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Title is a legal term for an owner’s interest in a piece of property. It may also refer to a formal document that serves as evidence of ownership or the history of ownership and documentation that affects the title during the period of ownership. Lenders perform title searches on a property for purchase transactions and
Equity is simply the value of the home minus any outstanding mortgages against the property. For example, if a home’s current appraised value is $100,000 and the existing mortgage balance is $70,000, this means that the home owner has $30,000 or 30% equity in the home. Since many home equity loans are for amounts up
A mortgage which has priority over all other voluntary liens against a certain property; used in states that secure loans against real property with a mortgage.
A written analysis prepared by a qualified appraiser and estimating value of a property. The appraisal determines the fair market value of the property based on current information and analysis. The data used to determine the fair market value usually involves analysis of the replacement cost of the property, expected future income from the property
A legal procedure in which a mortgaged property is sold to pay the outstanding debt in case of default. The legal procedure starts with the borrower defaulting on the repayment terms of the home loan and the lender initiating a process in which they obtain court permission to take possession of the property and sell
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