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Contract Manufacturing, Distribution, High Technology, Materials and Heavy Equipment

Many of the online directories focus towards one market segment or audience profile. Here, we target the "best in class" for each of the served markets by industry leaders in their respective fields. Find a category that you feel is most relevant to the content of your site, or that attracts a customer demographic you wish to reach. Provide a title and URL and submit to this directory.

Corporate Business

Business web directory and online Internet marketing center, offering powerful promotion opportunities to your business and website. Maximize traffic to your website by submitting to the directory. Categorized in 7 main groups, including Consulting, Manufacturing, Internet Services, Professionals, Health, Pharmaceutical, Software & Telecommunications and Transportation.

Manufacturing- Contract Manufacturing

AS Twomey Manufacturing provides commercial marine towing as well as IT Consulting services in the regional area of  MA and sources IT Consulting, Licensed Seagoing Crew as a community partner.

Category: It Consulting, Licensed Seagoing Crew

Find out where you can get Syntactic foam. Since 2010, Mica-Tron has been listed in the Contract Manufacturing directory.

Category: Syntactic Foam

Find out where you can get phrase. Since 2010, Mica-Tron has been listed in the Contract Manufacturing directory.

Category: Phrase

Find out where you can get phrase. Since 2010, Mica-Tron has been listed in the Contract Manufacturing directory.

Category: Phrase

http://www.polyfab.biz allows users to search for the best MA Manufacturing for the ideal Custom Polypropylene Tanks company as a community partner.

Category: Custom Polypropylene Tanks

Company profile and product/services listings found at Contract Manufacturing Specializing in the MA industry, they are part of the looking for commercial property management services. section of the directory.Polyfab to solve the day-to-day operational details.

Category: Graduated Cylinders

A Contract Manufacturing company that develops, manufactures and blends performance-enhancing Oven Forming Acrylic for the Manufacturing market.

Category: Oven Forming Acrylic

Based in MA, Polyfab provides Polycarbonate Adhesive Bonding as a Contract Manufacturing engineered plastic fabrications company.

Category: Polycarbonate Adhesive Bonding

Specialize in ergonomic office computer workstation. Proline has, since 2005, been listed in the Contract Manufacturing directory.

Category: Ergonomic Office Computer Workstation

Manufacturing- Distribution

Online provider of Scale calibration, scale service, counting scale as an Distribution engineering and consulting manufacturers representative firm.

Category: Scale Calibration, Scale Service, Counting Scale

Manufacturing- High Technology

Sells new membrane switches, rotary switches, custom keyboards at competitive prices, primarily as a High Technology DoD engineering corporation.

Category: Membrane Switches, Rotary Switches, Custom Keyboards

Manufacturing- Materials & Heavy Equipment

Industrial company designs, manufactures and markets products, services and technologies including diamond cup wheels, superabrasives, diamond grinding wheels, precision surface grinding, used in the Materials and Heavy Equipment vertical marketplace.

Category: Diamond Cup Wheels, Superabrasives, Diamond Grinding Wheels, Precision Surface Grinding

JOWA Consilium offer our customers the greatest possible values on quality Metritape, Consilium, Liquid Level Gauging, Tank Level Gauging services. Member since 2001.

Category: Metritape, Consilium, Liquid Level Gauging, Tank Level Gauging

Manufacturing- Contract Manufacturing

As one of the area's privately-owned Manufacturing corporations, NES Technologies in MA Manufacturing provides component manufacturing and assembly work. Member since 1999.

Category: Component Manufacturing And Assembly Work

North American company selling to Manufacturing groups residential and commercial stone paving. Nantucket Pavers has been listed in MA Manufacturing since 2002.

Category: Residential And Commercial Stone Paving

As an institution, PMES Engineering has been a good corporate sponsor for the VA hot forging metals industry. A member of the directory since 2012 in the Manufacturing section.

Category: Hot Forging Metals Industry

Provides and builds electromechanical assembly, engineering, massachusetts. Found in the Manufacturing, Contract Manufacturing group in this directory.

Category: Electromechanical Assembly, Engineering, Massachusetts

Supplies material assemblies and subassemblies manufacturing in the Contract Manufacturing service arena.

Category: Material Assemblies And Subassemblies Manufacturing

AS Twomey Manufacturing provides commercial marine towing as well as IT Consulting services in the regional area of  MA and sources IT Consulting, Licensed Seagoing Crew as a community partner.

Category: It Consulting, Licensed Seagoing Crew

DavTech Plating is a registered member in the Manufacturing vertical market and services the area's needs. Visit us at http://host.web-print-design.com/davtech to see how we're helping our clients every day.

