A non-profit association, whose directors and officers are elected by the unit owners of a condominium or PUD project; primary responsibilities are to manage the common areas, expenses and services of the project.

A mortgage on the borrower’s principal residence, usually for the purpose of making home improvements or debt consolidation. This is closed-end loan repayable in accordance with a fixed schedule.

A Real Estate loan, usually in a subordinate position, that allows a borrower to borrow against equity in Real Estate owned with specific limitations. This is an open-end loan that permits the borrower to repay and re-borrow the funds available.

Mortgage loans in excess of 80 percent of the loan amount divided by the lower of the sales price or appraised value.

Protects against damages caused to property by fire, windstorms, and other common hazards.

A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.

Total monthly income earned before tax and other deductions.

That party in the deed who is the seller or giver.

That party in the deed who is the buyer or recipient.

A Mortgage that has initial monthly payments set at an amount lower than that required for full amortization of the debt. The payments are then increased by a specified percentage each year during the graduated payment period. At the end of the period, payments are in an amount that will fully amortize the Mortgage.