What is an Assesment? - Definition
Typically an Assesment, or the assessed value of a property refers to the value assigned to the property by the town or county for the purpose of determining real estate taxes on a property.

What are Closing Costs? - Definition
Closing Costs are the costs associated with doing the loan that are collected at the time of closing. It is important to know that there is no such thing as a no closing cost loan.

What is a Closing? - Definition
A Closing usually refers to the final signing of loan documents legally solidifying either financing and or the purchase of a real estate property. In the case of a home purchase, it is typically

What is a Clear/Clean Title? - Definition
A Clear or Clean Title refers to a title that does not have any question to the ownership of the property. Typically, this would be a title with out any liens or

What is the Change Frequency? - Definition
The Change Frequency refers to the frequency of rate and/or payment changes in an adjustable rate mortgage. Generally the changes are in relation to

What is a Certificate of Veteran Status? - Definition
A Certificate of Veteran Status is a document given to either Veterans or Reservists that qualifies them for some of the lower down payment loans insured by FHA. In order to qualify for this document

What is a Certificate of Reasonable Value? - Definition
A Certificate of Reasonable Value is the certificate given by the Veterans Administration after they have appraised the property on which money is being lent.

What is a Cash Out Refinance? - Definition
Different lenders have different views as to how they define a Cash Out Refinance. In general a Cash Out Refinance is when a mortgage is rewritten for a higher principle balance than the exisiting mortgage,

What is a Certificate of Eligibility - Definition
A Certificate of Eligibility is the document that entitles qualified Veterans to a guaranteed government sponsored VA loan for either a mobile-home, business, or a house.

What does Carve Out refer to? - Definition
Carve Out is a term that typically is used in a mortgage note. Carve Out refers to the inclusion of personal liability (recourse) for any fraud or misrepresentation that could be found

What are Caps? - Definition
Caps are limits that can be set on either interest rates or on mortgage payments. They are generally used for adjustable rate mortgages, and are safe guards that are set

What is a Capitalization Rate? - Definition
A Capitalization Rate (also sometimes referred to as a Discount Rate) is used to help assess a current value on future earnings from a real estate property. The Capitalization Rate

What is a Capital Expenditure? - Definition
A Capital Expenditure is also referred to as an investment. It is money used or spent to acquire or upgrade assets (such as property). A Capital Expenditure is typically

What is Cash Flow? - Definition
Cash Flow in a mortgage situation is the amount of cash recieved over a period of time from an income generating property. When dealing with an income producing property,

What is a Seller's Second? - Definition
A Seller's Second is a loan in which the seller of a real estate property finances a small portion of the equity of a property in order to facilitate the purchase

What is a Carryback Loan? - Definition
A Carryback loan is a mortgage or loan that is financed by the seller of a real-estate property house. This is typically done to assist in the completion of the sale

What is a Callable Debt - Definition
A Callable Debt is any secured debt in which the person who has granted the secured debt has the right to redeem the debt as a specific price after a specific date,

What is a Broker? - Definition
A Broker is an individual who facilitates the negotiation and funding of contracts for multiple clients. The Broker does not actually fund the money her/his-self. Instead, the broker

What is a Bridge Loan? - Definition
A Bridge Loan (which is also known as a swing loan) is a loan that is a type of second mortgage that is held against (or collateralized)a borrower's current residence.

What is a Borrowing Entity Type? - Definition
A Borrowing Entity Type is a description of the borrowers' legal form of ownership for a Real Estate Property. There are many forms of a Borrower Entity Type. Some

What is a Borrower? - Definition
A Borrower is a person who either applies for, or recieves a mortgage loan. A Borrower must have the intent and ability to repay the mortgage in full. This is generally

What is a Blanket Mortgage? - Definition
A Blanket Mortgage is a mortgage loan that is held against two seperately deeded pieces of real estate property. A Blanket mortgage is different then having

What is a Bi-Weekly Payment Plan? - Definition
A Bi-Weekly Payment Plan is a mortgage repayment plan that is offered by many servicing companies. The repayment schedule is based on paying half payments every two weeks. Which provides a thirteenth

What is a Good Faith Estimate? - Definition
A Good Faith Estimate is an estimate of the costs associated with a Real Estate Loan. Generally it is a disclosure that is only an Estimate (the figures are subject to change based on changes to the loan application) of the costs that is to be provided to the borrower prior to

What is a Basis Point? - Definition
A Basis Point (also known as bps or bips) is 1/100th of of one percent. A Basis Point is generally used in reference to interest rates and additions or subtractions done to interest rates. For

What is a Bankruptcy? - Definition
A Bankruptcy is a legal proceeding that alleviates an individual/entity of his or her debt when the individual is no longer able to make payment on their debts. There are several different types of bankruptcies.

What is a Balloon Mortgage? - Definition
A Balloon Mortgage is a loan in which after a set term, the entire balance of the loan comes due. This type of loan generally has a lower interest rate, and has

What is a No Documentation Loan? - Definition
A true No Documentation loan has no income, asset, or employment information listed on the 1003 (loan application). This type of documentation generally requires a clean credit profile with high credit scores, and also is limited to

What is Light Documentation? - Definition
Light Documentation is typically used by alternative lenders to prove a shorter term of income with bank statements. Most lenders will use six months of bank statements to verify the income. This

What is an Assumption Fee? - Definition
An Assumption Fee is a fee paid to a lender when a person assumes a property from another. The fee is typically paid by the buyer to the mortgage holder after the