Category: Nickless Plating

Sells new and used Fiber Optics parts, attenuators, repeaters, splicing equipment at competitive prices, primarily as a Contract Manufacturing manufacturer and distribution warehouse company.

Category: Fiber Optics Parts, Attenuators, Repeaters, Splicing Equipment

Provides a complete range of Manufacturing and subcontracting services. Located in MA, Lavelle Machine services a broad range of retail, business, and institutional clients. Filed with Contract Manufacturing.

Category: Plating And Subassembly Manufacturing, Medical Machining

http://www.polyfab.biz allows users to search for the best MA Manufacturing for the ideal Graduated Cylinders company as a community partner.

Category: Graduated Cylinders

Company profile and product/services listings found at Contract Manufacturing Specializing in the MA industry, they are part of the Custom Polypropylene Tanks section of the directory.Polyfab to solve the day-to-day operational details.

Category: Custom Polypropylene Tanks

A Contract Manufacturing company that develops, manufactures and blends performance-enhancing Plastic Cones for the Manufacturing market.

Category: Plastic Cones

Based in MA, Polyfab provides Architectural Acrylic Displays as a Contract Manufacturing engineered plastic fabrications company.

Category: Architectural Acrylic Displays

Based in MA, Polyfab provides Clear Plastic Cylinders as a Contract Manufacturing prototyping and machining firm.

Category: Clear Plastic Cylinders

Online provider of Rivco doors, windows as an Contract Manufacturing general contractor manufacturers company.

Category: Rivco Doors, Windows

Offers home improvement products that includes Rivco Kitchen supplies, accessories, interior kitchen remodeling enhancement products. Since 2001, Rivco - Kitchen Division has been listed in the Contract Manufacturing directory.

Category: Rivco Kitchen Supplies, Accessories, Interior Kitchen Remodeling Enhancement Products

Specialize in ergonomic office computer workstation. Proline has, since 2005, been listed in the Contract Manufacturing directory.

Category: Ergonomic Office Computer Workstation

Specialized in Contract Manufacturing with operations and headquarters in MA, GES - Manufacturing Division is a leading national provider of component manufacturing. Directory listing since 2000.

Category: Contract Manufacturing

IntegraTech - Corporate has been a trusted partner for MA Contract Manufacturing fellow firms since 2001, providing sound resource management for Manufacturing members.

Category: Contract Manufacturing

Contract Manufacturing company with operations in MA providing CNC machining and component assembly services to regional manufacturing operations. Became a member of this listing in 2000. Member of the Manufacturing group.

Category: Contract Manufacturing

Find out where you can get Macor. Since 2016, Mica-Tron has been listed in the Contract Manufacturing directory.

Category: Macor

Providing high quality new Syntactic foam. Since 2016, Mica-Tron has been listed in the Contract Manufacturing directory.

Category: Syntactic Foam

Offers a range of Macor machining. Since 2016, Mica-Tron has been listed in the Contract Manufacturing directory.

Category: Macor Machining

milling, CNC machines, polypropylene router machining, router polyethylene

Category: Giant Plastic Cylinders

Providing a complete range of Contract Manufacturing, Proteq has been a good corporate sponsor for the NH Manufacturing board. A senior member of this listing since 2004 in the Manufacturing vertical.

Category: Contract Manufacturing

Manufacturing- Distribution

Shop Discrete Semiconductors in the Distribution category to find the best deals in MA for semiconductor sales.

Category: Semiconductor Sales

Electronic Products is committed to strengthening the Manufacturing industry through collective support, services, and leadership in providing Electronic Products services. Located in MA, Electronic Products has been an Affordable Distribution supplier since 2002.

Category: Distribution

McCarton Industrial

Category: Distribution

Industrial company designs, manufactures and markets products, services and technologies including Couplers, Attenuators, used in the Distribution industry

Category: Couplers, Attenuators

Provides and builds antistatic control products. Found in the Manufacturing, Distribution group in this directory.

Category: Antistatic Control Products

Electrical Controls is a registered member in the Manufacturing vertical market and services the area's needs. Visit us at http://host.web-print-design.com/electrical-controls to see how we're helping our clients every day.

Category: Distribution

Company profile and product/services listings found at http://host.web-print-design.com/acme. Specializing in the print, print brokerage and print production industry, they are part of the Manufacturing Distribution section of the directory.

Category: Print, Print Brokerage And Print Production

A leading source for supercomputer arrays from American Digital.

Category: Supercomputer Arrays

Sells new and used copy and dictation equipment at competitive prices, primarily as a Distribution specialist firm.

