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