Lakes and Hills Mortgage Company - Marble Falls, Horseshoe Bay, Burnet, Llano, Kingsland, Granite Shoals, Buchanan Dam, Texas

The Picayune Newspaper - People's Choice Award 2008Equal Housing Opportunity Lender     

704 Second Street, Marble Falls, Texas - Call (830) 693-4763 or Fax (830) 693-4494 - Quick Loans



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Glossary - Page 3

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Impound Account - Account held by the lender for the payment of taxes, insurance, or other periodic debts against real property. This can be termed, pre-paid account, reserves and escrow account.

Leasehold - This is for properties where the borrower nor the lender will own the land the home sits on. The borrower must be provided with a lease. The least must have had an original term of 99 years and the remaining term must be for at least the life of the loan plus 5 years.

Loan Origination Fee - The standard commision paid to a loan officer. It is generally 1% of the loan amount but can be more or less.

Metes and Bounds - Description of land by boundary lines, with their terminal point and angles.

Mortgagee - The party lending the money and receiving the mortgage.

Mortgagor - The party who borrows the money for a mortgage.

Note - A unilateral agreement, containing an express and absolute promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand. Usually for interest and, concerning real property, is secured by a Mortgage Deed of Trust.

Notice of the Home Loan Applicant - This is a required disclosure by F.A.C.T.A which is provided to you generally by the credit bureau from which you order you credit report.

Planned Unit Developement - PUD - A subdivision of five or more individually owned lots with one or more other parcels owned in common or with reciprocal rights in one or more other parcels.

Power of Attorney - An authority by which one person enables another to act for them.

Pre-Paid Items - Those expenses in the purchase of the property which are paid in advance and will usually be prorated upon sale, such as taxes, insurance and rents.

Recording - Filling documents affecting real property as a mailer or public record, giving notice to future purchasers, creditors, or other intrested parties. Recording is controlled by statute and usually requires the witnessing and notarizing of an instrument to be recorded.

Replacement Cost - The current cost to construct a building having the same utility as the subject building but using modern techniques and materials. All insurance policies must carry replacement cost clauses.

RESPA - Real Estate Settlement Procedures Act - A federal statute requiring disclosure of certain costs in the sale of residential(1-4 family) improved property which is to be financed by a federally insured lender.

Single Family Dwelling - A general term used to distinguish a home with no common area from a planned unit developement.

Survey - The measurement of the boundaries of a parcel of land and where the improvements are located.

Third Party - A general term which includes anyone not a party to a contract.

Title Company - An agency issuing the policy of a title insurance company who will also provide the closing and disbursement of the loan. The title policy is insurance agaist loss resulting from defects of title to a specifically described parcel of real property. Defects can include chain of title or encumbrances.

Townhouse - Applied to certain types of row housing, whether planned unit development(PUD'S).

Truth In Lending - Also referred to as Regulation Z, part of the Consumer Credit Protection Act. The law requires interest to be expressed as an annual percentage rate(APR) to the nearest 1/8 percent. The APR must include charges such as loan fees, discount points, servicing fee,etc., as well as interest, for all 1-4 family residential properties.

Underwriter - Person who reviews the documentation sent by the processor to validate loan findings or to manually make a loan decision. This person presents a reasonable guarantee to the quality of the information in the file and the accuracy of the information.

Verification - Confirmation of truth, correctness, or authenticity.

Warranty Deed - A deed used in many states to convey fee title to real property.

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If you are looking for a mortgage loan in the Texas Hill Country,
contact Kathy or Charlie, they will work with you to find the right loan.


Charlie Keiser

Charlie Keiser
Entity Administrator
NMLS ID: 233194

Kathy Fletcher

Kathy Fletcher
Residential Mortgage Loan Originator
NMLS #915861


Lakes and Hills Mortgage Co.
Kathy Fletcher, Residential Mortgage Loan Originator
A. Charlie Keiser, III Entity Administrator
704-708 2nd. Street, Marble Falls,TX,78654
(830) 693-4763 office | | (830) 693-1214 fax



Mortgage Brokerage Entity NMLS ID: 257532
Entity Account Administrator: A. Charles Keiser, III - NMLS ID: 233194

CENTURY 21 Keiser & Company Real EstateThe Owners of Lakes and Hills Mortgage Company also own
CENTURY 21 Keiser & Company Real Estate
and Susie's Travel Time

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Revised: 2/7/2014

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