The value that a taxing authority, such as a county assessor places on real property as a base for computing property taxes. Generally assessed at 80% of value.
A mortgage securing a loan made by private investors without governmental participation (not F.H.A. insured or V.A. guaranteed).
|Gross Monthly Income|
The total monthly income earned before taxes and any other deductions.
A mortgage made subsequent to another and subordinate to the first one.