Archive for March, 2009

Tenancy in Common loans mortgage terminology definition

Tenancy in Common: This is a legal entitlement to only your portion of a property in the case the other property owner dies.

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GEM-Growing Equity Mortgage loans mortgage terminology definition

GEM-Growing Equity Mortgage: A type of mortgage where the payments increase overtime, but the extra money is applied to the principal of the loan in order to pay off the loan faster.

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Tenancy by Entirety loans mortgage terminology definition

Tenancy by Entirety: This is a legal entitlement to a property to a spouse in the case the other spouse dies.

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Grantee loans mortgage terminology definition

Grantee: The legal term for a buyer in mortgage loan paperwork.

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Statement of Service loans mortgage terminology definition

Statement of Service: This document shows your service record, including when you entered the service, how long you served. It is usually provided by the Military unit with which you served.

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GPM-Graduated Payment Mortgage loans mortgage terminology definition

GPM-Graduated Payment Mortgage: A type of mortgage loan where payments start out low and increase with time. This type of loan is good for people who expect their income to increase over time.

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Survey loans mortgage terminology definition

Survey: The land layout of a property that shows the exact legal boundaries of the property. This survey is done so that the buyer know their legal property boundaries and to ensure there are no legal property boundary disputes with adjacent property owne

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Gift Letter loans mortgage terminology definition

Gift Letter: If you are given money for a down payment from a friend, relative, or employer, you must have a letter stating that the person giving you the money does not expect to be paid back. If you borrow money that you are expected to repay, the mortg

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Gift Funds loans mortgage terminology definition

Gift Funds: Free down payment assistance that is given to a buyer in order to help them purchase a home. VA Loans allow the use of gift funds to make the down payment on a home. There are third party organizations that offer this assistance, although they

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Settlement Sheet loans mortgage terminology definition

Settlement Sheet: A document that lists all of the details of the sale of the home. A real estate agent will normally go over this document with the buyer and seller and explain the fees or costs, including previous years’ property taxes, points, insuranc

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