seller carry back
An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage.
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or settlement agent to be disbursed upon the closing of a sale of real estate.
The account in which a mortgage servicer holds the borrower's settlement payments prior to paying property expenses.
The periodic examination of settlement accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due.
Funds collected by the servicer and set aside in an settlement account to pay the borrower's property taxes, mortgage insurance, and hazard insurance.
The use of settlement funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.
The portion of a mortgagor's monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Known as "impounds" or "reserves" in some states.
An amount earned on an account holder's principal, according to a specified rate. This does not include any compounding interest.
Some loan products require only that applicants "state" the source of their income without providing supporting documentation such as tax returns.
If you are refinancing your first mortgage and have an existing second or home equity line, one option is to "subordinate" the second mortgage: request that your second mortgage holder go back into the second lien position when you replace your existing first mortgage with the new refinance loan.
A print showing the measurements of the boundaries of a parcel of land, together with the location of all improvements on the land and sometimes its area and topography.