Blog Feed: California Property Definitions

Conventional Mortgage Loan

Published on 2011-10-02 18:57:00

: Any mortgage loan not guaranteed or insured by the government (typically through FHA or VA programs). > read more

Dictionary: Real Property

Published on 2010-08-19 23:16:00

1. Rights, interests, and benefits inherent in the ownership of real estate, as distinguished from personal property; frequently thought of as a bundle of rights.2. Real estate may be loosely defined as land (including air rights) and other propert > read more

What is Alt-A, does it still exist?

Published on 2008-12-30 05:50:00

If you ask 5 different mortgage persons what they are, you are likely to get 5 different answers. However, most will probably be pretty close, just a bit different perspective."A classification of mortgages where the risk profile falls between prime > read more

Estates & ownership interests defined

Published on 2008-07-22 03:03:00

The law recognizes different sorts of interests, called estates, in real property. The type of estate is generally determined by the language of the deed, lease, or bill of sale through which the estate was acquired. Estates are distinguished by the > read more

Seasonal income

Published on 2008-01-21 17:29:54

Any income that you receive on a cyclical basis.Here are a few examples of seasonal income:(1) you’re not a full-time accountant, but you make money preparing income taxes during tax season, from February to April(2) you work on a farm only during > read more

Title

Published on 2008-01-17 05:49:49

Ownership of a property.If you have title to a property, that means you have the right to own it. Sometimes title can refer to the documents, such as a deed, which proves you own a property. Title documents are on public record at the county courthou > read more

Zoning ordinance

Published on 2008-01-15 16:14:00

The division of land into residential, commercial, industrial and rural districts. Zoning laws, which came about in the 1920s, serve to protect the public’s safety.Zoning laws restrict the size of a lot, of building’s height and how a property ca > read more

Wraparound mortgage

Published on 2008-01-15 16:10:00

A type of financing where the seller carries the buyer's loan.Wraparound mortgages are a creative, though rare, way to allow buyers to purchase a home without having to qualify for a loan or to pay closing costs. The contract is made between the buye > read more

Verification of deposit (VOD)

Published on 2008-01-15 16:09:00

A document from a bank vouching for the balance of a person's checking and savings accounts. A lender may ask for a VOD when you are applying for a loan to make sure that you actually have the money stated on your loan application. > read more

VA loan

Published on 2008-01-15 16:03:00

A low-cost loan for U.S. veterans that is partially guaranteed by the Department of Veterans Affairs (VA). If you are a veteran, you can get some VA loans without a down payment. You also can negotiate the interest rate with the lender. The loan amou > read more

Unsecured loan

Published on 2008-01-15 15:49:00

A debt that is not backed by collateral. Unsecured loans, like credit card debt, doctor bills and student loans, do not require you to sign an agreement pledging collateral, such as property, to secure the loan. If you fail to pay an unsecured loan, > read more

Underwriting

Published on 2008-01-15 15:40:00

Underwriting A lender's process to evaluate whether or not to give a borrower a loan.When lenders underwrite a loan, they look at your income, debt and credit history to see if you are a low-risk loan candidate.Once your loan is approved and you meet > read more

Two-step mortgage

Published on 2007-03-26 21:23:00

A type of loan that has a low interest rate for the first 5 or 7 years, then adjusts to a higher interest rate for the remaining 25 or 23 years.Two-step mortgages are ideal for first-time buyers and if you have a job that demands that you relocate of > read more