ULS Homeworks offers you all of the info you need

Key Terms


Blanket Mortgage -
A single loan covering an entire building or the entire property that the cooperative owns.
 
Closing costs–
Charges incurred at settlement of a purchase or refinance. These represent expenses incurred when transferring ownership. Closing costs include lender fees, attorney fees, credit report, appraisal, etc.

Monthly Carrying Charges–
The monthly carrying charges or monthly maintenance fee is the member/shareholders' proportionate share of the cooperative's operating expenses, reserve funding, and mortgage payments.

Reserve Fund– A fund to provide savings for the timely replacement of major appliances, building components, and structures.

Share Loan–
loan obtained to purchase a share in a housing co-op secured by the shares and occupancy rights (cooperative interest). A member can get an individual loan for that amount from a bank or other lending institution (just as when an individual is buying a house).

Limited Equity Cooperative-
limited equity cooperative is a cooperative where the bylaws limit the resale price of membership/shares for the purpose of keeping the housing permanently affordable to incoming members. The resale value of shares is not determine by whatever the market will bear as in market rate co-ops, but rather it follows a pre-determined formula in the bylaws that limits that maximum resale value over time. Limited equity cooperatives also usually restrict purchase of memberships to persons below a certain annual income level. This also serves to preserve the property for low and moderate income families.

Market Rate Cooperative-
A market rate cooperative is a cooperative with the following characteristics:
(1) financed with interest rates considered market rates, and
(2) with no restrictions on membership/share resale prices.

Market value-
The current value of a property, according to the economy.

Equity-
The difference between the value of the cooperative property and the total amount of all debt against the property.

Interest-
The rate the lender charges to borrow money.

Principal-
the amount you have left to pay on your mortgage. It is the part of your monthly payment that does not include interest.