Loan format example:
Loan Type
| Assumption | Assuming an existing mortgage |
| Agreement of Sale | A contract for deed is used as owner financing. The Seller retains title to the property until Buyer satisfies agreed amount |
| Balloon | Are short term mortgages. Most balloons have a term of 5 to 7 years. |
| Building/Construction Loan | Covers the cost of land development and building construction |
| New Conventional | Interest rate does not change during the entire term of the loan |
| Conventional Blanket | A loan on two or more pieces of property |
| Credit Line or Equity Line | A loan taken out on the equity of the home |
| FHA | Are insured by the Federal Housing Authority |
| Hula Mae | A loan program created by the Hawaii State Legislature in 1979 for families of low and moderate income |
| Purchase Money Mtg | Buyer borrows from the Seller |
| Refinance – Stand Alone | The purpose of paying off an existing mortgage loan on property |
| Stand Alone – 1st | 1st Mortgage |
| Stand Alone – 2nd | 2nd Mortgage |
| Veteran’s Admin | Guaranteed by the U.S. Department of Veterans Affairs |
| Commercial | loan secured by commercial property, such as an office building, shopping center, etc. |
| Reverse Mortgage | home loan for older homeowners (62 years or older) that requires no monthly mortgage payments |
| ARM | Adjustable-rate mortgage |
| USDA | Mortgages backed by the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan Program |
Loan Lender Type
| M | Mortgage |
| 2M | 2nd Mortgage |
| DSM | Double System Mortgage |
| DS2M | Double System Second Mortgage |
| Bank | Bank |
| MORT | Mortgage Company |
| LNDR | Lending Company |
| COMP | Company or Corporation |
| SLLR | Seller |
| CRUN | Credit Union |
| PRIV | Private |
| GOVT | Government |
| INSU | Insurance |
| CORP | Corporation |
| 3M | 3rd Mortgage |
| FNCL | Finance Company |
Loan data is obtained from the BOC documents at the time of a transaction. Our TMK department looks over the document and manually populates this data into our database.
BOC – Bureau of Conveyances
Tags:
Assumption Agreement of Sale Balloon Building/Construction Loan New Conventional Conventional Blanket Credit Line or Equity Line FHA Hula Mae Purchase Money Mtg Refinance – Stand Alone Stand Alone – 1st Stand Alone – 2nd Veteran’s Admin Commercial Reverse Mortgage ARM USDA M 2M DSM DS2M Bank MORT LNDR COMP SLLR CRUN PRIV GOVT INSU CORP 3M FNCL