A limit on the amount the interest rate or monthly payment can increase in an adjustable-rate mortgage.
A wood-frame or shingled house with a steep roof and several windows projecting from the second floor.
The amount of cash a rental property investor receives after deducting operating expenses and loan payments from gross income.
The refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the extra funds in any manner.
A formal notice, that asks a court to suspend action until the party which filed the challenge can be heard.
A device that generates cold air through an outside unit that is connected to ductwork inside the house.
A document which shows that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm or other financial institution.
An index based on the interest rates on six-month CDs. It used to determine the interest rate for some adjustable-rate mortgages.
A document issued by the Veterans Administration that verifies the eligibility of a veteran for a loan program.
A document which states that a home or other building has met all building codes and is suitable for habitation.
A document issued at a judicial sale, which entitles the buyer to receive a deed after court confirmation of the purchase of the property.
A written opinion on the status of a piece of property based on an examination of the public record.
Decorative trim installed on a wall about 32 inches above the floor, which protects against scuffs from furniture.
A modification of the construction contract to authorize a change in the work, an adjustment in the amount of the contract or a change in the contract time. The owner, architect and contractor must sign the change.
A document which details the final financial settlement between a buyer and seller and the costs paid by each party.
Individual housing units that are clustered around a common building where residents share cooking and other activities.
A financial institution that provides a broad range of services, from checking and savings accounts to business loans and credit cards.
The negotiable percentage of the sales price of a home that is paid to the agents of the buyer and seller.
Fees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve or operate common areas.
A project composed of individually owned units that share usage and financial responsibility for common areas.
Property accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states.
A federal law that encourages financial institutions to loan money in the neighborhoods where minority depositors live.
An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.
The interest paid on the principal balance in a mortgage and on the accrued and unpaid interest of the loan.
The process of pouring concrete into forms on the ground, allowing the forms to harden and then raising the material to a vertical position to form walls.
The process the government uses to take private property for public use without the consent of the owner.
Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.
The change in title from a single owner of an entire project or building to multiple owners of individual units.
Drawings and specifications from an architect that provide detailed requirements for the construction of a project.
Short-term loans a lender makes for the construction of homes and buildings. The lender disburses the funds in stages.
The conversion of a construction loan to a longer-term traditional mortgage after construction has been completed.
A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 8701 Georgia Avenue., Suite 507, Silver Springs, MD 20910. Phone: (800) 388-2227.
A contract in which the seller agrees to defer all or part of the purchase price for a specified period of time.
A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.
A mortgage which starts as an adjustable-rate loan, but allows the borrower to convert the loan to a fixed-rate mortgage during a specified period of time.
A business trust that holds the title to a cooperative residential building and grants occupancy rights to shareholders in the corporation.
A project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title.
A construction contract that determines the builder's profit based on a percentage of the cost of labor and materials.
Rules and regulations for a development, such as acceptable landscaping or improvements that can be made to individual units.
An architectural style that evolved as part of the Arts and Craft movement near the turn of the century.
The money a lender extends to a buyer for a commitment to repay the loan within a certain time frame.
A credit bureau report that shows a loan applicant's history of payments made on previous debts. Several companies issue credit reports, but the three largest are Trans Union Corp., Equifax and Experian (formerly TRW ).
Large companies that gather financial and credit information from various sources about individuals who have applied for credit.
Nonprofit cooperative organizations that provide banking and financial services, including mortgages, home improvement loans and home equity loans, to their members.
An exterior wall that encloses a yard or other area but does not provide any structural support to a home.