All > Business > Real Estate
The upper portion of an end wall formed by the slope of a roof.
- Browse Related Terms: Crocket, Dormer, Eyebrow dormer, Gable, Mansard, Pediment, Pitched, Shed Dormer
All > Business > Real Estate
Iron that has been coated with zinc to inhibit rusting.
- Browse Related Terms: Galvanized Iron, Grille, Wrought Iron
All > Business > Real Estate
A person who oversees a home improvement or construction project and handles various aspects such as scheduling workers and ordering supplies.
- Browse Related Terms: Asbestos, Building Code, Finish, General Contractor, Historic Fabric, Manufactured home, Mobile home, Original appearance, radon
All > Business > Real Estate
A partnership made up of general partners, without special (limited) partners; that is, no partner's liability is limited.
- 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
All > Business > Real Estate
A sum of money, including amounts from a relative or a grant from the borrower's employer, a municipality, non-profit religious organization, or non-profit community organization that does not have to be repaid.
- Browse Related Terms: Cash, Cash-Out Refinance, Cushion, Financing, Gift, Housing Expense Ratio, LTV (loan-to-value), Mortgage Rate, Mutual Funds, Net Income, Net Monthly Income, Participation, Reinstatement Period
Also listed in:
- All > Business > Finance > Personal Finance
All > Business > Real Estate
A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don't have to repay it. You can use this money towards a portion of your down payment with some mortgages.
- Browse Related Terms: discount points, Gift Letter, Home Equity Line of Credit, Outstanding balance, Pre-Approval Letter, Pre-Qualification Letter, Price Range, Refinance, Shared equity mortgage, Stockholders' Equity
All > Business > Real Estate
Government National Mortgage Association (GNMA); a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.
A federal association, working with FHA, that offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity. Ginnie Mae's two main programs guarantee payments to investors in mortgage-backed securities, and absorb the write-down of low-interest rate loans that are used to finance low-income housing. Formerly known as the "Government National Mortgage Association (GNMA)."
Nickname for Government National Mortgage Association (GNMA).
- Browse Related Terms: Commissioners, FHA-Insured Loan, Ginnie Mae, Government National Mortgage Association (Ginnie Mae), HUD, Landmarks Law, Office of Thrift Supervision (OTS)
All > Business > Real Estate
The material, usually glass, that fills spaces between sash members (rails, stiles and muntins), commonly referred to as panes or lights.
- Browse Related Terms: Brick Molding, Came, configuration, Glazing, Latticework, Leaded window, Light, Molding, Muntin, Sidelight, Skirt, Special windows
Also listed in:
All > Business > Real Estate
See mullion.
- Browse Related Terms: Casement, Details, Double hung, Frame, Glazing Bar, Gothic Sash, Meeting rail, operation, Parting strip, Rail, Sash, Segmental or Curved-Head Window, Tracery
All > Business > Real Estate
Designed to allow investors all over the world to purchase debt (loans) of U.S. dollar and foreign currency through a variety of clearing systems.
- Browse Related Terms: Agreement of sale, Contract for deed, Contract of sale, Contract to purchase, Finance company, Global Debt Facility, inflation, Installment contract, Land contract, Purchase agreement, Sweat Equity
All > Business > Real Estate
A form required by the Real Estate Settlement and Procedures Act (RESPA) that discloses an estimate of the amount or range of charges, for specific settlement services the borrower is likely to incur in connection with the mortgage transaction.
An estimated breakdown of the costs of a mortgage loan. The Real Estate Settlement Procedures Act (RESPA) requires your mortgage lender to give you a good faith estimate of all your closing costs within 3 business days of submitting your application for a loan, whether you are purchasing or refinancing a home. The actual expenses at closing may be somewhat different from the good faith estimate.
An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
The estimate on closing costs and monthly mortgage payments provided by a lender to the homebuyer within 3 days of applying for a loan.
