Mortgage Dictionary

A B C D E F G H I J K L M N O P Q R S T U V W

FAQ

MORTGAGE DICTIONARY

HOMEBUYER'S GUIDE

REFINANCE GUIDE

HOMEPATH AND HOMESTYLE LOANS

EDUCATIONAL RESOURCES

Why Sky Real Estate 

You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need Grand Avenue Realty & Lendings!

When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.

Grand Avenue Realty & Lending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.

C

CAP

For an Adjustable-Rate Mortgage (ARM), a limitation on the amount the interest rate or mortgage payments may increase or decrease.

CERTIFICATE OF TITLE

An attorney's written opinion establishing the status of title for a property as reflected on the public records. The certificate does not address issues not on record and offers no protection unless the writer of the certificate was negligent.

CLOSING

Also called settlement, a meeting between the buyer, seller and lender and/or their agents during which the property and funds legally transfer.

CLOSING COSTS

Expenses that fall above the price of the property which are incurred by buyers and sellers in the process of transferring ownership of a property. Closing costs usually include an origination fee, discount points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The cost of closing typically is about 3 percent to 6 percent of the mortgage amount. Closing costs will vary according to the area of the country; your Grand Avenue Realty & Lending Loan Officer is able to provide estimates of closing costs for you.

COLLATERAL

Property assured to secure a loan.

COMMITMENT

A pledge by a lender to provide loan on specific terms or conditions to a borrower

CONSTUCTION LOAN

Used for financing the cost of construction, this is a short term interim loan in which the lender advances funds to the builder at set intervals as the construction progresses.

CONVENTIONAL LOAN

A mortgage not insured by FHA or guaranteed by the VA.

CREDIT REPORT

A report with documentation of the borrower's credit history and current status of credit.

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Skyh Inc. - A true Full-Service Brokerage   

NMLS 1615282   BRE: 00827316

10129 E. Rosecrans Ave. 

Bellflower, CA. 90706

855-TeamSky  

855-832-6759