Document rendering an opinion on the status of a property’s title based on public records.

A Veteran’s Administration appraisal that establishes the maximum VA Mortgage loan amount for a specified property.

Written authorization given by a local municipality that allows a newly completed or substantially completed structure to be inhabited – not to be confused with “Notice of Completion.”

Liquid assets that are readily available to be used to pay the closing costs involved in a closing of a Mortgage transaction.

A limit on how much an adjustable rate mortgages monthly payment or annual interest rate can increase. A cap is meant to protect the borrower from large increases and may be a payment cap, an interest cap, a life-of- loan cap or periodic cap. A payment cap is a limit on the monthly payment. An interest cap is a limit on the amount of the interest rate. A life-a-loan cap restricts the amount the interest rate can increase over entire term of the loan. A periodic cap limits the amount the interest rate can change each interest rate adjustment date.

Where the buyer pays additional discount points in return for a below market interest rate; or the buyer or seller deposits sufficient funds with the lender to reduce the rate during the first one to three years of the loan; or pays closing costs such as the origination fee. During times of high interest rates, buy-downs may induce buyers to purchase property they may not otherwise have purchased.

Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances.

A loan, usually a second Mortgage , that is collateralized by the borrower’s present home (that is usually for sale).

One who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full.

A mortgage covering at least two pieces of Real Estate as security for the same mortgage.