Laguna Beach Mortgage
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Mortgage Glossary
Use this glossary to look up definitions of mortgage terms.
The definitions given here explain how the terms are used in the field of real estate finance.
Insurance against damage to real property caused by fire, flood, or other mishaps. Also called casualty insurance.
The use which, at the time of appraisal, is most likely to produce the greatest net return from the property over a given period of time.
A loan secured by the borrower's equity in property he or she already.
A nonprofit association made up of homeowners in a subdivision, responsible for enforcing the restrictive covenants and managing other community affairs.
The ratio, expressed as a percentage, which results when a borrower's housing expenses are divided by his/her gross monthly income. See Debt To Income Ratio .
The Department of Housing and Urban Development, a cabinet level department of the federal government.