Category: Copy And Dictation Equipment

A producer of specialty semiconductors for the NH Distribution retail space.

Category: Semiconductors

Offers a range of used high technology medical research equipment consulting services and is posted in the Affordable Distribution market.

Category: Used High Technology Medical Research Equipment

Find out where you can get home health aids. Since 2001, Lomedco Medical has been listed in the Distribution directory.

Category: Home Health Aids

A stocking distributor with worldwide sales capacity and industrial supply, Lumipure in the Manufacturing market sells and services residential and commercial HVAC for smaller spaces in CT, and has been a member since 2000.

Category: Distribution

Supplies promotional plastic products manufacturing and distribution for the Manufacturing Distribution service area.

Category: Promotional Plastic Products Manufacturing And Distribution

Offers a range of products and services for markets including personal and corporate identification. Winco Identification has been a member since 2000 in the Distribution directory.

Category: Personal And Corporate Identification

Offers Distribution services for ergonomic seating equipment. Since 2000, Work Right has been listed in the Manufacturing directory.

Category: Ergonomic Seating Equipment

Online provider of Scale calibration, scale service, counting scale as an Distribution engineering and consulting manufacturers representative firm.

Category: Scale Calibration, Scale Service, Counting Scale

Furniture Installations provides fantastic values on all the latest decorating trends in the Manufacturing market. Specializes in Furniture Installations. Located in MA, Furniture Installations has been an Corporate Distribution supplier since 2001.

Category: Distribution

Nytek offer our customers the greatest possible values on quality space age material production services. Member since 2001.

Category: Space Age Material Production

A supplier of cat 5 and cat-5e cabling and located in RI, Warehouse Cables has been an Corporate Distribution supplier since 2005.

Category: Cat 5 And Cat-5E Cabling

Corporate Distribution service that provide opportunities to own reused medical equipment. Customized to your requirements by Elektra Medical.

Category: Reused Medical Equipment

Manufactures and engineers Identification Resources used for applications in the Distribution industrial marketplace.

Category: Distribution

Offers a range of services including static control flooring and ESD tiling. Julie Industries has been a member since 2001 in the Distribution directory.

Category: Static Control Flooring And Esd Tiling

Manufacturing- High Technology

A producer of specialty integrating sphere components for the NH High Technology retail space.

Category: Integrating Sphere Components

North American company selling to Manufacturing groups plasma systems. AST Products Inc has been listed in MA Manufacturing since 1999.

Category: Plasma Systems

Ibis v.02 is a registered member in the Manufacturing vertical market and services the area's needs. Visit us at http://host.web-print-design.com/ibis to see how we're helping our clients every day.

Category: High Technology

Company profile and product/services listings found at http://host.web-print-design.com/inphotonics. Specializing in the Raman industry, they are part of the Manufacturing High Technology section of the directory.

Category: Raman

A High Technology company that develops, manufactures and blends performance-enhancing optical lasers for the Manufacturing market.

Category: Optical Lasers

Providers of High Technology-related services and is located in CA for individuals and corporations photonics. Look toThermo Photonics to solve those complex transactional details.

Category: Photonics

Optelec

Category: High Technology

Provides and engineers specialty spheres and goniometers. Found in the Manufacturing, High Technology group in this directory.

Category: Specialty Spheres And Goniometers

Applied Science Labs

Category: High Technology

Manufactures and engineers Aerogels used for applications in the High Technology industrial marketplace.

Category: Aerogels

Specializing in the Manufacturing High Technology sector for on the internet, Ferrotec provides the best in .ferrofluidic seals.

Category: Ferrofluidic Seals

Offers High Technology services for printing equipment. Since 2009, Pro Iris has been listed in the Manufacturing directory.

Category: Printing Equipment

Senko Semiconductors

Category: High Technology

Offers a range of nuclear metals engineering, formulation and production consulting services and is posted in the Corporate High Technology market.

Category: Nuclear Metals Engineering, Formulation And Production

As one of the area's privately-owned Manufacturing corporations, Thermo Electron Colorado in CO Manufacturing provides liquid handling automation. Member since 2000.

Category: Liquid Handling Automation

Thermo Keytek

Category: High Technology

Industrial company designs, manufactures and markets products, services and technologies including nitrogen laser, used in the High Technology vertical marketplace.

Category: Nitrogen Laser

Manufacturing- Materials & Heavy Equipment

Offers a range of services including shipping supplies. Horn Packaging- Ayer has been a member since 1997 in the Materials and Heavy Equipment directory.

Category: Shipping Supplies

Offers home improvement products that includes construction marble and composites. Since 2002, Merrimack Stone has been listed in the Materials and Heavy Equipment directory.

