The process of paying off a loan in regular installments of principal and interest over time.
The yearly financial plan that sets an association's expected income and expenses.
A charge levied on unit owners to fund an association's expenses or projects.
A loan made to an HOA or condo association to fund large repairs or capital projects.
Funds set aside by an association for future repair and replacement of common elements.
A large lump-sum payment due at the end of certain loans.
A loan structured to qualify for favorable tax treatment for the lending bank.
The elected group of owners that governs an association and makes financial decisions.
Short-term financing used to cover costs until permanent funding is in place.
The internal rules that govern how an association operates.
A significant upgrade or addition that increases the value or extends the life of common property.
Funds reserved specifically for major repair and replacement projects.
The movement of money into and out of an association over time.
The recorded rules governing what owners and the association can and cannot do.
The fees and expenses paid to finalize a loan.
The governing body of a housing cooperative.
An asset or revenue stream pledged to secure repayment of a loan.
The shared components of a condominium owned in common by all unit owners.
A detailed list of the common-area components an association must maintain and replace.
Repair of deteriorated concrete structures such as balconies, walkways, and parking decks.
The organization that governs a condominium and maintains its common elements.
A measure that reduces a lender's risk and can improve loan terms.
An assessment of how likely a borrower is to repay a loan.
The total amount of principal and interest an association must pay on a loan.
A measure of how comfortably income covers loan payments.
Necessary repairs that have been postponed, often due to lack of funds.
Unpaid assessments owed by unit owners.
The party that builds a community and initially controls the association.
A plan for releasing loan funds in stages as a project progresses.
The regular payments owners make to fund an association's operations.
The apparent age of a component based on its condition rather than its actual age.
Modernization of a community's electrical infrastructure.
Funds held by a third party until specific conditions are met.
A document stating the financial status of a unit relative to the association.
A government-sponsored enterprise whose standards affect condo financing.
Certification that a condo project meets federal standards for FHA-insured loans.
Insurance protecting an association against theft or fraud by those handling its funds.
An interest rate that stays the same for the life of a loan.
A government-sponsored enterprise whose standards affect condo and co-op financing.
A reserve strategy that aims to keep reserves at 100 percent of projected need.
A strategy describing how an association will pay for future repairs and replacements.
The legal documents that establish and regulate an association.
A promise to repay a loan if the primary borrower does not.
An organization that governs a residential community and maintains its common areas.
Financing extended to a homeowners association for major repairs or improvements.
Storm-resistant windows and doors that protect buildings from severe weather.
Money paid by an insurer to cover a covered loss.
The cost of borrowing money, expressed as a percentage of the loan.
A phase of a loan during which only interest is paid, not principal.
A legal claim against property to secure payment of a debt.
A flexible borrowing arrangement an association can draw on as needed.
A condition a borrower agrees to as part of a loan.
The length of time over which a loan is repaid.
A comparison of a loan amount to the value of the asset securing it.
An arrangement directing assessment payments to an account controlled for loan repayment.
The recurring payment owners make to cover an association's costs.
The association-wide insurance covering common property.
A required structural inspection of older buildings at set age milestones.
The recurring monthly charge owners pay to the association.
A fee charged by a lender for processing a new loan.
The share of units occupied by owners rather than renters.
A project or loan cost divided across the units in a community.
A measure of how fully an association's reserves meet projected needs.
An individual's promise to repay a loan if the association cannot.
An association's commitment of future assessment income as loan security.
Repair or replacement of a building's water and waste lines.
An initial lender assessment indicating likely loan eligibility and terms.
A fee charged for paying off a loan early.
The amount of money borrowed, separate from interest.
A professional who administers an association's day-to-day operations.
The dedicated account where an association holds its reserve funds.
The portion of dues set aside for future repairs and replacements.
The pool of money an association maintains for major future expenses.
A professional analysis of an association's future repair needs and funding.
Repair or replacement of a community's roofing systems.
Restoration of coastal retaining structures that protect a property from water.
A one-time charge to owners to fund a specific project or shortfall.
A mandated study assessing the funding needed for a building's structural components.
Work that restores the load-bearing elements of a building.
Funds remaining after an association's expenses are paid.
A loan repaid in regular installments over a fixed period.
An inspection of structural work on certain buildings during construction.
The transfer of association control from the developer to the owners.
The lender's process of evaluating an association's loan request.
An individual who owns a unit within an association.
The expected period a component will function before needing replacement.
An interest rate that can change over the life of a loan.
Work that protects buildings from water intrusion and moisture damage.
