Glossary

Annual monthly amount to be paid by debtor to repay borrowed money.

A comparison of gross income to housing and non-housing expenses; With our in-house lender the monthly mortgage payment may be no more than 60% of monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 70% of income

The legal documents relating to the property - The document that transfers ownership of a property. They are usually held on your behalf by your mortgage provider.

The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.

Failure of a borrower to make timely mortgage payments under a loan agreement.

Paid by the buyer on exchange of contracts and usually a percentage payment of the agreed purchase price.

One who improves land with buildings, usually on a large scale, and sells to homeowners and/or investors.

An added loan fee charged by a lender to make the yield on a lower-than-market-value loan competitive with higher-interest loans.

The portion of a home’s purchase price that is paid in cash and is not part of the mortgage loan.

A duplex house is a dwelling having apartments with separate entrances for two households. This includes two-story houses having a complete apartment on each floor and also side-by-side apartments on a single lot that share a common wall.

A semi-detached house is not a 'duplex'.