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Article on Mar 4, 2022

Passive Real Estate Investing With A Delaware Statutory Trust

Real estate investors today have options that have not always been available. For example, in 2002, Delaware passed the Delaware...

Daniel Goodwin

Article on Feb 19, 2022

1031 Exchange Requirements

The 1031 Tax Deferred Exchange has been a foundational part of our tax code for almost 100 years dating back...

Daniel Goodwin

Article on Feb 1, 2022

What Does DST “Sponsor” Mean?

Yesterday in a client meeting, our team referred several times to the word “sponsor” related to Delaware Statutory Trusts (DST’s)....

Daniel Goodwin

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Glossary Definitions

mortgage broker

A mortgage company that originates loans, then places those loans with a variety of other lending institutions with whom they usually have pre-established relationships.

mortgage banker

For a more complete discussion of mortgage banker, see “Types of Lenders.” A mortgage banker is generally assumed to originate and fund their own loans, which are then sold on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. However, firms rather loosely apply this term to themselves, whether they are true mortgage bankers or simply mortgage brokers or correspondents.

mortgage

A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds.

modification

Occasionally, a lender will agree to modify the terms of your mortgage without requiring you t refinance. If any changes are made, it is called a modification.

merged credit report

A credit report which reports the raw data pulled from two or more of the major credit repositories. Contrast with a Residential Mortgage Credit Report (RMCR) or a standard factual credit report.

maturity

The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.

margin

The difference between the interest rate and the index on an adjustable rate mortgage. The margin remains stable over the life of the loan. It is the index which moves up and down.

lock-in period

The time period during which the lender has guaranteed an interest rate to a borrower.

lock-in

An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.

loan-to-value (LTV)

The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).

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