Title Search: A title company will perform this service to make sure there are no legal rights to a property that have not been settled before a title can be transferred to a new owner.
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Categories: Mortgage Glossary Tags: loan, mortgage
Homeowner’s Insurance: Insurance that covers damage to your property or home. This type of insurance also covers your personal belongings and contents of your home. Homeowner’s Insurance is required by your mortgage lender.
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Categories: Mortgage Glossary Tags: lender, loan, mortgage
Title Insurance: A protection you pay for when you purchase a home. It protects the buyer and the lender if there is a dispute over the ownership rights to a property.
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Categories: Mortgage Glossary Tags: lender, loan, mortgage
Home Warranty: A warranty that covers any problems that occur with your home within a specific amount of time. Some real estate companies offer a one year home warranty when you purchase your home that covers main systems such as heating, ventilation, air
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Categories: Mortgage Glossary Tags: loan, mortgage, real estate
Title Company: A company that researches titles and the history of titles, liens, and encumbrances in order to make sure all entitlements to a property are fulfilled before the title can be transferred to a new owner.
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Categories: Mortgage Glossary Tags: loan, mortgage
Home Loan Guarantee Program: A program within the Department of Veterans Affairs that guarantees a loan for Veterans to purchase homes. Because the loans are partially guaranteed by the VA Veterans are able to get home loans easier and under better terms.
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Categories: Mortgage Glossary Tags: loan, mortgage
Title: Also called a deed. This is the legal document that specifies who owns a particular property.
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Categories: Mortgage Glossary Tags: loan, mortgage
Hazard Insurance: Insurance that pays to repair a property in the case of damage from fire, ice, floods, storms, acts of vandalism, and more. This type of insurance is usually required by your mortgage lender and can be included in your homeowner’s insura
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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: 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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Categories: Mortgage Glossary Tags: equity, loan, mortgage, payment