Category: Construction Marble And Composites

Online provider of quarried marble, finished granite products, heavy decorative stonework as an Materials and Heavy Equipment general contractor manufacturers company.

Category: Quarried Marble, Finished Granite Products, Heavy Decorative Stonework

North American scientific and laboratory equipment company that manufactures chemical substrates. Since 1998, Chemworks has been listed in the Materials and Heavy Equipment directory.

Category: Chemical Substrates

Provides and builds gauging equipment. Found in the Manufacturing, Materials and Heavy Equipment group in this directory.

Category: Gauging Equipment

A supplier of international shipping and located in MA, Horn International has been an Affordable Materials and Heavy Equipment supplier since 1995.

Category: International Shipping

Manufactures and distributes Rubber Grommets, Rubber Seals, Rubber Molding. Found in the Manufacturing, Materials and Heavy Equipment group in this directory.

Category: Rubber Grommets, Rubber Seals, Rubber Molding

Poly-Flex Circuits is a registered member in the Manufacturing vertical market and services the area's needs. Visit us at http://host.web-print-design.com/polyflex to see how we're helping our clients every day.

Category: Flexible Circuitboards

Manufactures and engineers veterinary testing equipment used for applications in the Materials and Heavy Equipment vertical marketplace.

Category: Veterinary Testing Equipment

Company profile and product/services listings found at http://host.web-print-design.com/stc. Specializing in the transistor test and validation equipment industry, they are part of the Manufacturing Materials and Heavy Equipment section of the directory.

Category: Transistor Test And Validation Equipment

Manufactures and engineers mechanical rollers used for applications in the Materials and Heavy Equipment industrial marketplace.

Category: Mechanical Rollers

Specializing in the Manufacturing Materials and Heavy Equipment sector for over a decade on the internet, Abenaki Timber provides the best in .timber management and reforestation products and services.

Category: Timber Management And Reforestation Products And Services

Provides and builds Precision machined components, CNC Swiss screw machining. Found in the Manufacturing, Materials and Heavy Equipment group in this directory.

Category: Precision Machined Components, Cnc Swiss Screw Machining

Offers a range of solutions in the large scale food service production equipment market. Consultant engineering services in the Materials and Heavy Equipment market.

Category: Large Scale Food Service Production Equipment

Bascom Turner

Category: Materials And Heavy Equipment

Sells new and used curb, vibration isolation, curb machine, burglar bar at competitive prices, primarily as a Materials and Heavy Equipment heavy new and rebuild constuction group.

Category: Curb, Vibration Isolation, Curb Machine, Burglar Bar

Industrial company designs, manufactures and markets products, services and technologies including diamond cup wheels, superabrasives, diamond grinding wheels, precision surface grinding, used in the Materials and Heavy Equipment vertical marketplace.

Category: Diamond Cup Wheels, Superabrasives, Diamond Grinding Wheels, Precision Surface Grinding

Provider of rolling diaphragms, diaphragm seals, rubber diaphragms, molded elastomer diaphragms, silicon diaphragms, dish diaphragms and engineering services. at competitive prices, primarily as a Materials and Heavy Equipment Manufacturing for large scale production runs.

Category: Rolling Diaphragms, Diaphragm Seals, Rubber Diaphragms, Molded Elastomer Diaphragms, Silicon Diaphragms, Dish Diaphragms

Offers Materials and Heavy Equipment services for synthetic fiber. Since 2001, Majilite has been listed in the Manufacturing directory.

Category: Synthetic Fiber

Broomfield Laboratories

Category: Materials And Heavy Equipment

Provides and builds specialty custom cranes. Found in the Manufacturing, Materials and Heavy Equipment group in this directory.

Category: Specialty Custom Cranes

Distributor with worldwide sales capacity and industrial supply, Wilevco in the Manufacturing market sells and services high capacity commercial food service preparation equipment in MA, and has been a member since 2001.

Category: Automatic Batter Mixer With Viscosity Control

Provides and engineers print production and laminates. Found in the Manufacturing, Materials and Heavy Equipment group in this directory.

Category: Print Production And Laminates

 

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Mortgage Terminology

A - B - C - D - E - F - G - H - I - J - L - M - N - O - P - Q - R - S - T - U - V - W - Z

- A -

Acceptance - A legal term referring to the acceptance of an offer. A buyer offers to buy and the seller accepts the offer.

Accounts Payable - A running record of business transactions showing the amount of money owed. They are considered liabilities by lenders.

