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FICO scores from 620 - 659. Factors include two 30 day late mortgage payments and two to three 30 day late installment loan payments in the last 12 months. No delinquencies over 60 days are allowed. Should be two to four years since a bankruptcy. Also referred to as Sub-Prime.
- Browse Related Terms: "A" Loan or "A" Paper, "B" Loan or "B" Paper, "C" Loan or "C" Paper, Fixed Expenses, mortgage interest, Serious Delinquency, Sub-Prime Loan, Variable Expenses
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A ratio that compares the total of all monthly debt payments (mortgage, real estate taxes and insurance, car loans, and other consumer loans) to gross monthly income.
- Browse Related Terms: Back End Ratio (debt ratio), Gross Income, Gross Monthly Income, housing expenses-to-income ratio, Income Property, income-to-debt ratio, Investment Property, Keogh Funds
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Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
- Browse Related Terms: As-is Condition, Back to Back Escrow, Concession, Contingency, Counter Offer, Deposit (Earnest Money), derivative, Earnest Money Deposit, escape clause, Homeowner's Warranty (HOW), Purchase and Sale Agreement, Purchase Offer, Ratified Sales Contract, Rehabilitation, Right of First Refusal, walk-through, Walkthrough
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A financial statement that shows the assets, liabilities and net worth of an individual or company.
A financial statement that shows assets, liabilities, and net worth as of a specific date.
- Browse Related Terms: Assessments, balance sheet, Capital or Cash Reserves, Chapter 7 Bankruptcy, General partnership, Liquid asset, Liquidity, Mutual savings bank, net worth, Nonliquid Asset, Underwriter, Uniform Residential Loan Application
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A mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower.
- Browse Related Terms: Balloon Loan or Mortgage, Budget, certificate of deposit, commitment fee, Lock-In, Lock-in agreement, Lock-in Period, Lock-In Rate, Mortgage Note, Rate Lock, Yield
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A mortgage with monthly payments based on a 30-year amortization schedule, with the unpaid balance due in a lump sum payment at the end of a specific period of time (usually 5 or 7 years). The mortgage contains an option to "reset" the interest rate to the current market rate and to extend the due date if certain conditions are met.
Mortgage with a final lump sum payment that is greater than preceding payments and pays the loan in full.
- Browse Related Terms: amortization, balloon mortgage, Balloon note, Balloon Payment, biweekly mortgage, Biweekly Payment Mortgage, curtailments, fifteen-year mortgage, Flexible payment mortgage (FPM), Installment Debt, Interest-only loan, Level payment mortgage, Mortgage Life and Disability Insurance, Negative amortization, Partial Payment, Prepayment, Prepayment penalty, Prepayment Penalty Mortgage (PPM), Principal and interest payment (P & I), Remaining Term, Reverse annuity, term
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A loan calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a "balloon" is due at maturity.
- Browse Related Terms: amortization, balloon mortgage, Balloon note, Balloon Payment, biweekly mortgage, Biweekly Payment Mortgage, curtailments, fifteen-year mortgage, Flexible payment mortgage (FPM), Installment Debt, Interest-only loan, Level payment mortgage, Mortgage Life and Disability Insurance, Negative amortization, Partial Payment, Prepayment, Prepayment penalty, Prepayment Penalty Mortgage (PPM), Principal and interest payment (P & I), Remaining Term, Reverse annuity, term
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The final lump sum payment that is made at the maturity date of a balloon mortgage.
The final payment on a loan, when that payment is greater than the preceding installment payments and pays the loan in full.
The final lump sum payment due at the end of a balloon mortgage.
- Browse Related Terms: amortization, balloon mortgage, Balloon note, Balloon Payment, biweekly mortgage, Biweekly Payment Mortgage, curtailments, fifteen-year mortgage, Flexible payment mortgage (FPM), Installment Debt, Interest-only loan, Level payment mortgage, Mortgage Life and Disability Insurance, Negative amortization, Partial Payment, Prepayment, Prepayment penalty, Prepayment Penalty Mortgage (PPM), Principal and interest payment (P & I), Remaining Term, Reverse annuity, term
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One of a series of short vertical posts, often ornamental, used to support a rail.
- Browse Related Terms: Baluster, Egg and dart, Festoon, Jigsaw Carving, Newel, Relief, Rosette, Swag
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A railing composed of balusters and a top rail running along the edge of a porch, balcony, roof, or stoop.
