Paying off a debt by making periodic payments of both principal and interest. The amount of increase in property value. The final payment, usually a lump sum, that is due on the maturity date of the mortgage. The final act in home buying where all papers are signed, money exchanged and the Buyer takes title to the property. Also referred to as Settlement.
Sellers usually pay transfer fees.
Cost of Funds Index. The property used as security for a loan. The transfer of ownership of real property from one person to another. The down payment deposited by the Buyer under the terms of the contract. The difference between the market value of a home and the amount of the mortgage secured by it.