The amount that a property would command if it were currently available to rent or lease.
The highest price that a willing, but not compelled, buyer would pay, and the lowest price that a willing, but not compelled, seller would accept.
Microsoft's term for documents or URLs that have been marked for easy retrieval.Read more: http://www.answers.com/topic/favorites-1#ixzz1D1mF3Hf5
Fed is a nickname that is sometimes used for the “Federal Reserve Bank”. This is the federal government's bank, which offers many services to banks such as printing bills and coins and recycling worn out bills and coins. Texas Bank and Trust's Federal Reserve Bank is located in Dallas, TX, in what is known as the 11th Federal Reserve district.
One of the 12 institutions, one in each Federal Reserve district, that serves as fiscal agents for the U.S. Treasury, which means that they are the federal government's bank. They also offer many services to financial institutions including check collection and clearing, electronic funds transfer, and distributing and receiving cash and coin. Each district bank is owned by its members. TB&T's Federal Reserve Bank is located in Dallas, Texas; in what is known as the 11th Federal Reserve district.
The organization created by the 1913 Federal Reserve Act. The system includes the 12 Federal Reserve banks and their branches, plus the member banks, which are its legal owners. The Board of Governors, headquartered in Washington, D.C., exercises overall control over the nationwide operations of the Federal Reserve System ("the Fed").
(noun) The price charged for a service.Banksite for definition only
Absolute ownership of real property; the greatest possible interest a person can have in real estate.
A mortgage insured by the Federal Housing Administration (FHA). FHA loans are also known as government mortgages.
Under ERISA, any person who (1) exercises any discretionary authority or control over the management of a plan or the management or disposition of its assets, (2) renders investment advice for a fee or other compensation with respect to the funds or property of a plan or has the authority to do so, or (3) has any discretionary authority or responsibility in the administration of a plan.WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer
(noun) The fees lenders charge for borrowing money, including interest, application fees, and service fees.Banksite for definition only
A mortgage that is the first loan recorded in the public record and generally the primary loan against a property.
A mortgage in which the monthly principal and interest payments remain the same throughout the life of the loan. The most common mortgage terms are 30 and 15 years. With a 30-year fixed rate mortgage your monthly payments are lower than they would be on a 15 year fixed rate, but the 15 year loan allows you to repay your loan twice as fast and save more than half the total interest costs.
A mutual fund with the objective of providing current income, primarily from fixed-income securities or bonds.WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer
a) The dollar amount of deposited items that have been given immediate, provisional credit but are in the process of collection from a drawee bank; also known as uncollected funds.
b) A term that describes the interest rate for a loan that has not yet been guaranteed by a lender. If the lender has not yet guaranteed or locked the interest rate, it is floating and could change prior to closing.
An inspection to determine if a property is located in an area prone to flooding also known as a flood plain. The federal government determines whether an area is in a flood plain. Lenders generally rely on the flood certification to determine if flood insurance will be required in order to obtain a mortgage. For our comparison purposes, the cost of the flood certification is considered to be a third party fee, though you may find that all lenders do not pass this fee on to the borrower.
Insurance that protects a homeowner from the cost of damages to a property due to flooding or high water. It is required by law that properties located in areas prone to flooding have flood insurance. The federal government determines whether an area is prone to flooding and considered to be in a flood plain.
One of the congressionally chartered, publicly owned companies that is the largest source of home mortgage funds.
The legal process in which a borrower's ownership of a property is dissolved due to default. Typically, the property is sold at a public auction and the proceeds are used to pay the loan in full.
Trading in or exchange of foreign currencies for U.S. funds or other foreign currencies.
The portion of a participant's benefit that may be lost of the participant separates from service before becoming 100 percent invested.WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer
A demand draft, drawn on a bank, that has been fraudulently altered or on which the maker's signature is not genuine.
The legal term for counterfeiting a check or other document with the intent to defraud.
FHLMC (Federal Home Loan Mortgage Corporation) One of the congressionally chartered, publicly owned companies that is the largest source of home mortgage funds.
An adjustable-rate mortgage (ARM) with monthly payments that are sufficient to liquidate the remaining principal balance over the amortization term.
A mutual fund that invests in both U.S. and non-U.S. securities.WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer
A written estimate of the closing costs the borrower will have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application.
A mortgage that is guaranteed by the Department of Veterans Affairs (VA) or, is insured by the Federal Housing Administration (FHA). Compare with conventional mortgage.
The person to whom an interest in real property is conveyed.
The person conveying an interest in real property.
Measures aggregate economic activity available, encompassing every sector of the economy. Quarterly percent changes (at an annualized rate) in GDP reflect the growth rate of total economic output. GDP growth is widely followed as the primary indicator of the strength of economic activity. Frequency: quarterly. Source: Commerce Department.
A mutual fund whose aim is to provide a balance of long-term growth and current dividend income from investing mainly in stocks of large and medium-sized companies.WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer
A mutual fund whose main objective is long-term growth in capital from investing primarily in growth stocks. (See Growth Stocks)WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer
The stocks of companies that have experienced or are expected to experience rapid growth in revenue or earnings and are expected to continue such growth for an extended period. Such stocks typically have relatively low dividend yields and sell at relatively high prices in relation to their earnings and book value. A mutual fund that emphasizes growth stocks is called a growth fund.WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer
A half bathroom in a home that contains a wash sink and a toilet, but no bathtub or shower stall.
An in-service withdrawal from a 401(k) plan because of the immediate and heavy financial need of a participant that cannot be satisfied from other resources. The conditions for a hardship withdrawal of elective contributions can be determined through either a safe harbor or a facts-and-circumstances method.WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer
Insurance that protects a homeowner against the cost of damages to property caused by fire, windstorms, and other common hazards. Also referred to as homeowner's insurance.
A restriction on the payment of all or any part of the balance in an account.
A party who accepts an instrument in good faith and for value, without notice that it has been dishonored, that it is overdue, or that there is any claim against it.
A type of real estate credit in which the homeowner borrows against the value of his or her residence.
A complete and detailed inspection that examines and evaluates the mechanical and structural condition of a property. A complete and satisfactory home inspection is often required by the homebuyer. Compare with appraisal.
Insurance that protects a homeowner against the cost of damages to property caused by fire, windstorms, and other common hazards. Also referred to as hazard insurance.
A type of insurance policy that covers repairs to certain parts of a home for an agreed upon period of time. It is typically provided by the contractor or seller as a condition of the sale
A nonprofit association that manages the common areas of a condominium project or planned unit development (PUD). In a condominium development, the association has no ownership interest in the common elements. In a PUD, it holds title to the common elements of the project.
Payments made to an association responsible for the maintenance of the common areas in a condominium or subdivision development.
A standard calculation performed by mortgage lenders to determine if a borrower qualifies for a specific loan type and amount. It is calculated by dividing the monthly housing expense (Principal, Interest, Taxes and Insurance) by the borrower’s monthly gross income. Also referred to as a front-end ratio or a top ratio.
An acronym for “hypertext transfer protocol”; used as the standard protocol for transferring hypertext documents on the World Wide Web.Dictionary.com Unabridged
HUD, also known as the U.S. Department of Housing and Urban Development, insures home mortgage loans made by lenders meet minimum standards for such homes.
Also referred to as the closing statement or the settlement statement, this is the document that provides line by line detail of the financial details related to a specific real estate transaction such as the fees paid by the seller and the buyer for a purchase transaction or the fees paid by the borrower for refinances.
A method of storing data through a computer program that allows a user to create and link fields of information at will and to retrieve the data non-sequentially.Dictionary.com Unabridged