- Browse Related Terms: assets, Closing, Closing (or settlement) costs, Closing Agent, Closing Costs, Closing Statement, Consideration, Escrow, Good faith estimate, HUD1 Statement, No Cost Loan, Punch List, Real Estate Settlement Procedures Act (RESPA), RESPA, Settlement, Settlement Statement, Uniform Settlement Statement
Also listed in:
- All > Business > Finance > Personal Finance
- All > Business > Finance > Personal Finance > Mortgage
All > Business > Real Estate
A window sash pattern composed of mullions that cross to form pointed arches.
- Browse Related Terms: Casement, Details, Double hung, Frame, Glazing Bar, Gothic Sash, Meeting rail, operation, Parting strip, Rail, Sash, Segmental or Curved-Head Window, Tracery
All > Business > Real Estate
A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA) or guaranteed by the U. S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS).
- Browse Related Terms: Certificate of Eligibility, certificate of reasonable value (CRV), Conventional loan, Conventional Mortgage, Government Mortgage, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan
All > Business > Real Estate
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD) that guarantees securities backed by mortgages that are insured or guaranteed by other government agencies. Popularly known as Ginnie Mae.
- Browse Related Terms: Commissioners, FHA-Insured Loan, Ginnie Mae, Government National Mortgage Association (Ginnie Mae), HUD, Landmarks Law, Office of Thrift Supervision (OTS)
Also listed in:
- All > Business > Finance > Personal Finance
- All > Business > Finance > Personal Finance > Mortgage
All > Business > Real Estate
A government organization that participates in the secondary market, securitizing pools of FHA, VA, and RHS loans.
- Browse Related Terms: Fannie Mae, Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac), Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Freddie Mac, Government National Mortgage Association (GNMA or Ginnie Mae), housing affordability index, Loan Servicer, Mortgage pool, Quality Control, Secondary market, Secondary Mortgage Market, Soldiers and Sailors Civil Relief Act, Subordinate
All > Business > Real Estate
A mortgage requiring lower payments in early years than in later years. Payments increase in steps until the installments are sufficient to amortize the loan. Allows for negative amortization in the early years.
A fixed-interest loan with lower payments in the early years than in the later years. The amount of the payment gradually increases over a period of time and then levels off at a payment sufficient to pay off the loan over the remaining amortization period.
- Browse Related Terms: Alternative mortgage instrument (AMI), Buydown Account, closed-end mortgage, Fixed payment mortgage, fixed-rate mortgage, graduated payment mortgage (GPM), Graduated Payment Mortgages, Growing-Equity Mortgage (GEM), Low-Down-Payment Feature, Property Appreciation, Variable payment plan
All > Business > Real Estate
Mortgages that begin with lower monthly payments that get slowly larger over a period of years, eventually reaching a fixed level and remaining there for the life of the loan. Graduated payment loans may be good if you expect your annual income to increase.
- Browse Related Terms: Alternative mortgage instrument (AMI), Buydown Account, closed-end mortgage, Fixed payment mortgage, fixed-rate mortgage, graduated payment mortgage (GPM), Graduated Payment Mortgages, Growing-Equity Mortgage (GEM), Low-Down-Payment Feature, Property Appreciation, Variable payment plan
All > Business > Real Estate
An individual to whom an interest in real property is conveyed.
- Browse Related Terms: Appraised Value, Appreciation, Cloud On The Title, Comparables, Comparative Market Analysis (COMPS), Depreciation, Encroachment, Eviction, Fire insurance, Grantee, Grantor, income approach to value, Loan-to-value ratio (LTV), Real Estate, Real estate tax, Secured Loan, security, Single-Family Properties, Soft Second Loan, Termite Inspection
Also listed in:
- All > Healthcare > Medicine > HIV/AIDS
All > Business > Real Estate
An individual conveying an interest in real property.
Also listed in:
- All > Business > Finance > Personal Finance > Mortgage
- All > Law > Common Legal Terms
All > Business > Real Estate
A decorative, openwork grating, usually of iron, used to protect a window, door, or other opening.
- Browse Related Terms: Galvanized Iron, Grille, Wrought Iron