Real Estate Terms

Real Estate Terminology and Acronyms

Real Estate Terms and Acronyms Used in Bozeman Montana Real Estate Transactions

ALTAAmerican Land Title Association
APRAnnual Percentage Rate
ARMAdjustable Rate Mortgage
ATIMAAs Their Interest May Appear
BDBuy Down
CCRCovenants, Conditions & Restrictions
CECertificate of Eligibility
CHFACalifornia Housing Finance Association
CICurrent Index
 CK Check
 CLTV Combined Loan-to-Value
 CMT Constant Maturity Treasury
 CO Certificate of Occupancy
 DBA Doing Business As
 DE Direct Endorsement
 Disc Discount
 DO Desktop Originator
 Docs Documents
 DOT Deed of Trust
 DU Desktop Underwriting
 ECOA Equal Credit Opportunity Act
EoflEvidence of Insurance
FCRAFair Credit Reporting Act
FHAFederal Housing Administration
FHLMCFreddie Mac
FICOCredit Score
FIRFully Indexed Rate
FNMAFannie Mae
GFEGood Faith Estimate
GNMAGovernment National Mortgage Association (Ginnie Mae)
GPMGraduated Payment Mortgage
HELOCHome Equity Line of Credit
HOAHome Owners Association
HUDDepartment of Housing and Urban Development
IBSIndividual Benefit Statement
INDIndividual
INVInvestor
JTJoint
JTRSJoint Tenants with Rights of Survivorship
LegalLegal Description of a Property
LOCLine of Credit
LTVLoan-to-Value
LPLoan Prospector
MBAMortgage Bankers Association
MCC(FHA) Master Conditional Commitment
MCRMerged Credit Report
MCRVMaster Certificate of Reasonable Value
MIMortgage Insurance
MIPMortgage Insurance Premium (FHA)
MLSMultiple Listing Service
NARNational Association of Realtors
NAVNo Asset Verification
NETNet Amount
NINANo Income No Asset
NIVNo Income Verification
OISOperating Income Statement
O/OOwner Occupied
ORIGOrigination
P&LProfit & Loss
PMIPrivate Mortgage Insurance
POAPower of Attorney
PUDPlanned Unit Development
PurPurchase
R&ERenewal & Extension
RefiRefinance
RESPAReal Estate Settlement Procedure Act
riderAttachment to a Deed or Note
RLICResidential Loan Inventory Control
RLPCResidential Loan Production Control
Schedule ASchedule on a Title Report
SLMAStudent Loan Mortgage Association (Sallie Mae)
SOPStandard Operating Procedure
SRPService Release Premium
SubSubordination Agreement
TermLoan Term
VAVeterans Administration
VODVerification of Deposit
VOEVerification of Employment
VOLVerification of Loan
VOMVerification of Mortgage
VORVerification of Rent
TILTruth-in-Lending
30/1530 Year Balloon Loan due in 15 Years
15/1515 Year Balloon Loan due in 15 Years
3/1Fixed-Rate Loan for 3 Years then Adjusted Annually
7/1Fixed-Rate Loan for 7 Years then Adjusted Annually
10/1Fixed-Rate Loan for 10 Years then Adjusted Annually

 

BOZEMAN, MONTANA REAL ESTATE REPORTS

All information contained herein is derived from sources deemed reliable, however, is not guaranteed by Christie’s International Real Estate, Managing Broker, Agents or Sellers. Offering is subject to error, omissions, prior sales, price change or withdrawal without notice and approval of purchase by Seller. We urge independent verification of each and every item submitted, to the satisfaction of any prospective purchaser. 2015 – 2017 ©Copyright Taunya Fagan Montana Real Estate. All rights reserved. An independently owned and operated member of Christie’s International Real Estate. Equal Housing Opportunity.