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Appraised Value The fair market value an appraiser assigns to a particular property, based on analysis of the property in question, and the market conditions in the area, and recent sales data of comparable homes in the area. | |
Conventional Mortgage A mortgage securing a loan made by private investors without governmental participation (not F.H.A. insured or V.A. guaranteed). | |
Good Faith Estimate A document delivered with Truth-In-Lending Disclosure Statement to borrower as an estimate comprising, closing costs, interest rate, term, loan amount, and monthly payment, within 3 days of receiving borrowers mortgage application per the Real Estate Settlement Procedures Act (RESPA). | |
Reverse Annuity Mortgage (RAM) A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full. Also called a release of mortgage. | |