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Laura Chang
MBA, REALTOR®
MBA, REALTOR®
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of closing costs. RESPA is a federal law that allows consumers to review information on
known or estimated settlement costs after application and prior to or at settlement. The act requires lenders to furnish the information after application only.
REALTOR®
A real estate broker or agent who, as a member of a local Association of REALTORS®, a state Association of REALTORS®, and the National Association of REALTORS®,
adheres to high standards of professionalism and a strict code of ethics.
Recording Fees
Money paid to the lender for recording a home sale with the local authorities to make it part of the public records.
Refinancing
Paying off one loan with the proceeds from another loan, generally using the same property as collateral.
Rescission
The cancellation of a contract and restoration of the parties to the same position they held before the contract was formed. In some mortgage financing situations involving
equity in the home as security, the law gives the homeowner three days to cancel a contract.
Reverse Mortgage
Mortgage where the borrower receives payments and does not repay loan until the property is sold or the borrower dies.
Sale Leaseback
A transaction in which at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser.
Satisfaction of Mortgage
Discharge of an obligation before the end of its term by payment of the total debt owed.
Second Mortgage
A mortgage made subsequent to another mortgage and subordinate to the first one.
Secondary Mortgage Market
Investment opportunities involving real property securities, other than direct loans from lender to borrower; loans may be bought, sold, or pooled to form the basis for
mortgage-based securities.
Subprime Lender
A lender who will take loans that are considered to risky by other lenders. Subprime loans bear a higher rate of interest.
Time-Share Estate
A right of occupancy in a time-share project coupled with an estate in a real property.
Time-Share Use
A license or contractual or membership right of occupancy in a time-share project that is not coupled with an estate in the real property.
Title
A concept relating to ownership of property.
Title Insurance
Insurance to protect a real property owner or lender up to a specified amount against certain types of loss affecting title or marketability.
Townhome
A type of residence that shares common walls with other dwellings.
Truth-in-Lending Act
A federal act requiring loan term disclosures as well as advertising disclosures.
Underwriting
The lender's process of deciding whether to make a loan to a potential borrower based on credit, employment, assets and other factors, and the matching of this risk to an
appropriate rate, term and loan amount.
Usury
The charging of a rate of interest on a loan that is greater than the rate permitted by law.
VA Loan
A low- or no- downpayment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by the military service or other entitlements.
Wraparound Mortgage
A financing device in which a lender assumes payments on an existing mortgage or trust deed and takes from the borrower a junior mortgage or trust deed with a face value in
an amount equal to the amount outstanding on the old instrument and the additional amount of money borrowed.
Yield
Profit or return; the interest earned by an investor on an investment or by a bank on the money it has loaned.
Zoning
Act of city or county authorities specifying type of use to which property may be put in specific areas.
A consumer protection law that requires lenders to give borrowers advance notice of closing costs. RESPA is a federal law that allows consumers to review information on
known or estimated settlement costs after application and prior to or at settlement. The act requires lenders to furnish the information after application only.
REALTOR®
A real estate broker or agent who, as a member of a local Association of REALTORS®, a state Association of REALTORS®, and the National Association of REALTORS®,
adheres to high standards of professionalism and a strict code of ethics.
Recording Fees
Money paid to the lender for recording a home sale with the local authorities to make it part of the public records.
Refinancing
Paying off one loan with the proceeds from another loan, generally using the same property as collateral.
Rescission
The cancellation of a contract and restoration of the parties to the same position they held before the contract was formed. In some mortgage financing situations involving
equity in the home as security, the law gives the homeowner three days to cancel a contract.
Reverse Mortgage
Mortgage where the borrower receives payments and does not repay loan until the property is sold or the borrower dies.
Sale Leaseback
A transaction in which at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser.
Satisfaction of Mortgage
Discharge of an obligation before the end of its term by payment of the total debt owed.
Second Mortgage
A mortgage made subsequent to another mortgage and subordinate to the first one.
Secondary Mortgage Market
Investment opportunities involving real property securities, other than direct loans from lender to borrower; loans may be bought, sold, or pooled to form the basis for
mortgage-based securities.
Subprime Lender
A lender who will take loans that are considered to risky by other lenders. Subprime loans bear a higher rate of interest.
Time-Share Estate
A right of occupancy in a time-share project coupled with an estate in a real property.
Time-Share Use
A license or contractual or membership right of occupancy in a time-share project that is not coupled with an estate in the real property.
Title
A concept relating to ownership of property.
Title Insurance
Insurance to protect a real property owner or lender up to a specified amount against certain types of loss affecting title or marketability.
Townhome
A type of residence that shares common walls with other dwellings.
Truth-in-Lending Act
A federal act requiring loan term disclosures as well as advertising disclosures.
Underwriting
The lender's process of deciding whether to make a loan to a potential borrower based on credit, employment, assets and other factors, and the matching of this risk to an
appropriate rate, term and loan amount.
Usury
The charging of a rate of interest on a loan that is greater than the rate permitted by law.
VA Loan
A low- or no- downpayment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by the military service or other entitlements.
Wraparound Mortgage
A financing device in which a lender assumes payments on an existing mortgage or trust deed and takes from the borrower a junior mortgage or trust deed with a face value in
an amount equal to the amount outstanding on the old instrument and the additional amount of money borrowed.
Yield
Profit or return; the interest earned by an investor on an investment or by a bank on the money it has loaned.
Zoning
Act of city or county authorities specifying type of use to which property may be put in specific areas.
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Call me today for your
real estate needs!
949.394.4535
real estate needs!
949.394.4535