Mortgage Glossary

1003:

The term used for a standard residential mortgage application

1031 Exchange:

A tax strategy to postpone capital gains from sold property to new property.

2055 Exterior:

A limited appraisal that gives an estimate of fair market value without inspecting inside the home.

2055 Interior:

A limited appraisal that gives an estimate of fair market value.

2075:

Appraisal form that photographs the property but does place a value on the property.  This can be ordered if a lender’s automated system accepts the value entered and allows for only a 2075.  This type of appraisal costs less.