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Balloon Mortgage
When credit is advanced by note or contract and payment is required in regular equal installments and the note or contract will mature before the note or contract is paid in full, a payment which may be larger than the regular payment will fall due. |
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First Mortgage
A real estate loan with a lien (i.e., mortgage or deed of trust) on the subject property that has priority over any subsequently lien or financial encumbrances. |
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Home Equity Line of Credit (HELOC)
A revolving line of credit secured on the equity in the mortgagor's house, usable for any purpose. |
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Title Search
An examination performed by a title company of the public records, including court decisions, to disclose facts concerning the ownership of real estate. The title examiner prepares an Abstract and the title agent prepares a Binder but decisions regarding the legal sufficiency of title or questions requiring legal interpretation must be resolved by a licensed attorney at law. |
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