| Frequently Asked Questions |
| REAL ESTATE GLOSSARY |
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| Tenancy by the entirety A
type of joint tenancy of property that provides right of survivorship
and is available only to a husband and wife. Contrast with tenancy in
common. Tenancy in common A type of joint tenancy in a property without right of survivorship. Contrast with tenancy by the entirety and with joint tenancy. Tenant-stockholder The obligee for a cooperative share loan, who is both a stockholder in a cooperative corporation and a tenant of the unit under a proprietary lease or occupancy agreement. Third-party origination A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market. See mortgage broker. Title A legal document evidencing a person's right to or ownership of a property. Title company A company that specializes in examining and insuring titles to real estate. Title insurance Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property. Title search A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding. Total expense ratio Total obligations as a percentage of gross monthly income. The total expense ratio includes monthly housing expenses plus other monthly debts. Trade equity Equity that results from a property purchaser giving his or her existing property (or an asset other than real estate) as trade as all or part of the down payment for the property that is being purchase. Transfer of ownership Any
means by which the ownership of a property changes hands. Lenders
consider all of the following situations to be a transfer of ownership:
the purchase of a property "subject to" the mortgage, the assumption of
the mortgage debt by the property purchaser, and any exchange of
possession of the property under a land sales contract or any other land
trust device. In cases in which an inter vivo revocable trust is the
borrower, lenders also consider any transfer of a beneficial interest in
the trust to be a transfer of ownership. Underwriting The process
of evaluating a loan application to determine the risk involved for the
lender. Underwriting involves an analysis of the borrower's
creditworthiness and the quality of the property itself. VA mortgage A mortgage
that is guaranteed by the Department of Veterans Affairs (VA). Also
known as a government mortgage. What-if analysis An
affordability analysis that is based on a what-if scenario. A what-if
analysis is useful if you do not have complete data or if you want to
explore the effect of various changes to your income, liabilities, or
available funds or to the qualifying ratios or down payment expenses
that are used in the analysis. Department of Veterans Affairs (VA) An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans. Wraparound mortgage A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee. A change in the amounts that is used as the basis of an affordability analysis. A what-if scenario can include changes to monthly income, debts, or down payment funds or to the qualifying ratios or down payment expenses that are used in the analysis. You can use a what-if scenario to explore different ways to improve your ability to afford a house. Zero-lot lines Houses built
without space between them and with little or no yard. |
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