MORTGAGE TERMS DICTIONARY
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Underwriting |
| The decision whether to make a loan to a potential home buyer based on credit, income, employment history, assets, etc. |
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Undivided Interest |
| An ownership right to use and possess a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property. |
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Unincumbered Property |
| Real estate with free and clear title. |
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Unimproved Property |
| Land that has received no development. |
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Unrecorded Deed |
| A document that transfers title from the grantor to the grantee without recording (i.e. providing public notice).
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Usury |
| Charging a rate of interest greater than that permitted by law. |
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