
firm, or individual on a commission basis. The broker does
not hold title to the property but generally represents
the owner.
- Settlement
- See closing.
- Settlement
disclosure statement
- A list giving a complete breakdown of costs involved in
a real estate transaction prepared by the lender’s agent
at closing.
- Simple Interest
- Interest computed only on the principle balance.
- Stair-carry charge
- This is an extra charge for carrying items up or down
flights of stairs.
- Storage-in-Transit (SIT)
- This refers to temporary warehousing of your goods pending
further transportation or transportation to your new home
if it isn't ready for occupancy. You may not exceed a total
of 180 days of storage.
- Survey
- A professionally created drawing or map indicating precise
legal boundaries of a property, location of improvements,
easements, rights of way, encroachments, and other physical
features. The method of measuring boundaries and determining
land areas.
- Tax
- An enforced charge imposed on persons, property or income.
Compulsory payment by a citizen to a unit of government.
- Taxable Value
- The assessed value less allowable exemptions resulting
in an amount to which the tax rate is applied to determine
property taxes due.
- Title
- The group of rights that represent ownership of real property
and the quality of the estate owned. A legal document evidencing
a person's right to or ownership of property.
- Title company
- A company that specializes in examining and insuring titles
to real estate.
- Title insurance
- Insurance policies that protect the lender or the buyer
against errors or omissions or defects in the title of a
property.
- Title search or
examination
- An examination of municipal records to determine the legal
ownership of property and to confirm any liens, special
assessments, other claims or restrictive covenants filed
in the record
- Trustee
- A person or party, either appointed or required by law
to administer or manage another’s property. An escrow agent.
- VA mortgage
- A long-term, low- or no-down payment loan guaranteed by
the Department of Veterans Affairs (VA). Restricted to individuals
qualified by military service or other entitlements.
- Valuation
- The amount your goods are worth.
- Walk-through inspection
- Final inspection of a property’s condition by the buyer,
done before closing, to ensure that all conditions noted
in the offer-to-purchase have been met.
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