Adjustable-Rate Mortgage (ARM) - A home loan that permits the lender to adjust its interest rate periodically during the life of the loan on the basis of changes in a specified financial index. ARMs typically start with a particularly low interest rate that gradually rises over time. If the overall level of interest rates drops, as measured by a variety of different indexes, the interest rate of your ARM follows suit. Similarly, if interest rates rise, so does your mortgage's interest rate and monthly payment. The amount that the interest can fluctuate is limited by caps. Adjusted Gross Income - Total income including your salary and bonuses, and any rental or seasonal income.

Administrator - A person appointed by the probate court to administer the estate of a deceased person.

Agreement of Sale - A written document in which a purchaser agrees to buy property under certain given conditions and the seller agrees to sell under certain conditions. Also known as a 'Sales Contract.'

Amortization - The process of gradually paying down the principal of the loan. As each payment toward principal is made, the mortgage amount is reduced or amortized by that amount. This is in contrast to an interest-only payment where the principal balance is never reduced.

Annual Percentage Rate (APR) - The rate of interest to be paid on a loan over its projected life; sometimes referred to as the "true" rate of interest. The APR is the annual cost of a loan, including interest, loan fees and other costs.

Annuity - A sum of money received at fixed intervals, such as series of equal or nearly equal payments to be made over a period of time, or it may be a lump sum payment to be made at some time in the future. The installment payments due to a landlord under the terms of a lease are an example of an annuity. The installment payments due to a lender on a note are another such example.

Appraisal - A professional evaluation of the value of a home or other piece of property made by a professional who is familiar with local real estate prices and markets.

Appreciation - The amount by which the value of a piece of property increases over time.

Assessed Value - A value placed upon property by a tax assessor.

Assessment - Determining the value of property for the purpose of imposing a tax, or the amount of the tax imposed.

Asset - Anything of monetary value that is owned by a person. Assets include real estate property, personal property and enforceable claims against others including bank accounts, stocks, mutual funds and so on.

Assumption - When a buyer takes over the loan payments and obligations of the seller. If the buyer defaults, however, both the buyer and seller are responsible for the debt.

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- B -

Back-End Ratio - See Total Debt Ratio

Balance Sheet - A financial statement that shows assets, liabilities and net worth as of a specific date.

Balloon Mortgage - A balloon mortgage offers lower interest rates for shorter-term financing, usually five, seven or ten years. At the end of this term, the borrower requires refinancing or must pay off the outstanding balance in a lump-sum (balloon) payment.

Bankruptcy - A court action under the Federal Bankruptcy Code by which a debtor's debts may be excused, usually by transferring assets to a trustee, or rescheduled.

Beneficiary - (1) A person entitled to the proceeds of a trust; (2) A person who receives profit from an estate, the title of which is entrusted to a trustee; (3) The lender on the security of a note and deed of trust.

Bill of Sale - A written document that serves as evidence of the transfer of title to personal property.

Binder - An agreement to consider the purchase of real estate. The agreement is backed by a cash deposit as evidence of good faith on the part of the purchaser.

Broker - A person who, for a commission, brings parties together and assists in negotiating contracts between them.

Building Line - A line set by law or deed restriction a certain distance from the street line, in front of which an owner cannot build on his lot. Also called a setback line.

Buy down Mortgage - A temporary buy down is a mortgage on which an initial lump sum payment is made by a party to reduce a borrowers monthly payment during the first few years of a mortgage. A permanent buy down reduces the interest rate over the entire life of a mortgage.

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- C -

Cap - A limit on how much a mortgage interest rate may increase or decrease for an adjustable-rate mortgage.

Capital Gain - Income from the sale of an asset rather than from general business activity. Capital gains are generally taxed at a lower rate then ordinary income.

Capital Improvement - Any structure or component erected as a permanent improvement to real estate property that adds to its value and useful life.

Cash Flow - Income generated by a rental property. It is determined by subtracting vacancy allowances and collection costs, operating expenses and debt-servicing costs from the propertys scheduled gross income.

Certificate of Eligibility - A document issued by the federal government certifying a veterans eligibility for a Department of Veterans Affairs mortgage.

Certificate of Reasonable Value (CRV) - A document issued by the Department of Veterans Affairs that establishes the maximum value and loan amount for a Veterans Affairs mortgage.

Certificate of Title - A written document stating that the title to a piece of property is legally owned by the title holder (the person named on the certificate).

Clear Title - A title that is free of liens or legal questions regarding ownership of the property.

Closing - Closing is the delivery of a deed, the payment of the purchase price, the signing of promissory notes and the paying of closing costs, which completes a real estate transaction.

Closing Costs - The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee, and credit report.

