1. A tract of low, soft, watery swamp ground.
2. Expression that means a difficult, troublesome or perplexing state of affairs.
A time period during which a certain activity is not allowed.
A rounded hill or point of land.
The standard for drill press sockets or tapered shank drills. Movement is prevented between the tapered socket and the tapered shank of the drill, inserted into it, due to the snug fit. The drill is securely held by the taper but quick change is possible.
Mortar, a mixture of Portland cement, an aggregate or sand, and lime and water in certain combinations, is used to bind masonry units, such as brick, block or stone, together. Type K mortar is used for non-bearing and decorative masonry due to it's low compressive and bond strength. Type M mortar is used for reinforced brick masonry and below grade usage, such as with foundations, where it comes in contact with soil. Type N mortar, waterproof and medium in strength, it's used in chimneys, etc., where it is exposed to the elements. Type O mortar is used with non-bearing interior walls or with only limited exposure to the elements due to its medium low compressive strength. Type S mortar, with its high lengthwise bond strength and medium-high compressive strength, is used for stucco, walkways, below grade or in loadbearing situations.
A small, square board with a handle underneath, which is used to hold mortar or plaster. It is also called a hawk.
Metal-lined box for mixing mortar.
Hoe which has two large holes in the blade section so that some of the mortar goes through them when the blade is drawn through the mortar, making it easier to mix.
Mortar used to bond a masonry joint.
There are two types of finishes given to a mortar joint - troweled and tooled. Excess mortar is struck off the troweled joint, with no additional finish. With a tooled joint, a "jointer" tool is pressed along the wet mortar, compressing and shaping it.
Document which specifies a specific amount of money, which is to be used for purchase of a home, using the property as collateral, whereupon a lien is placed on the property as security for repayment of the debt.
Provision in a mortgage, which gives the lender the right to demand repayment of the entire loan, under certain circumstances, such as default, property sale, change of title, or refinance.
Repayment of a loan on a scheduled installment basis. As a loan is amortized, the equity in the associated property is increased. In the early years, the bulk of each payment goes toward interest rather than principal.
Certificates that pass-through principal and interest payments to investors.
Company that uses its own money to provide home loans and then usually sells them to investors (insurance companies) and Fannie Mae.
Bonds collateralized by real estate. Two kinds of mortgage bonds are senior mortgages, (having a first claim on assets and earnings), and junior mortgages (having a subordinate lien). A mortgage bond may have a closed-end provision that prevents the firm from issuing additional bonds of the same priority against the same property or may be an open-end mortgage that allows the issuance of additional bonds having equal status with the original issue.
A company that receives payment from a lender for matching the lender with borrowers who meet the lender's criteria.
A written document stating the willingness of a lender to give a mortgage to a mortgagor. The commitment will provide a time period that the mortgage will be given and an indication of the interest rate to be charged. The mortgage will be granted at closing of title.
Ratio of annual mortgage payments divided by the initial principal of the mortgage. Applies only to loans involving constant payment.
One who services mortgage loans for a fee.
One-time charge assessed by a bank or other financial institution at the closing of buying real estate. One discount point translates to 1% of the initial mortgage amount.
Private company established in 1957 in Milwaukee, WI to provide private mortgage insurance (PMI) to mortgage lenders granting mortgages to mortgagors not having at least a 20% down payment upon application. MGIC indemnifies the mortgage lending company should the mortgagor go into foreclosure because of a default. The cost of PMI is included in the closing costs by the mortgagee.
A written mortgage document which states the terms of the mortgage including the interest rate, length of payments, payment dates and remedies the bank is entitled to in the event of the mortgagor's failure to pay as required including late charges.
Insurance on some loans, which protects lenders from possible default by borrower. Conventional loans with down payments of less than 20 per cent of the home value usually require private mortgage insurance (PMI)
Tax write-off, allowed by the IRS, where owners may deduct annual interest payments made on real estate loans.
A mortgage lien secures the loan that funded the purchase of that property.
Specific insurance, which will pay off a mortgage if the borrower dies while the debt, is still outstanding.
The interest rate and terms competing mortgage lenders are offering to potential mortgagees.
The obtaining of financing at or in excess of the construction or acquisition cost of a project. The acquirer/developer is not required to invest any equity capital.
Tables used to compute the monthly mortgage payment that consists of principal repayment and interest. A loan amortization type of formula is used. The tables have monthly payments for any combination of loan size, interest rate and term.
A collection of loans of similar nature, which are sold as a unit in he secondary, market or used to back a security, which is then sold in the capital markets.
Type of real estate investment trust (REIT) that does not own property but gives construction or permanent mortgage loans for major projects.
Amount required to payoff the full balance of the mortgage at a given time. This amount is the principal balance plus any prepayment penalty.
Acquired freedom from mortgage debt, generally through assumption of mortgage by another party or debt retirement.
The amount of a periodic payment, including interest and principal, required for a mortgage payment.
The amount of risk for a mortgagee in granting a mortgage loan. Principle in mortgage risk is that a maximum of 28% of the mortgagor's salary being devoted to the mortgage payment and 33% to total debt payments (including the mortgage).
Monitoring and administering a mortgage loan after it has been made. This may include collecting monthly payments, record keeping, tax and insurance records, and foreclosures.
A written agreement between institutional investors to buy or sell ownership shares in mortgages.
Financial institution that lends money to a borrower, taking a lien on that particular property as security.
Person or entity who borrows money to purchase a house, granting a mortgage on the property to the lender as security for the loan.
1. A notch, hole or space cut into a material to receive the projecting part called a tenon.
2. To join or fasten securely with a mortise and tenon.
Creating a structurally strong joint by fitting the projecting part (the tenon) of something tightly into a cut recess (the mortise) and gluing them together.
Dead bolt, which is installed into an opening, cut in the door.
Two point marking gauge, which simultaneously marks the parallel lines of a mortise cut.
Lock that is installed into an opening or recess cut in the door.
Drill press, which uses a hollow, square-shaped chisel, which stays stationary, thereby squaring away the corners of the hole that the drill bit is boring.
Process of making designs or pictures by inlaying small pieces of glass, tile, stone, etc. in mortar.
Small ceramic tiles that may be used in the making of a mosaic or in any place tile may be used.
Purchaser with a strong incentive to buy.
Seller with a strong incentive to consummate a deal.
1. A machine used to convert electrical energy into mechanical energy.
2. Anything that produces motion.
3. An internal combustion engine for propelling a vehicle.
Motor torque, which is beyond the maximum turning force of a wound rotor electric motor when supplied with the rated voltage. The torque increases to its maximum as the load increase and then starts to decrease. After achieving maximum torque, the point of torque decrease is the motor breakdown torque.
Magnetic electric motor starter unit, which is inside a single housing and used for large electric motors.
A machine used to convert electrical energy into mechanical energy.
Electric motor performing at a certain speed and producing the rated horsepower. Electric motors are rated at a stated horsepower at a certain speed.
Minimum rotating force that is exerted by a round rotor electric motor. Pull up torque occurs at a speed between starting the motor and maximum rotating force (torque).
Ceramic tile, which is purchased in sheets with a backing holding the pieces of tile together. Manufactured in this manner, they are easier to use since an entire or partial sheet can be applied at one time.
House that is ready for an occupant.
Owner of one home who is looking to buy a bigger, more expensive home.