Category Archives: Mortgage Terms

Unconscionable Transactions


Unconscionable Transactions– similar to undue influence. This situation occurs when there is a disproportion of power between individuals, with the weaker individual in the control of the stronger individual, and acting under that person’s direction in an unreasonable or unfair … Continue reading

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Undertaking


Undertaking– this is a promise by a lawyer to ensure that certain conditions (usually of the lender) are met (usually after closing, due to time restraints). The best example is the undertaking to register a discharge of an old first … Continue reading

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Underwriting


Underwriting– this is the process undertaken by lender and insurers to verify the mortgage application information and supporting documentation submitted, make an assessment of risk on both the applicant(s) and the property, and approve or decline the mortgage loan. Each … Continue reading

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Undue Influence


Undue Influence– unlike duress, undue influence has subjective boundaries; it occurs when one party suffers pressure (non-physical force such as manipulation or persuasion) to enter a contract against his or her wishes or interests. Evidence of such control may result … Continue reading

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Unenforceable Contract


Unenforceable Contract– similar to void contracts, unenforceable contracts cannot be acted upon. Typically oral contracts are unenforceable. Next word: Unilateral Mistakes

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Unilateral Mistake


Unilateral Mistake– one party is mistaken while the other party is aware of it and makes no attempt to rectify it. Next word: Verification of Employment

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Unities


Unities– In common law, unities are the four conditions required to create and maintain joint tenancy. They are time, title, interest, and possession. Title- all joint tenants must obtain their interest from the same document. Time– all joint tenants must … Continue reading

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Usury Rate


Usury Rate– the maximum legal rate for interest, discounts, or other fees that may be charged for the use of money. Next word: Valuation Date

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Valuation Date


Valuation Date– the date used for establishing the assessed value for all properties in a jurisdiction; formerly called a “base year”. Next word: Variable Rate Mortgage

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Variable Rate Mortgage


Variable Rate Mortgage– this type of mortgage, also referred to as adjustable rate mortgage, is the opposite of a fixed rate mortgage. The interest rate on this loan may change during the term of the mortgage reflecting changes in the … Continue reading

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