Commitment Letter - A formal offer by a lender, which states the terms under which it agrees to lend money to a home buyer. Also known as a 'loan commitment.' This letter will indicate the contingencies that must be cleared prior to funding the loan.

Common Areas - Portions of a building, land and amenities owned (or managed) by a planned unit development (PUD) or condominium projects homeowners association. Common areas are used by a group of the unit owners, who share in the common expenses of their operation and maintenance. They include swimming pools, tennis courts and other recreational facilities, as well as common corridors of buildings or parking areas.

Comparables - An abbreviation for comparable properties, in the appraisal process. Comparables are properties similar to the one under consideration for appraisal.

Compound Interest - Interest paid on the original principal and on interest accrued from time it became due.

Conforming Mortgage Loan - The current confirming loan limit is $300,700 and below.

Construction Loan - A short-term interim loan for financing the cost of construction. The builder makes payments to the lender at periodic intervals as the work progresses.

Consumer Reporting Agency - An organization that creates reports used by lenders to help determine a potential borrowers credit history. The agency gets this information from many sources.

Contingency - A clause in a contract stating that the buyer or seller must meet a given condition before the purchase can be completed.

Conventional Mortgage - A home loan that follows a fixed rate. Its neither guaranteed nor insured by the Federal Housing Administration (FHA) or Department of Veterans Affairs (VA).

Credit History - The financial worthiness of a borrower. Credit history is the history of whether the borrower has met financial obligations on time in the past.

Credit Report - A full listing of debts and credit that tracks a loan applicants willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.

CRV - See Certificate of Reasonable Value.

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- D-

Debt-to-Income Ratio - The ratio of a borrower's monthly debt payments to his or her monthly gross income. Lenders use this ratio to determine how much of a loan a borrower is qualified for. Debt-to-income is the total amount of debt, including credit cards and other loans, divided by total gross monthly income.

Deed - The legal document conveying title to a property.

Deed of Trust - A document that transfers the bare legal title of a property to a trustee to be held pending fulfillment of an obligation, usually the repayment of a loan to a beneficiary.

Default - Failure to pay mortgage payments over a specified period of time.

Delinquency - Being late with loan payments.

Depreciation - Loss of value in real property brought about by age, physical deterioration, or by changing neighborhood or economic conditions.

Discount Points - A percentage of the mortgage paid to the lender to lower the interest rate on a loan. One point equals one percent.

Down Payment - The portion of the purchase price that a buyer pays up front in cash, at the time the loan originates.

Due-on-Sale Provision - A provision in a mortgage that allows the lender to demand repayment in full if a borrower sells the property that serves as security for the mortgage.

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- E -

Earnest Money - A sum of money given as evidence of one's good faith, used to bind or secure a real estate sale. Also known as a 'Binder'.

Easement - The right, privilege or interest that one party has in the land of another, created by grant or agreement for a specific purpose. An example would be a right of way.

Effective Gross Income - Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source.

Endorsement - The signature on the back of a check, bill, note or similar document. It is required on negotiable documents.

Equal Credit Opportunity Act (ECOA) - A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.

Equity - The difference between the market value of a house and the amount still owed on the mortgage. Its value of a property minus outstanding mortgage debt and other liens. Increased equity positions you as a safer risk to lenders and enhances your financial position by lowering or eliminating some expenses, such as insurance and rates.

Escrow - Money and documents deposited in a trust account to be held by one party for another. Often used by brokers to hold deposit money prior to closing. Also used by lenders to hold money for taxes and insurance on a home.

Exclusive Agency Listing - A written document giving one agent the right for a specified time to sell a property, but reserving the right of the owner to sell the property himself or herself without payment of a commission to the agent.

Exclusive Right to Sell Listing - A written agreement between an owner and an agent giving the agent the right to collect a commission if the property is sold by anyone during the term of his or her agreement.

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- F -

Fair Credit Reporting Act - A consumer protection law that regulates the disclosures of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on ones credit report.

Fair Market Value - The highest price that a willing buyer would pay and the lowest the willing seller willing would accept. Neither party is compelled to buy or sell in this situation.

Fannie Mae - A congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds. Also known as Federal National Mortgage Association (FNMA).

FHA Loan - Also know as a government loan, an FHA loan is guaranteed by the Federal Housing Administration. FHA issues specific guidelines for mortgages.

FHLMC - See Freddie Mac.

Fiduciary - A person in a position of trust and confidence, for instance a principal and broker. A broker as a fiduciary owes certain loyalty that cannot be breached.

Finders Fee - A fee paid to a mortgage broker for finding a mortgage loan for a prospective borrower.

First Mortgage - The original loan taken out to purchase a home.

Fixed-Rate Mortgage - A loan with an interest rate that never changes.

