In real estate, an estimate of the quality or value of property; the process by which conclusions of the value of property are obtained; also refers to the report setting forth the estimate of value together with the basis for such conclusions.
|Federal National Mortgage Association (FNMA)|
A tax-paying corporation created by Congress to support the secondary market in mortgages on residential properties. FNMA sells residential mortgages to lenders (Conventional, FHA insured, and VA guaranteed). FNMA also purchases pools of mortgages from lenders with securities, also know as Fannie Mae, the largest single holder of home mortgages in the United States.
|Monthly Housing Payment|
Typically the total amount of principal, interest, taxes, and insurance (PITI) paid each month on a mortgage loan. Many lenders and investors limit the monthly housing payment to 28% of the gross monthly income.
A mortgage made subsequent to another and subordinate to the first one.