The certification by a Notary Public that a person signing a document
has been properly identified. Notarization does not certify the content
of a document, only validity of signature.
Refers to principal, interest, tax and insurance, the four major components
of a usual monthly mortgage payment.
A fee charged by the lender to fund a loan, in addition to and separate
from other fees charged. One point equals one percent of the amount of
The sum of money outstanding upon which interest is payable. Also refers
to one who is served by an agent.
Private Mortgage Insurance (PMI)
Insurance written by a private mortgage insurance company protecting the
mortgage lender against loss occasioned by a mortgage default and foreclosure.
The method used in dividing charges into that portion which applies only
to a partys ownership up to particular date.
The process of reviewing a prospective borrowers credit and payment
capacity prior to approving a loan.
A deed relinquishing all interest, title or claim in a property by a grantor.
Accomplished without representing that such title is valid, nor containing
any warranty or convenants of title.