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CASH OUT 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 from the new mortgage loan. ASSESSED VALUATION The value of real property as established by the state government for purposes of computing real property taxes. SURVEY A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts. CERTIFICATE OF VETERAN STATUS FHA form filled out by the VA to establish a borrower's eligibility for an FHA Vet loan. Obtainable through local VA office by submitting form DD 214 (Separation Paper) with form 26-8261a (request for certificate of veteran status). PUNCH LIST A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications. TERM The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due. |
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