Losses Payable ClauseAn insurance supply to have fee regarding a state so you’re able to people, except that the fresh new insured, who holds a keen insurable demand for new covered property.

Sector ValueThe extremely possible rate that a prepared, ready low interest personal loans Oklahoma, and ready client carry out spend and you may a ready supplier perform undertake, if in case are all completely advised and you can below zero stress to act. Industry worth are not the same as the price for which property can in fact end up being sold from the a given big date (market value).

Cellular HomeA factory-built residence composed of a minumum of one segments and you may a framework and tires which can be an integral part of the structure and you may doesn’t have to be removed to make this new component(s) occupiable.

Modular HouseA facility-make residence produced in tools otherwise areas, moved in order to a long-term site, and you may erected into a foundation. Excludes mobile belongings.

Financial CommitmentAn agreement anywhere between bank and debtor discussing the terms of a mortgage such as for instance interest, mortgage variety of, name, and you may count.

Financial Insurance premium (MIP)The latest said a great mortgagor (borrower) is beneficial possibly the fresh new FHA or an exclusive insurer to possess mortgage insurance.

For a balloon home security credit line otherwise a current balloon house equity mortgage, this new readiness big date is when this new the balance will get due during the complete

Home loan NoteA composed contract to expend a sum of money within a stated interest rate throughout a specified label. The fresh mention contains a whole breakdown of the criteria less than and therefore the loan is usually to be repaid while its due.