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Mortgage insurance
A policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price.
Condominium
A form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.
Access Control
Power of Government to restrict/control a property owner's right to create entrances and exits on a public road. After a roadway is designed, built, and in use, there will be instances in which someone will request permission to create a driveway or entrance onto the roadway.
Fair Housing Act
30-Day Notice
This is a notice that may be given to a person who will be required to move a residence, business or personal property as a result of your agency's project.
Assumable mortgage
A mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer the seller is no longer responsible for repaying it; there may be a fee and/or a credit package involved in the transfer of an assumable mortgage.
Down payment
The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.
Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
Interest rate
The amount of interest charged on a monthly loan payment; usually expressed as a percentage.
Homeowner's insurance
An insurance policy that .combines protection against damage to a dwelling and Is contents with protection against claims of negligence or inappropriate action that result in someone's injury or property damage.
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