Mortgage Glossary (X, Y, Z,)
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X: A symbol used in contracts, or other legal documents, representing where a signature should appear.Yield Spread Premium: The fee or bonus expressed in terms of points or percentage of the loan principal that is paid by the national mortgage company to the local loan broker.
Zero Down: 100% Financing.
Zero Balance: When the outstanding balance has been paid and no new charges have been incurred during the billing cycle.
Zoning: Areas within a city limits in which certain types of land uses are allowed. For example, a zoning ordinance might permit houses but not factories in a neighborhood.
Yield Curve:A graphical representation that shows how the yield varies with the period to maturity at any given time. The Yield curve typically has an upward slope but occasionally may have a downward slope.