|
Assessed Value
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. |
|
Conventional Mortgage
A mortgage securing a loan made by private investors without governmental participation (not F.H.A. insured or V.A. guaranteed). |
|
Mortgage
A conditional conveyance of property as security for the payment of a debt or the fulfillment of some obligation. Upon payment of the debt or performance of the obligation the mortgage becomes void. |
|
Refinancing
The process of paying off one loan with the proceeds from a new loan secured by the same property. The main reasons for refinancing is to better the borrower with a lower interest rates, loan term reduction, switch to or from a fixed or ARM loan, receive cash out, debt consolidation, or to eliminate a balloon payment. |
|
