Hard Money Loan Glossary Iowa

This website offers a glossary on the most important terms associated with hard money loans.

Local Companies

Wells Fargo Home Mortgage
(563) 383-4982
5309 N Brady St
Davenport, IA
Wells Fargo Home Mortgage
(515) 245-3490
666 Walnut St
Des Moines, IA
Open Mortgage
(563) 355-6464
2435 Kimberly Rd Ste 100S
Bettendorf, IA
Financial Partners
(515) 558-6140
2411 Grand Ave
Des Moines, IA
United Bank & Trust Na
(641) 753-5900
2101 S Center St
Marshalltown, IA
Producers Mortgage Corp
(563) 252-2761
422 S Park Dr
Guttenberg, IA
GMAC Mortgage Corporation
(319) 236-5400
3451 Hammond Ave
Waterloo, IA
Countrywide Home Loan
(515) 955-7880
101 N 27th St
Fort Dodge, IA
Millennium Mortgage
(563) 355-3773
2705 Kimberly Rd
Bettendorf, IA
U S Bank Home Mortgage
(563) 264-5610
1800 Park Ave
Muscatine, IA

Accelerate: An option given to lenders through an "acceleration" clause in the mortgage or deed of trust requiring the borrower to pay the entire balance of the loan all at once if their loan is in default.

Appraisal: The process in which a licensed or authorized person gives an estimate of property value.

Appreciation Assignment: The transfer of property to be held in trust or to be used for the benefit of the creditors (lenders).

Assignment: The written transfer of an interest in a lease of mortgage. The lessee, or assignor transfers the remainder of the term and the assignee becomes liable ot the original lessor for the rent.

Balloon Payment Mortgage: A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal. It is common for these loans to be rather short terms, less than 10 years.

Bridge Loan: Bridge loans are loans intended to be used for a short period of time between the initial requuirements for funds and a permanent, usually less costly, financial solution.

Commercial Lender: Commercial lenders offer a variety of mortgage-backed loans for commercial property. Each commercial lender sets economic, demographic, and geographic criteria.

Deed of Trust: A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The three parties included in a deed of trust are the borrower, lender, and trustee.

Fair Market Value: The price a property would sell for on the open market.

First Mortgage: The primary mortgage on a property that has priority over all other voluntary liens.

Hard Money: A hard money loan when the borrower's situation does not conform with common real estate lenders' standards for funding. Real estate provides the collateral for a hard money loan.

Hard Money Lender: A lender who offers loan funding based on real estate as the primary collateral asset.

Letter of Intent: A non-binding agreement between parties involved in a contract to move forward with negotiations or complete a project.

Lien: A legal claim upon real or personal property for the satisfaction of a debt.

LTV - Loan to Value: A simple ratio of the requested loan amount to the full market value of the collateralized property.

Market Value: A certified, written estimate of value calculated by an independent, licensed appraiser.

Personal Property: Property other than real property (real estate) consisting of things that are temporary or movable.

Point: A point is 1 percent of the amount of the mortgage.

Pre-Approval A loosely used term which is generally taken to mean that a borrower has completed a loan aplication and provided debt, income, and savings documentation which an underwriter has reviewed and approved. This process is independent of, and previous to, the same underwriting review of a property.

Prepayment Penalty: A charge, usually given as a percentage, that is listed in the origination terms of a loan.

Non-Conforming Loan: A non-conforming loan refers to a type of loan that does not meet bank standards for funding. The flexibility of private money can allow for a much wider range of projects to be funded, although additional collateral and documentation may be required by the lender.

Right of Redemption: A borrower's right to reacquire property lost due to a foreclosure. Governed by state law.

Underwriting: The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.
Related Articles
- Finding Money Lenders Iowa
This article gives a list of places to look for different types of loans and what each loan is meant for. This information could be extremely helpful for anyone seeking out a lon, but not knowing where to begin the search.
- A Quick Personal Loan Iowa
- Direct Loans Iowa
- Business Loan Glossary Iowa
- No Income Verification Home Equity Loan Iowa
- Jumbo Home Loans Iowa
- Applying For A Personal Loan Iowa
- Getting an Investors Mortgage Iowa
- How To Get an Emergency Cash Loan Iowa
- Getting a Loan Iowa
Related Articles
- Finding Money Lenders Iowa
This article gives a list of places to look for different types of loans and what each loan is meant for. This information could be extremely helpful for anyone seeking out a lon, but not knowing where to begin the search.
- A Quick Personal Loan Iowa
- Direct Loans Iowa
- Business Loan Glossary Iowa
- No Income Verification Home Equity Loan Iowa
- Jumbo Home Loans Iowa
- Applying For A Personal Loan Iowa
- Getting an Investors Mortgage Iowa
- How To Get an Emergency Cash Loan Iowa
- Getting a Loan Iowa
Related Local Events
Retention Committee Meeting
Dates: 8/3/2009 - 8/3/2009
Location: Bettendorf Chamber of Commerce
Bettendorf, IA
View Details

Women and Investing
Dates: 6/17/2009 - 6/17/2009
Location: The lodge
Bettendorf, IA
View Details

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History