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Disbursements:
Payments made during the course of an escrow or at closing.
Down payment:
The part of the purchase price which the buyer pays in cash and does not finance with a mortgage.
Due-on-sale clause:
A provision in a mortgage allowing the lender to demand repayment in full if the borrower sells the property securing the mortgage.
Joint Tenancy:
An undivided interest in property, taken by two or more joint tenants. The interests must equal, accruing under the same conveyance, and beginning at the same time. Upon death of a joint tenant the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.
Judgment:
The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.
Late charge:
The penalty a borrower must pay when a payment is made after the due date.
Lease-Purchase Mortgage Loan:
An alternative financing option that allows low- and
moderate-income home buyers to lease a home from a nonprofit organization with an option to buy, and with each month's rent payments consisting of "PITI" payments on the first mortgage, plus an extra amount that is earmarked for a savings account in which money for a down payment accumulates.
Lien:
A legal claim against a property that must be paid when the property is sold.
Lifetime cap:
A provision of an ARM that limits the total increase in interest rates over the life of the loan.
Loan Servicing:
The collection of mortgage payments from borrowers and the related responsibilities of a loan servicer, such as foreclosure, tax and insurance escrow, etc.
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