Real Estate terms starting with U

10 terms

1. Underground Storage Tank (UST) An underground storage tank system (UST) is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume…
2. Underlying mortgage Refers to the first mortgage when there is a wraparound mortgage. See "wraparound mortgage."
3. Underwriter An individual in an insurance company who determines what insurance risks will be accepted and on what terms.
4. Underwriting The purchase for resale of a new issue of securities by an investment dealer or group of dealers.
5. Uniform Residential Loan Application A standard mortgage application your lender will ask you to complete. The form requests your income, assets, liabilities, and a description of the…
6. Uniform Settlement Statement A standard document prescribed by the Real Estate Settlement Procedures Act containing information for closing which must be supplied to both buyer and…
7. Unpaid Principal Balance (UPB) amount of a loan that is due to the lender. This does not include additional charges, such as interest.
8. Unsecured Loan A loan that is not backed by collateral.
9. Up Front Charges The fees charged to homeowners by the lender at the time of closing a mortgage loan. This includes points, broker's fees, insurance, and other charges.
10. utility costs Periodic housing costs for water, electricity, natural gas, heating oil, etc.