by Myers Jackson | Dec 31, 2024 | Auction News
Manufactured Housing Homes that are built entirely in a factory in accordance with a federal building code administered by the U.S. Department of Housing and Urban Development (HUD). Manufactured homes may be singleor multi-section and are transported from the factory...
by Myers Jackson | Dec 31, 2024 | Auction News
Low-Down-Payment Feature A feature of some mortgages, usually fixed-rate mortgages, that helps you buy a home with a low down payment. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS...
by Myers Jackson | Dec 31, 2024 | Auction News
Lock-In Rate A written agreement guaranteeing a specific mortgage interest rate for a certain amount of time. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active...
by Myers Jackson | Dec 31, 2024 | Auction News
Loan-To-Value (LTV) Ratio The relationship between the loan amount and the value of the property (the lower of appraised value or sales price), expressed as a percentage of the property’s value. For example, a $100,000 home with an $80,000 mortgage has an LTV of 80...
by Myers Jackson | Dec 31, 2024 | Auction News
Closing COSTS The upfront fees charged in connection with a mortgage loan transaction. Money paid by a buyer (and/or seller or other third party, if applicable) to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee,...
by Myers Jackson | Dec 31, 2024 | Auction News
Loan Origination Fees Fees paid to your mortgage lender or broker for processing the mortgage application. This fee is usually in the form of points. One point equals one percent of the mortgage amount. Real estate words and definition CLICK THIS BUTTON For...
