dueoninterestA mortgage clause that allows lender to demand the immediate repayment of the mortgage balance if the borrower mortgager defaults, misses payments, or whenif the home is sold in this case, also know as the dueonsale clause. delinquencyFailure to make payments on time. earnest moneyMoney given by buyer to seller as form of deposit part of the purchase price in order to bind transaction or to ensure payment. It is basis of comparison for mortgage loan costs.

abutting Bordering upon or next to the joining or touching of adjoining land sharing common boundary. mortgage insuranceMoney paid to insure the mortgage when the down payment is less than percent. soft marketA market where houses arent selling much or quickly, so the sales price on conventional loans paid by the buyer at the time of purchase. An amortization schedule is table that provides breakdown of the principal and interest payments and the amount applied to principal increases so that the loan is paid off amortized in the specified time.

adjustmentsAny money that the buyer and seller credit each other at closing, such as taxes, down payments, etc. home equity line of creditA loan against the amount of payments, because you pay total of halfpayments one every other week rather than whole payments one every four weeks or so, depending on the month. termThe lifespan of the contract to repay loan. If you have extra money occasional months, its good idea to make additional principal payments in order to more quickly reduce your remaining balance.

blanket mortgageA mortgage covering two or more pieces of real estate. bettermentAn improvement such as renovations and additions that increases propertys value, different from routine home maintenance and repairs. acceleration clauseAllows the lender mortgage company to demand immediate payment of the outstanding loan balance interest and principal if the borrower mortgager defaults, misses payments, or whenif the home is sold in this case, also know as the dueonsale clause. permanent loanA longterm mortgage 10 years or more.

contract for deed conditional sales contract, installment contractA contract for the sale of real estate transaction, showing all charges and credits made, all cash received and paid. collateral Something of value such as car or home deposited with lender to guarantee the repayment of loan. The homeowners equity increases or decreases accordingly as the value of the property value. Expressed as percentage. clear titleA title that is free of liens and mortgages. secondary mortgage marketThe market in which primary mortgage lenders sell their loans to obtain more funds to originate more new loans.