to either party until contracts have been signed by both parties and delivered back to the buyer's attorney.
A loan in which the interest rate can adjust up or down according to an interest rate index at set adjustment periods. The initial monthly payments will be lower with an ARM than with a fixed-rate mortgage and payments will fluctuate according to index performance.
The maximum percentage the Interest rate can go up or down each time it is adjusted.
The time period between interest rate changes on an ARM. You can select an adjustment period from six months up to ten years.
The payment of debt in regular intallments of principal and interest, reducing the mortgage balance owed.
The interest rate reflecting the annual cost of the mortgage annually. It is usually higher than the advertised rate because it takes into account points and other credit cost, allowing comparison of real cost.
An estimate of the current value of a property based upon recent, similar home sales within the area, the current condition of the home, real estate market conditions, and other factors.
A buyer's agreement to assume liability under an existing note secured by a mortgage or deed of trust. The lender must approve the buyer in order to release the original borrower (usually the seller) from liability,
A lump sum principal payment due at the end of certain types of mortgages or other long-term loans.
A certificate issued by the municipality's building inspector declaring that the house and any improvements have been constructed in compliance with all applicable state, county, and town codes and confirms that the homeowner has legal permission to use these improvements.
The meeting during which the deed to the home is legally transferred from the seller to the buyer and final documents involving the sale and its financing are signed.
The financial disclosure summary accounting for all funds received and expended at closing, including deposits for taxes, hazard insurance, and mortgage insurance.
An agreement or written guarantee from a lending institution to provide a loan of a specific amount on specified terms to finance a home purchase.
A form of real estate ownership in which the owner has title to a particular unit of a multi-unit complex and also has a proportional interest in certain common areas. The unit's interior surfaces generally serve as boundaries of the owned space.
A condition agreed upon by both parties that must be satisfied before a contract is binding.
A provision in some ARMs offering the option to change the ARM to a fixed-rate mortgage, usually after the first adjustment period.
A form of multiple ownership in which a corporation or business trust entity holds title to a property and grants occupancy rights to shareholders by means of proprietary leases or similar arrangements.
Documents that control the usage, and stipulate the requirements and restrictions of a property.
A report compiled by one or more credit bureaus that details credit history, credit inquiries, and facts about all accounts ever opened with respective credit lines and on-time or late payment behavior.
A legal document that transfers ownership of a property (i.e., title) from the seller to the buyer.
An acceleration clause requiring full payment of a mortgage or deed of trust when the secured property changes ownership.
A right conferred by grant or agreement that allows use of another owner's land for a specific purpose.
Construction (e.g., a fence, driveway. or building) that intrudes on another owner's property.
An owner's financial interest in a property, representing property's market value minus the mortgage balance.
A procedure in which a third party acts as a stakeholder for both buyer and seller, assuming responsibility for handling the and the distribution of funds.
An account maintained by the lender to pay future taxes. hazard insurance. and culler items. A portion of your monthly mortgage (exceeding principal and interest) is deposited into this account for such usage.
The most comprehensive form of real estate ownership, in which the owner has unrestricted to dispose of the property as desired, including leaving by will or inheritance.
The total charge for obtaining a loan, including interest payments. any interim interest paid at closing. origination fee and other charges levied by the lender.
A mortgage in which the interest rate and monthly payments remain the same over the life of the ban.
A published rate used to determine changes in the interest rate of an ARM over the term oi the loan.
A comprehensive and exhaustive examination of a home by a licensed inspector. Often required as part of a mortgage and home ban process.
An equal undivided ownership of property by two or more persons. Upon the death of any owner. the survivors assume the decedent's interest in the property.
A legal hold or claim on property as security for a debt or charge.
Maximum interest rate that can be charged on an ARM.
The ratio of the loan amount to the value of the property. Different loan programs have different maximum LTVs
A NY State tax levied on all home sales of $1,000,000 and over.
The percentage added to the index rate for each interest rate adjustment on an ARM.
A life insurance policy whose coverage decreases as the mortgage declines If the borrower dies while the policy is still in force, the debt is automatically covered by insurance proceeds.
An increase in the mortgage balance occurring when monthly payments do not cover the interest cost. The uncovered interest Is then added to the unpaid principal balance.
A fee charged by lender for work involved evaluating, preparing, and submitting a proposed mortgage.
A one-time charge equal to one percent (1%) of the total loan amount. Points may be tax-deductible in some cases.
The commitment a lender makes to a potential borrower of a loan amount based on a completed application. This application contains credit reports, income, debt, and savings information. The commitment is subject to the meeting qualification requirements at time of purchase and review of by an underwriter.
A fee charged to the mortgagor for payment oi a loan before it is due.
Insurance written by a private company to protect the lender against loss if the borrower defaults on the mortgage.
The limit of how much the interest rate may change on an ARM at each adjustment and the life of the loan.
A guarantee of a specific current interest rate through the closing date if it occurs within a specific time period.
A contract for the sale of real estate, in which the purchaser promises pay the agreed purchase price and the seller agrees to deliver title to the property.
A measurement or drawing determining the exact location, boundaries, and other physical features of a property.
Length of time it will take to pay a mortgage in full.
A policy that protects the purchaser and/or lender against loss resulting from defects in title.
Honest, professional and hardworking, we offer our clients first class service combined with strong negotiation skills and impeccable attention to detail along with sought after passion and energy for this industry.