- Browse Related Terms: Balustrade, Bay Window, Clapboard Wood, Cornice, Cresting, Cupola, Eave, Finial, Parapet, Portico, Shingle, Terra cotta
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The area of the designated interior historically used for banking operations and any associated interior spaces including, without limitation, entrance vestibules or mezzanines identified in the designation report as part of the designated interior.
- Browse Related Terms: Banking Interior, Certified historic structure, Historic Appearance, Historic structure, Match, Non-significant features, Post-1939 Building, Pre-1940 Building, Reversible Alteration, Significant Feature, Significant landscape improvement, State-of-the-Art Banking Change
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A federal law whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.
Legally declared unable to pay your debts. Bankruptcy can severely impact your credit and your ability to borrow money.
- Browse Related Terms: bankruptcy, Capacity, Compensating Factors, Credit, Credit History, Creditworthiness, Creditworthy, Mortgage Score, Predatory Lending, qualification
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A regularly repeating division of a façade, marked by fenestration.
- Browse Related Terms: Bay, Establishment, Federal Home Loan Bank Board, Fraternal organization, Joint tenancy, Nonresidential, Storefront, Trust company
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A projecting form containing windows that rises from the ground or from some other support, such as a porch roof; see also oriel.
- Browse Related Terms: Balustrade, Bay Window, Clapboard Wood, Cornice, Cresting, Cupola, Eave, Finial, Parapet, Portico, Shingle, Terra cotta
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Income before taxes are deducted. Also known as "gross income."
- Browse Related Terms: Before-Tax Income, Delayed exchange, Front End Ratio, Homestead Credit, Income tax credit, Low-income housing, Mortgage Interest Deduction, Property Tax Deduction, Property tax relief, Real Estate Property Tax Deduction, tax savings
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A loan requiring payments of principal and interest at two-week intervals. This type of loan amortizes much faster than monthly payment loans. The payment for a biweekly mortgage is half what a monthly payment would be.
- Browse Related Terms: amortization, balloon mortgage, Balloon note, Balloon Payment, biweekly mortgage, Biweekly Payment Mortgage, curtailments, fifteen-year mortgage, Flexible payment mortgage (FPM), Installment Debt, Interest-only loan, Level payment mortgage, Mortgage Life and Disability Insurance, Negative amortization, Partial Payment, Prepayment, Prepayment penalty, Prepayment Penalty Mortgage (PPM), Principal and interest payment (P & I), Remaining Term, Reverse annuity, term
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A mortgage paid twice a month instead of once a month, reducing the amount of interest to be paid on the loan.
A mortgage with payments due every two weeks (instead of monthly).
- Browse Related Terms: amortization, balloon mortgage, Balloon note, Balloon Payment, biweekly mortgage, Biweekly Payment Mortgage, curtailments, fifteen-year mortgage, Flexible payment mortgage (FPM), Installment Debt, Interest-only loan, Level payment mortgage, Mortgage Life and Disability Insurance, Negative amortization, Partial Payment, Prepayment, Prepayment penalty, Prepayment Penalty Mortgage (PPM), Principal and interest payment (P & I), Remaining Term, Reverse annuity, term
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A single mortgage covering more than one parcel of real estate, such as a mortgage covering all the lots of a builder in a subdivision. For this survey, the real estate covered by a blanket mortgage is considered one property.
- Browse Related Terms: Blanket mortgage, Investment trust, Lender, Mortgagor, Real Estate Investment Trust (R.E.I.T.), Tax credit, Tax depreciation, Tax relief, Title Company
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A drawing of a building’s foot print within an entire block in simplified, non-detailed form
- Browse Related Terms: Block Plan, Building Plan, Building Streetwall, Elevation, Floor Plan, Oblique, Roof Plan, Section Drawing, Sight line drawing, Site Plan
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In good faith, without fraud.
- Browse Related Terms: acceptance, affidavit, Asking Price, Assumable Mortgage, Assumption Clause, Assumption Fee, Assumption of mortgage, Bona fide, Creative financing, Disclosures, Earnest Money, Fair market value, HUD-1 Settlement Statement, non-assumption clause, Offer, Owner Financing, prorate, Rescission, Sale-Leaseback, Seller Take-Back
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