9/6/2010 Agent Login

Glossary A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z 29 glossary terms found   1 2 3 Parcel An officially described piece of land. Partnership There are several partnership options for unmarried individuals to buy a piece of property, such as live-in partnerships (in which both buyers share the residence) or a shared-equity partnership (in which one buyer lives in the home and the other is an investor in the property). Patent defect A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch. Payment cap A legal limit on the amount a monthly payment can increase on an adjustable-rate mortgage. Per-diem interest Interest charged or accrued daily. Personal property Any moveable property in a house such as furniture or appliances. PITI (Principal, Interest, Taxes, I When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrower's actual monthly mortgage-related expenses. Planned-unit development Residents own the home and the land, and share the use and financial responsibility for common areas. Point Fees charged by lenders at the time a loan is originated. A point is equal to 1 percent of the total loan amount. Portfolio lender A lender who makes loans with its own funds and keeps the loans on the company's booksin other words, inside the institution's "portfolio"rather than selling the loan on the secondary market. 1 2 3   Title Agents & Attorneys Home Buyers & Sellers Lenders, Builders, Real Estate Agents & Commercial Home | About Us | Services | Locations | Contact Us | Resources | FAQs | Forms | Newsletter | Become an Agent Become an Approved Attorney | Site Map | Helpful Information | Corporate Governance | Employee Login | Privacy Policy