Legal & Title Title Search An examination of public records to confirm a property’s ownership history and outstanding claims.
Legal & Title TODD Transfer-on-Death Deed — a non-probate deed that takes effect only upon the owner’s death.
Mortgage Loans Acceleration Clause A loan provision allowing the lender to demand full repayment upon default.
Mortgage Loans Adjustable-Rate Mortgage (ARM) A mortgage with an interest rate that changes periodically based on a benchmark index.
Mortgage Loans Amortization The schedule of equal payments that gradually reduce the principal and interest over a loan’s term.
Mortgage Loans Assumable Mortgage A mortgage that a buyer can take over from the seller, often at the seller’s existing rate.
Mortgage Loans Balloon Mortgage A loan with smaller initial payments and a large final payment of the remaining balance.
Mortgage Loans Bank Statement Loan A non-QM loan that qualifies borrowers using bank statements instead of tax returns.
Mortgage Loans Beneficiary (Trust Deed) The lender named in a deed of trust who benefits from the security interest.
