One refinances often to replace existing loans on the property. Second Mortgage A second mortgage is a mortgage made subsequent to another mortgage and subordinate to the first one. Survey A survey is the measurement of land, prepared by a registered land surveyor, showing the location of the land with reference to know points, its dimensions, and the location and dimensions of any buildings. Title A document that gives evidence of an individual's ownership of property. Title Insurance Title insurance is a policy, usually issued by a title insurance company, which insures a home buyer against errors in the title search.
Policies are also available to protect the lender's interests.
Title Search A title search is an examination of municipal records to determine the legal ownership of property. A search is usually is performed by a title company. This law is also known as Regulation Z. Underwriting Underwriting describes the decision whether to make a loan to a potential home buyer based on credit, employment, assets, and other factors and the matching of this risk to an appropriate rate and term or loan amount.