| A | B |
|---|
| What does URAR stand for? | Uniform Residential Appraisal Report |
| APR | Annual Percentage Rate |
| Maximum LTV for Texas Equity | 80% |
| Closing fees | Cost for doing the loan |
| Closing date | loan date/date of the documents |
| ACH | Automatic payment deduction |
| What is a Warranty Deed? | It transfers specific rights to the gratee |
| Closed End Loan | Fixed Rate |
| Open End Loan | LOC |
| What does LTV stand for? | Loan to Value |
| What does D/I stand for? | Debt to Income |
| What is a title search used for? | It shows the current owner, includes any liens, emcumbrances and judgements |
| What is a lien? | An emcumbrance against the property, which may be voluntary or involuntary |
| What is the Exhibit "A" used for? | Legal Description |
| What is vesting? | How title is held |
| What is the primary reason lenders use a flood certificate show? | To show if the property is in a flood zone (it is also legally required) |
| What is a Deed of Trust? | Security Instrument |
| What is the maximum acrage for rural property? | 100 single and 200 family |
| What does POA stand for? | Power of Attorney |
| What is the acrage limit on an urblan Texas equity loan? | 1 acre |
