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The HSH Mortgage Glossary Q-S

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The Mortgage Glossary Index:

A-B C D-E F-I J-M N-P Q-S T-Z

Qualifying Ratios
A measure of credit worthiness. Ratios of debt to income which are used to determine whether a borrower can qualify for a mortgage. Less important than formerly, qualification ratios are being replaced by FICO scores.

Quitclaim Deed
A deed that transfers all interest or title, if any, that a grantor may have at the time the conveyance is made. No warranty is made.

Rate Lock
A commitment issued by a lender to a borrower guaranteeing a specified interest rate for a specified period of time at a specific cost. Extended lock in periods usually incur an additional fee.

Real Estate Agent
A person licensed to negotiate and transact the sale of real estate.

Real Estate Settlement Procedures Act (RESPA)
A law and corresponding consumer protection regulations which, among other requirements, specifies that lenders must state an Annual Percentage Rate for each loan.

Real Property
Land and all that attached with it, such as buildings, trees, minerals, easements, rights of way, all items of a permanent nature.

Realtor
A real estate agent who is an active member of a board of realtors that is affiliated with the National Association of Realtors

Recording
A registration of the details of a properly executed legal document, such as a deed, mortgage, satisfaction of mortgage, etc., thus making it a part of the public record.

Refinance
The process of paying off one loan with the proceeds from a new loan using the same property as security, usually, for the purpose of obtaining a lower interest rate, converting accumulated equity into cash, or both.

Remaining Balance
The amount of principal that has not yet been repaid. See Principal Balance

Remaining Term
The original amortization term less the number of payments that have been applied. The number of payments yet to be made.

Replacement Reserve
Money accumulated in an escrow account to replace common property (roofing, heating unit, etc.)in a condominium, or cooperative.

Reverse Mortgage
See Home Equity Conversion Mortgage

Revolving Debt
A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.

Right Of First Refusal
A provision in an agreement that requires the owner of a property to offer the first opportunity to purchase a property before it is offered for sale to others.

Right Of Way
An easement providing access to an adjoining property. See Easement

Rollover
In current usage, the conversion of a construction loan to the permanent financing when construction is complete.

Satisfaction (Of A Mortgage)
An instrument provided by the lender as evidence that the loan has been paid off and the lien is satisfied. Usually, it is up to the borrower to record the document.to remove the lien from the public record.

Second Mortgage
A mortgage with lower rights than a first mortgage on the same property. In the event of a foreclosure, the first mortgage must be satisfied before any payment can go to the second.

Secondary Market
An infrastructure where the vast majority of mortgages are sold. Crudely, individual mortgages grouped together into large pools called Mortgage Backed Securities. Shares in MBSs are sold to investors, providing funds for more mortgages.

Servicing, Servicer
See Loan Servicing

Settlement Statement
A statement which shows the seller's net proceeds and the buyer's net payment at closing. A standard form itemizing all of the monies paid at closing, including real estate commissions, loan fees, points, and initial escrow amounts. See HUD-1 Settlement Statement

Subordinate Loan
Any mortgage or lien that has a priority lower than the first mortgage.

Survey
A drawing or map showing the boundaries of a property, easements, rights of way, encroachments, and other limits. The process of creating or verifying a survey map, usually required by a lender prior to making a loan.

Sweat Equity
An owners labor or services in the construction or rehabilitation of a property, instead of, or in addition to, cash.

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