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The cost of the upkeep of the house. These costs may be minor in cost and nature (replacing washers in the faucets) or major in cost and nature (new heating system or a new roof) and can apply to either the interior or exterior of the house.
- Browse Related Terms: Amenity, Bracket Sign, Landscape improvement, maintenance costs, Mature tree, Occupiable space, Real property, Story, utility costs
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An agreement that a lender will deliver loans or securities by a certain date at agreed-upon terms.
- Browse Related Terms: Buydown, Credit Enhancement, Credit Risk, Lease-Purchase Option, Lender Option Commitments, Mandatory Delivery Commitment, Mortgage Modification, Partial Claim, Risk Based Capital, Special Forbearance
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A roof having a double slope on all four sides, the lower slope being much steeper. In rowhouse design, a double-sloped roof on the building front, below a flat roof.
- Browse Related Terms: Crocket, Dormer, Eyebrow dormer, Gable, Mansard, Pediment, Pitched, Shed Dormer
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Manufactured homes are homes made or manufactured in a factory and designed to be transported to a site. Manufactured homes can be large or small, and while they are constructed in the same manner as mobile homes, manufactured homes are not truly mobile. Mobile homes can be moved from one location to another, while manufactured homes are permanently attached to the site using conventional on-site construction.
- Browse Related Terms: Asbestos, Building Code, Finish, General Contractor, Historic Fabric, Manufactured home, Mobile home, Original appearance, radon
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Homes that are built entirely in a factory in accordance with a federal building code administered by the U.S. Department of Housing and Urban Development (HUD). Manufactured homes may be single- or multi-section and are transported from the factory to a site and installed. Homes that are permanently affixed to a foundation often may be classified as real property under applicable state law, and may be financed with a mortgage. Homes that are not permanently affixed to a foundation generally are classified as personal property, and are financed with a retail installment sales agreement.
- Browse Related Terms: Asset, assignment, Casualty Protection, Chattel mortgage, Estate, Executor, Familial Status, Manufactured Housing, Replacement Cost, Trustee
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The amount a lender adds to the index of an adjustable rate mortgage to establish an adjusted interest rate. For example, a margin of 1.50 added to a 7 percent index establishes an adjusted interest rate of 8.50 percent.
A percentage added to the index for an ARM to establish the interest rate on each adjustment date.
The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.
- Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Adjustment Index, Adjustment Interval, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Cost of Funds Index (COFI), Fixed-Period Adjustable-Rate Mortgage, index, Inflation Coverage, Initial Interest Rate, Interest Rate Cap, Interest Rate Ceiling, Interest Rate Floor, LIBOR-Index, Margin, Mitigation, Payment Change Date, Prime rate, Treasury Index, Truth in lending, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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The price a property can realistically sell for, based upon comparable selling prices of other properties in the same geographical area.
The current value of your home based on what purchaser would pay. An appraisal is sometimes used to determine market value.
The amount a willing buyer would pay a willing seller for a home. An appraised value is an estimate of the current fair market value.
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The term has two meanings: 1) a permit type issued to large residential or commercial buildings that sets a building-wide standard for future changes that could cover certain repetitive changes, such as window and air conditioner installation and 2) a set of rules created by the LPC that apply to historic districts and outline creteria for certain types of changes that can be approved under a staff-level permit.
- Browse Related Terms: Cast Iron, Entrance recess, Façade, Fenestration, Gutter, Historic windows, Improvement, Individual retirement account (IRA), Master plan, Materials, Pounds per square inch (PSI), Quoin, Residential Awning, restoration, Retractable Awning, Semi-detached, Setback, Shutter Dogs
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Either an exact or approximate replication. If not an exact replication, the approximate replication shall be so designed as to achieve a suitable, harmonious and balanced result.
- 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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The substances used to fabricate the various elements and details of a building
- Browse Related Terms: Cast Iron, Entrance recess, Façade, Fenestration, Gutter, Historic windows, Improvement, Individual retirement account (IRA), Master plan, Materials, Pounds per square inch (PSI), Quoin, Residential Awning, restoration, Retractable Awning, Semi-detached, Setback, Shutter Dogs
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Any tree with a trunk diameter of 12" or greater.
- Browse Related Terms: Amenity, Bracket Sign, Landscape improvement, maintenance costs, Mature tree, Occupiable space, Real property, Story, utility costs
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The due date of a loan.
The date when the principal balance of a loan becomes due and payable.
- Browse Related Terms: Acceleration, acceleration clause, cash-out refinancing, due-on-sale, Due-on-sale Clause, Loan Acceleration, Maturity, Mortgage Acceleration Clause, Mortgage life insurance, Principal, Revolving Debt
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The date on which a mortgage loan is scheduled to be paid in full, as stated in the note.
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Includes, but not be limited to, heating, venting and air conditioning equipment, water tanks and their supporting structures, satellite dishes, stair and elevator bulkheads, screens, dunnages, baffles and other accessory installations but shall not include telecommunication equipment and conventional television antennas. Mechanical equipment can also include unenclosed decks, garden trellises, or associated railings.
- Browse Related Terms: Authorization to Proceed (ATP), Dunnage, HVAC, HVAC Equipment, Lighting, Mechanical equipment, Rooftop addition
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The price of the house that falls in the middle of the total number of homes for sale in that area.
- Browse Related Terms: Average Price, Credit Loss Ratio, Deductible, flood insurance, Hazard Insurance, Home Warranty, Homeowner's insurance, Indemnification, insurance, Median Price, Mortgage servicing, Perils, Property insurance, Tax and insurance escrow, Taxes and Insurance
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Unsecured general obligations of Fannie Mae with maturities of one day or more and with principal and interest payable in U.S. dollars.
- Browse Related Terms: bond, Callable Debt, Debt security, Deferred payments, Duration, Guaranty Fee, Medium Term Notes, Mortgage-Backed Security (MBS), Real Estate Mortgage Investment Conduit (REMIC), Stripped MBS (SMBS)
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A sash rail in a double-hung window designed to interlock with an adjacent sash rail.
- 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
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A component part of a window.
- Browse Related Terms: Color, Drip molding, Enframement, Fanlight, French door or French window, Head, Hood, member, Mullion, Oriel, Palladian Window, Reveal, Sill, Stile, Stoop, Surround, Transom, Transom bar
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A credit report issued by a credit reporting company that combines information from the three major credit repositories.
Raw data pulled from two or more of the major credit-reporting firms.
- Browse Related Terms: Capital Gain, Credit bureau, Credit Repair Companies, Credit Union, Equal Credit Opportunity Act, Equal Credit Opportunity Act (ECOA), Fair Credit Reporting Act, Fair Housing Act, Merged Credit Report, National Credit Repositories
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Refers to any rooftop addition which when viewed from any public thoroughfare, projects into the maximum line of sight from such public thoroughfare by not more than 12 inches in height, or, due to its placement and size does not call attention to itself nor detract from any significant architectural features.
- Browse Related Terms: Minimally Visible, Primary Façade, Principal Façade, Public Thoroughfare, Secondary Façade