A carefully documented estimate of property value. This is prepared by a licensed appraiser who analyzes recent sale prices of similar/comparable properties.
One to whom a transfer of an interest or property is done. This is also known as Assigns.
The written transfer of an interest in a lease of mortgage. The lessee, or assignor transfers the remainder of the term and the assignee becomes liable to the original lessor for the rent. For example: When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.
Bridge loans are loans intended to be used for a short period of time between the initial requirement for funds and a permanent, usually less costly, financial solution.
A broker is an intermediary who handles paperwork & forms, negotiates rates, legal items and serves the borrower.
The expenses which borrowers incur to complete the loan transaction. These costs may include title searches, title insurance, closing fees, recording fees, processing fees, & other charges.
Deed of Trust
A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The three parties included in a deed of trust are the borrower, lender, and trustee. Equity Wave Lending, Inc. has Available Trust Deeds HERE.
An item of value, money, or documents deposited with an impartial third party to be delivered upon the fulfillment of a condition. Escrow acts as the custodian for the documents and funds involved – and makes disbursements, delivers documents and effects the consequential changes to the title record of the subject property.
The claims of debt, judgment, mortgage or taxes brought against a property. Examples of types of liens would include judgments, mortgages, and unpaid taxes.
LTV – Loan to Value:
The simple ratio of the requested loan amount against the market value of the property being used as collateral. A property valued at $200,000 with a loan request against the asset of $100,000 would have a loan-to-value ratio of 50%.
The current value of property as determined by factoring in location, assets, demand & supply.
Notice of Default
A notice sent to the wrongful party as recognition of a default made. This is the first phase of the two step foreclosure process in most States.
1.The starting date of a loan.
2. The process leading to the start of a loan.
A fee paid upfront on a loan that is incurred at the time of the loan. A point is equal to 1% of the amount of the mortgage.
A private money loan (also known as hard money, rehab or bridge loan) is financing from a private individual or group that is based on the current equity in the home. This money can be used for the purchase of real estate by investors. Hard money loans are generally sought after by people having trouble obtaining loans from conventional sources. With Equity Wave Lending, Inc., You can receive funding very quickly and have cash in hand in as little as 5-10 days. Find out more about Private Money loans HERE.
The process of establishing the validity of a will before a duly authorized court or person. Once validity is confirmed, the probate court then administers the sale of property as directed by the will or as authorized by the court to settle any financial obligations.
One who holds property in trust for another to secure performance of an obligation, the neutral party in a trust deed transaction.
The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan. This is based on the criteria of assets, credit, income, employment, etc.