Terms You Need to Understand in Visual C#.NET

Recognizer PDF-417 2d barcode in Visual C#.NET Terms You Need to Understand

Inspection A physical survey of the property to determine if there are any problems or defects Jumbo A mortgage for more than the maximum amount of a Conforming Loan Lien A claim for money against real estate For example, if you had work done on your property and refused to pay the worker, he or she might le a mechanic s lien against your property If you didn t pay taxes, the taxing agency might le a tax lien These liens cloud the title and usually prevent you from selling the property or re nancing it until they are cleared by paying off the debt Loan-to-Value Ratio (LTV) The percentage of the appraised value of a property that a lender will loan For example, if your property appraises at $100,000 and the lender is willing to loan $80,000, the loan-to-value ratio is 80 percent Lock In To tie up the interest rate for a mortgage in advance of actually getting it For example, a buyer might lock in a mortgage at 75 percent so that if rates subsequently rose, he or she would still get that rate Sometimes there s a fee for this It s always a good idea to get it in writing from the lender, just to be sure that if rates rise the lender doesn t change its mind Lowball To make a very low initial offer to purchase MAI Member, American Institute of Real Estate Appraisers An appraiser with this designation has completed rigorous training Margin An amount, calculated in points, that a lender adds to an index to determine how much interest you will pay during a period for an

adjustable rate mortgage For example, the index may be at 7 percent and the margin, agreed upon at the time you obtain the mortgage, may be 27 points The interest rate for that period, therefore, is 97 percent See also Index, Points Median Sales Price The midpoint of the price of homes as many properties have sold above this price as have sold below it MLS Multiple Listing Service used by Realtors as a listings exchange Nearly 90 percent of all homes listed in the country are found on the MLS Mortgage A loan arrangement between a borrower, or mortgagor, and a lender, or mortgagee If you don t make your payments on a mortgage, the lender can foreclose, or take ownership of the property, only by going to court This court action can take a great deal of time, often six months or more Further, even after the lender has taken back the property, you may have an equity of redemption that allows you to redeem the property for years afterward, by paying back the mortgage and the lender s costs The length of time it takes to foreclose, the costs involved, and the equity of redemption make a mortgage much less desirable to lenders than a Trust Deed Mortgage Banker A lender that specializes in offering mortgages but none of the other services normally provided by a bank Mortgage Broker A company that specializes in providing retail mortgages to consumers It usually represents many different lenders Motivated Seller A seller who has a strong desire to sell For example, the seller may have been transferred and must move quickly

Multiple Counteroffers Comeback offers extended by the seller to several buyers simultaneously Multiple Offers Offers submitted simultaneously from several buyers for the same property Negative Amortization A condition arising when the payment on an adjustable rate mortgage is not suf ciently large to cover the interest charged The excess interest is then added to the principal, so that the amount borrowed actually increases The amount that the principal can increase is usually limited to 125 percent of the original mortgage value Any mortgage that includes payment caps has the potential to be negatively amortized Origination Fee An expense in obtaining a mortgage Originally, it was a charge that lenders made for preparing and submitting a mortgage The fee applied only to FHA and VA loans, which had to be submitted to the government for approval With an FHA loan, the maximum origination fee was 1 percent Personal Property Any property that does not go with the land Such property includes automobiles, clothing, and most furniture Some items such as appliances and oor and wall coverings are disputable See also Real Property PITI Principal, interest, taxes, and insurance These are the major components that go into determining the monthly payment on a mortgage (Other items include homeowner s dues and utilities) Points A point is 1 percent of a mortgage amount, payable on obtaining the loan For example, if your mortgage is $100,000 and you are