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If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.
A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved.
There are three different scores available to a mortgage lender each being generated by the three real estate holding company business plans credit agencies. This is the "mortgage scoring" system used to get a conventional mortgage.
Simply, credit scores are numbers calculated based upon your credit history. The better your credit, the higher your number or score will be - the worse your credit, the lower the score. The number of inquiries or times your credit has been pulled in the past 90 days will also lower your "score".
In some instances, lack of credit results in "no score" on your report requiring you to provide "alternative credit" via your rental, utility or telephone payment histories. There's plenty you can do to improve your score if you know how the system works.
Just don't expect much help from your lender--most consider the actual formulas a trade secret and don't want people angling for an advantage. Congress is currently working on legislation to provide consumers with access to their credit scores and the formulas used to calculate these scores.
There are some lenders that do not rely on credit scores to the degree that most do. Some times, credit reports contain inaccuracies that lower your score, this is when a lender has to use a common sense approach to approving your loan.
In some instances you may have to correct your credit report, wait for your score to improve, then reapply for the loan.
Talk with your mortgage broker or lender to understand what your options are. A person or entity such as a bank to whom a debt is owed.
Business names or aliases filed with the county. Deceptive Trade Practices Act Part of the federal Consumer Protection Act originally passed in and made specifically applicable to real estate inspecifically prohibiting a lengthy number of false, misleading and deceptive acts or practices.
The Texas Supreme Court has defined a deceptive trade practice as one "which has the capacity to deceive an average, ordinary person, even though that person may have been ignorant, unthinking, or credulous.
Examples of federal income tax deductions include mortgage interest, charitable contributions and certain state taxes.
A written instrument by which title to land is conveyed. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender.
Deed restrictions cover allowable land uses and home types and sizes within a neighborhood. They are especially important within Houston, and unincorporated parts of Harris County, since zoning does not exist in these areas.
Defeasance also means the act of rendering something null and void. For example, a will may provide that a gift of property is defeasable--that is, it will be void--if the beneficiary fails to marry before the willmaker's death.
For example, in many states you must disclose major physical defects in a house you are selling, such as a leaky roof or potential flooding problem.
For example, property that benefits from a beach access trail across another property is the dominant tenement.
Since there is an inherent conflict in fiduciary obligations to two different principals, dual agency, at best, is a risky undertaking.
Earnest money is typically held by a title company, in an escrow account, during the period between acceptance of the contract and the closing. Almost every sales contract for real estate in Texas will be an earnest money contract. Also see sales contract and promulgated contracts.
The most common type of easement is the right to travel over another person's land, known as a right of way. In addition, property owners commonly grant easements for the placement of utility poles, utility trenches, water lines or sewer lines.
The owner of property that is subject to an easement is said to be "burdened" with the easement, because he or she is not allowed to interfere with its use. For example, if the deed to John's property permits Sue to travel across John's main road to reach her own home, John cannot do anything to block the road.
On the other hand, Sue cannot do anything that exceeds the scope of her easement, such as widening the roadway. For example, if hikers have been using a trail through your backyard for ten years and you've never complained, they probably have an easement by prescription through your yard to the trail.
Contrast with Functional Obsolescence. Includes up-front costs paid to obtain the loan, and is, therefore, usually a higher amount than the interest rate stipulated in the mortgage note. Useful in comparing loan programs with different rates and points. The most famous use of this word was by P.Starting and structuring a real estate brokerage can be a career milestone, but one that requires making complex and solid decisions from the onset.
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