Self-amortization. Occurs when monthly payments allow a loan to be repaid, including principal and interest, over its terms without any balloon payments.
Seller carry back An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage.
stated/documented income. Some loan products require only that applicants "state" the source of their income without providing supporting documentation such as tax returns.
Settlement (Closing). The process by which all financial dealings and contractual arrangements are completed for the buyer and seller. At the time of settlement, or closing, all debts are paid, adjustments made and money disbursed, and a deed is prepared in the new owner's name.
Subprime: Credit with higher risk characteristics, such as bankruptcy or collection accounts.
Survey. 1. A professional examination of a property. A survey usually will reveal the size of a property, its boundary distances, ground contours and where improvements or alterations have been made. 2. A print showing the measurements of the boundaries of a parcel of land, together with the location of all improvements on the land and sometimes its area and topography.
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