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FREDDIE MAC A common nickname for the Federal Home Loan Mortgage Corporation. LITTORAL LAND Land bordering on the shore of a sea or ocean and thus affected by the tide currents. FINDER'S FEE A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee. INDEX A published rate used by lenders that serves as the basis for determining interest rate changes on ARM loans. ACCESS A general or specific right of ingress and egress to a particular property. IMPROVED LAND Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land. FRONTAGE The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water. CAPS (INTEREST) Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. INCORPOREAL RIGHTS Intangible or non-possessory rights in real property such as easements, licenses, profits and the like. |
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