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Terminology
Here Are Some Helpful Terms Used Throughout The Real Estate,
Mortgage, and Title Processes.
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General Warranty Deed |
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A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable. Buyers have used this as an alternate to purchasing title insurance. |
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Government Loan (Mortgage) |
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A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are classified as conventional loans. |
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Government National Mortgage Association (Ginnie Mae) |
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A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA). |
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Government National Mortgage Association (GNMA, Ginnie Mae) |
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A government owned corporation within the HUD that helps to finance government-assisted housing programs. Ginnie Mae guarantees securities backed by pools of mortgages. The mortgages are insured by FHA, or guaranteed by VA, or by the Rural Housing Service (RHS). Ginnie Mae securities are bought and sold through financial institutions that trade government securities. |
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Government Recording Fee |
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We pay this fee to your local county recording office for recording our mortgage lien, and in the event of a purchase transaction, the deed which transfers title. Fees for recording vary by county and are set by state and local governments. |
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Graduated Payment Mortgage |
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A type of a mortgage that has lower payments for up to 5 years initially and then payments increase each year until the loan is fully amortized. Can result in negative amortization. |
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Grantee |
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That party in the deed who is the buyer or recipient. |
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Grantor |
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That party in the deed who is the seller or giver. |
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Guideline Ratios |
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There are two guideline ratios used to qualify you for a mortgage. The first is called the front-end ratio, or top ratio, and is calculated by dividing your new total monthly mortgage payment by your gross monthly income. Typically, this ratio should not exceed 28%. The second is called the back-end, or bottom ratio, and is equal to your new total monthly mortgage payment plus your total monthly debt divided by your gross monthly income. Typically, this ratio should not exceed 36%. |
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