Mortgage Flashcards
The one thing that makes me want to RIP OUT THESE PAPERS AND CRY (26 cards)
What is a mortgage?
A payment in your house and general residence
What is a fixed rate loan/mortgage?
Payment and interest for the resident are the same
What is an adjustable/variable rate loan/mortgage?
Pricing can go up or down depending on the economy
Hoe can you change from a fixed to an adjustable/variable, or vise versa?
Refinancing
What’s a Mortgager?
A Borrower; someone borrowing money
What’s a Lender?
Someone or something lending the money to a Borrower; a bank
What is a Covenant?
A promise to repay money owed
What are easements?
The right to use or cross someones land
What are appurtenant rights?
Rights and restrictions of land
What are fixtures?
Permanent property
What is unencumbered jurisdiction?
To not be burdened by legal or financial constraints such as an H.O.A fee, interest, taxes, etc
What is escrow?
To have your taxes paid each month along with your mortgage; a bundle. May end in foreclosing or expensive pensions if you get behind.
What is the Borrower expected to pay most of the time when renting out a place?
Original $ of the house, interest, debt, property charges or hazards
How should both the Borrower and Lender be alerted of damage?
Written letters
Who does the insurance company always pay first?
The bank
What is the Principal Residence?
Only able to live on the property, nowhere else
What is foreclosure?
Your house being taken by the bank if you are unable to pay it off
Who is responsible for changes and damage on the property?
Borrower
What happens if the home is foreclosed on?
The money goes to the bank, the rest goes to you for another house
What happens if you miuse the intentions of the moneh given to you to build another home?
Charged with fraud
When must the Lender and Borrower inspect the property?
Before and after stay
What happens to the property if the Borrower dies?
Goes to the kin, or if there is no kin it goes to Security Instruments for them to pay and the bank takes it
What are two reasons for immediate full payment,
Change of principle resident or if the Security Instrument isn’t under insurance
What must an individual pay in order to pay for their foreclosed house?
All back-taxes, foreclosure fees, insurance