FNMA - See Fannie Mae.

Flood Insurance - Insurance that would provide reimbursement for physical property damage resulting from flooding. It is required for properties that are located in federally designated flood areas.

Foreclosure - The legal process by which a borrower in default under a mortgage is deprived of his or her right to ownership in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

Freddie Mac - A major secondary mortgage market investor. It is a government sponsored, privately owned corporation that is a major purchaser of mortgages from lenders. Also known as 'Federal Home Loan Mortgage Corporation' (FHLMC).

Front-End Ratio - Also called a Top Ratio. This is a calculation of your total monthly housing expenses divided by your income. Lenders use a front-end ratio as a guideline to see if you qualify for a loan.

Fully Amortized ARM - An adjustable-rate mortgage (ARM) with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term.

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- G -

Good Faith Estimate - A disclosure that must be given by the lender to all mortgage loan applicants within three business days of an application. It is an estimate of all settlement charges likely to be incurred at closing.

- H -

Home Equity Loan - A loan secured by a second deed of trust on a house, typically used as a home improvement loan.

Housing-to-Income Ratio - A ratio used by lending institutions to determine whether a person is qualified for a mortgage. Housing-to-income is the ratio of the monthly housing payment in total (PITI--Principal, Interest, Taxes and Insurance) divided by the gross monthly income. This ratio is sometimes referred to as the 'top ratio' or 'front-end ratio'.

HUD - Acronym for the U.S. Department of Housing and Urban Development.

HUD-1 - A document that gives a breakdown of costs that the seller and buyer may pay at closing.

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- I -

Income Property - Residential or commercial property that produces income and profits in ways other than rents.

Index - An economic indicator that lenders use to calculate interest rate adjustments for adjustable-rate mortgages (ARMs). The index used is outside the lender's control.

Interest - The amount charged per year on a home loan. The rate varies according to the type of loan.

Interest Rate Cap - A limit on the amount that interest can rise or fall during a specified period of time on an adjustable-rate mortgage.

Involuntary Lien - A lien or charge imposed against property without consent of owner. Examples: taxes, assessments, federal income tax liens, judgments, etc.

- J -

Jumbo Mortgage - Also known as a 'non-conforming' mortgage. Non-conforming loans usually incur a rate and origination fee premium. The current conforming loan limit is $300,700 and below for a single-family residence, $384,900 and below for a 2-unit property, $465,200 and below for a 3-unit property, and $578,150 and below for a 4-unit property. Loan amounts greater than this are considered non-conforming or jumbo mortgages.

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- L -

Lender - The bank or mortgage company offering the loan.

Lien - A legal hold or claim of a creditor on the property of another.

Lifetime Cap - A limit on how high the interest rate on an adjustable-rate mortgage can rise over the lifetime of the loan.

Loan-to-Value Ratio (LTV) - The amount of the loan divided by the purchase price of the house. It is the percentage that shows how much equity a borrower will have in a home. The LTV determines which products are available to the borrower.

Lock-in - Allows the borrower to be assured a given rate of interest for a mortgage. This usually involves paying a fee to the lender. Mortgage rates not "locked in" are subject to changing market conditions.

Low-Documentation - Some loan products require only that applicants state the source of their income without providing supporting documentation such as tax returns.

LTV - See Loan-to-Value Ratio.

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- M -

Margin - A set number of percentage points a lender adds to the index rate to determine the interest rate for an ARM.

Mortgage Insurance - Also known as Private Mortgage Insurance (PMI). Insurance that protects mortgage lenders against loss in the event of default by the borrower.

Mortgage - A lien or claim against real property given by the buyer to the lender as security for money borrowed.

Mortgage Broker - A person who, for a fee, brings together a borrower and lender and handles the necessary applications for the borrower to obtain a loan against real estate property by giving a mortgage or deed of trust as security. Also called loan broker.

Mortgagee - A person or organization that lends money for a home.

Mortgagor - A person who borrows money for a home.

- N -

Net Worth - Value remaining after subtracting the liabilities from the assets of a company or an individual.

Non-Conforming Loan - Also known as a 'Jumbo Mortgage.' Non-conforming loans usually incur a rate and origination fee. The current conforming loan limit is $300,700 and below for a single family residence, $384,900 and below for a 2-unit property, $465,200 and below for a 3-unit property, and $578,150 and below for a 4-unit property. Loan amounts greater than this are considered non-conforming or jumbo mortgages.

Note - A signed written instrument acknowledging a debt and promising payment.

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- O -

Origination Date - The date on which the loan is initiated or funded.

