Appraisal An opinion by a licensed real estate appraiser regarding the fair market value of a property. Our programs have NO balloon payments. Closing Costs Expenses related to obtaining a loan. The legal document conveying title to a property. The document used in some states instead of a mortgage.
Title is conveyed to a trustee rather than to the borrower.
The difference between the fair market value of a property and the amount still owed on the mortgage. Equity Loan A loan based on the borrower's equity in his or her home. We offer NO equity loans as well. Fixed Rate Mortgage A loan in which the interest rate does not change during the entire term. The relationship between the unpaid principal balance of the mortgage and appraised value.