Real Estate Glossary
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Underlying Mortgage
Generally refers to the first mortgage when there is a wraparound mortgage.
Underwriting
The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.
Underwriting Fee
A fee charged by some lenders to cover the cost of the lender's analysis of the risk associated with a loan.
Undivided Interest
An ownership right to use and occupy property that is shared among more than one owner. No single co-owner may have exclusive rights or possession to any part of the property.
Uniform Commercial Code (UCC)
Group of laws that are applicable to commercial transactions. Only a few of the laws have relevance to real estate transactions.
Unsecured Loan
A loan that is not backed by collateral.
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Butch Simoneau of EXIT TEAM REALTY has been awarded Real Estate’s Prestigious 203k Specialist™ Designation
Smithfield, RI November 21, 2011 -- Richard Zelano / Principal Broker is proud to announce that...
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