Across
- 4. is a legal proceeding that allows your creditor to sell your house to pay off your unpaid mortgage. Your house can be foreclosed on if you don’t make your required house payments.
- 6. is a legal hold or claim of a creditor on the property of another as security for a debt. Liens are always against property, usually real property.
- 8. is a lender’s act of not taking legal action despite the fact that a loan is delinquent. It is usually granted only when a borrower makes satisfactory arrangements to pay the amount owed at a future date.
- 10. is a value assigned to real property (your house and land) that is used to determine real property taxes. Assessment can also refer to the process of reaching an assessed value of real property. Additionally, it can be an add-on tax to raise money for a special purpose. In other words, an assessment is the way governments determine how much property tax you must pay.
- 12. is one percent of the dollar amount of the mortgage loan. For example, if your loan amount is $150,000, a point is $1,500. By paying points, you can generally lower the loan’s interest rate, however, not all lenders allow this. Points may be paid by the buyer or the seller or split between them.
- 14. A form of homeownership in which the home buyer receives exclusive title to the interior space of a multi-unit structure (usually an apartment building or a townhouse), and shares title to the common areas of the residential property (for example, parking lots or a swimming pool).
- 15. is the original amount of a loan, excluding interest. Interest is charged based on the unpaid principal of a loan or credit account. The remaining balance of a loan, excluding interest.
Down
- 1. Written evidence of the right to or ownership in property. In the case of real estate, the documentary evidence of ownership is the title deed that specifies in whom the legal estate is vested and the history of ownership and transfers. Title may be acquired through purchase, inheritance, devise, gift, or through foreclosure of a mortgage.
- 2. is the process of paying off a loan through a series of periodic payments to a lender. The payments include two items: interest, which is what it costs you to borrow the money, and principal, which is the amount of money you borrowed.
- 3. The mortgage loan borrower who pledges property as a security for a debt.
- 5. A fiduciary relationship whereby legal title to a property is transferred to a trustee with the intention that such property be administered by the trustee for the benefit of another, the beneficiary, who holds equitable title to such property.
- 7. is an acronym for principal, interest, taxes, and insurance. Most monthly residential mortgage payments include these items:
- 9. This document shows that an owner of a piece of real property has title to that property. Once a deed is filed and recorded by your local government, the deed becomes a public record.
- 11. is anything that affects or limits the fee simple title to property, such as mortgages, leases, easements, or restrictions.
- 13. is the analysis of the risk involved in making a mortgage loan to determine whether the risk is acceptable to the lender. Underwriting involves the evaluation of the property as outlined in the appraisal report, and the borrower’s ability and willingness to repay the loan.