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Question on a term used in this site? Try these terms
below, and if you don't find what you're looking for,
give us a call and we will be happy to assist!
Indexed Rate
The sum of the published index plus a margin. For
example if the index were 5% and the margin 2.75%,
the "fully indexed rate" would be 7.75%.
Interest Only Loan
The borrower pays only the interest that accrues on
the loan balance each month. Because each payment
goes toward interest, the outstanding balance of the
loan does not decline with each payment.
Certificate of Occupancy (CO)
A document stating that a home or other building has
met all building codes and is suitable for habitation.
Tax Service Fee
A fee collected to set up third-party monitoring of
the borrower's property tax payments. This is done
to ensure that the payments are made on time and to
prevent tax liens from occurring to the detriment
of the lender.
Settlement or Closing Fees
Fees paid to the escrow agent (often a title insurance
company) for carrying out the written instructions
of the agreement between buyer and seller and/or borrower
and lender.
Tenancy in Common
A form of ownership in which two or more owners hold
an undivided (though not necessarily equal) interest
in the property, with no right of survivorship.
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