by Myers Jackson | Dec 31, 2024 | Auction News
Closing Date The date on which the sale of a property is to be finalized and a loan transaction completed. Often, a real estate sales professional coordinates the setting of this date with the buyer, the seller, the closing agent, and the lender. Real estate...
by Myers Jackson | Dec 31, 2024 | Auction News
Mortgage Insurance Premium (MIP) The amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI) company. Real estate words and definition CLICK THIS...
by Myers Jackson | Dec 31, 2024 | Auction News
Mortgage Insurance (MI) Insurance that protects lenders against losses caused by a borrower’s default on a mortgage loan. MI typically is required if the borrower’s down payment is less than 20 percent of the purchase price. Real estate words and definition...
by Myers Jackson | Dec 31, 2024 | Auction News
Mortgage Broker An individual or firm that brings borrowers and lenders together for the purpose of loan origination. A mortgage broker typically takes loan applications and may process loans. A mortgage broker also may close the loan. Real estate words and...
by Myers Jackson | Dec 31, 2024 | Auction News
Mortgage A loan using your home as collateral. In some states the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your...