Origination Fee - A fee imposed by a lender to cover the administrative costs of setting up a mortgage. This will include the preparation of documents and certain processing expenses in connection with making a real estate loan. This is usually charged as a percentage of the amount loaned, such as one point or one percent.

- P -

PITI - Principal, interest, taxes and insurance--the components of a monthly mortgage payment.

PMI - See "Private Mortgage Insurance".

Payoff - The complete repayment of loan principal, interest and any other sums due; payoffs occur either over the full term of the loan through monthly amortization or through prepayments.

Points - An upfront fee that is collected in addition to the interest on a loan. One point is equal to one percent of the mortgage. The use of points allows the lender to reduce the rate by lowering the origination costs. Points may also be referred to as an 'origination fee' or 'discount points' depending on the purpose.

Prepayment Penalty - A fee imposed on a borrower who pays off a mortgage before it is due.

Pre-Approval - A process that mortgage lenders use to determine how much money they would lend you based on a thorough review of your financial situation. Lenders issue a pre-approval letter, which strengthens your position when bidding on a home, as it shows sellers that you will be able to raise the funds needed to purchase the home.

Pre-Qualification - An informal process in which a lender offers an opinion on how much money you may be able to borrow. This opinion is based entirely on the financial information you provide and is neither binding nor necessarily accurate because lenders have not yet verified your financial information.

Preliminary Title Report - A report made by a title company stating whether there are any other claims to ownership of a property. It is a necessary step before a mortgage loan can be approved.

Prepaids - Those expenses of property which are paid in advance of their due date and will usually be prorated upon sale, such as taxes, insurance, rent, etc.

Prime Rate - The best interest rate available to a lender's most qualified customers.

Principal - The original balance of money lent on an outstanding loan and fees, excluding interest. Also the remaining balance of a loan, excluding interest.

Private Mortgage Insurance (PMI) - Insurance coverage obtained from mortgage insurance companies to protect lenders against the risk of making higher loan-to-value loans. Typically required on all first mortgages with an LTV that exceeds 80 percent. The borrower usually pays the PMI premiums.

Promissory Note - The document signed by a borrower promising repayment of a loan. It shows the amount of monthly payments, interest rate, first payment date, last payment date, and the late charge and prepayment provisions.

Purchase Contract - A written promise to pay a specific amount for a property at a specified time. The purchase contract is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.

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Rate Cap - A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.

Rate Lock - The amount of time that a lender will guarantee a loan's interest rate. Once you've locked in the interest rate on a loan, the lender will guarantee that rate for a certain period of time, usually for 30, 45 or 60 days.

Refinancing - A way of obtaining a better interest rate, lower monthly payments or to borrow cash on the equity in a property that has built up on a loan. A second loan is taken out to pay off the first, higher-rate loan.

- S -

Second Mortgage - An additional mortgage on a property, the second mortgage often carries a shorter term and a higher interest rate than the original mortgage.

Secondary Mortgage Market - A market in which existing mortgages are resold.

Seller Take-Back - An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage.

Seller Financing - When the current owner of a house holds the mortgage loan for the buyer.

Servicing (or Loan Servicing) - Supervising and administering a loan after it has been made. This involves such things as collecting the payments, keeping accounting records, computing interest and principal, etc.

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Term - The period of time which covers the life of the loan. For example, a 30-year fixed loan has a term of 30 years.

TILA - See Truth-in-Lending Act.

Title - Evidence of a persons right to ownership of a property.

Title Company - A company that searches for titles and insures title claims.

Title Insurance - A policy that protects the owner of a title from loss resulting from disputes over ownership claims.

Top Ratio - Also called a Front-End Ratio. This is a calculation of your total monthly housing expenses divided by your income. Lenders use a front-end ratio as a guideline to see if you qualify for a loan.

Total Debt Ratio - Monthly debt and housing payments divided by gross monthly income. Also known as 'Obligations-to-Income Ratio' or 'Back-End Ratio'.

Truth-in-Lending Act - A U.S. federal law requiring lenders to reveal all of the terms of a mortgage.

- U -

Underwriting - The analysis of risk involved in making a mortgage loan to determine whether the risk is acceptable to the lender. Underwriting involves evaluating the property as outlined in the appraisal report and also evaluating the borrower's ability and willingness to repay the loan.

- V -

VA Loan - A low-income loan guaranteed by the Veterans Administration. To obtain a VA loan, the borrower must have served in the armed forces.

Valuation - The estimation of a property's price value through an appraisal.

Variable Interest Rate - Interest rate that fluctuates as the prevailing rate moves up or down. In mortgages there are usually maximums regarding the frequency and the amount of fluctuation.

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