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DEED OF TRUST A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full. CONDOMINIUM A form of property ownership in which the homeowner holds title to an individual dwelling unit and a proportionate interest in common areas and facilities of a multi-unit project. USURY Charging a rate of interest in excess of that permitted by law. LOAN-TO-VALUE RATIO (LTV) The percentage of the loan amount to the appraised value (or the sales price, whichever is less) of the property. LAND, TENEMENTS AND HEREDITAMENTS A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto. CEILING The maximum allowable interest rate of an adjustable rate mortgage. TENANCY IN SEVERALTY Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy. ANY CASH RECEIVED WHEN YOU GET A NEW LOAN THAT IS LARGER THAN THE REMAINING BALANCE OF YOUR CURRENT MORTGAGE, BASED UPON THE EQUITY YOU HAVE ALREADY BUILT UP IN THE HOUSE.THE CASH OUT AMOUNT IS CALCULATED BY SUBTRACTING THE SUM OF THE OLD LOAN AND FEES FR For example, if your existing loan is $100,000, you might refinance it with a loan of $120,000. After you pay off your current loan ($100,000) and any loan-origination costs for the new loan (for example $2,000 in points), you would be left with $18,000 cash out. |
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