by Myers Jackson | Dec 31, 2024 | Auction News
Predatory Lending Abusive lending practices that include making mortgage loans to people who do not have the income to repay them or repeatedly refinancing loans, charging high points and fees each time and “packing” credit insurance onto a loan. Real estate...
by Myers Jackson | Dec 31, 2024 | Auction News
Pre-Qualification Letter A letter from a mortgage lender that states that you’re pre-qualified to buy a home, but does not commit the lender to a particular mortgage amount. Real estate words and definition CLICK THIS BUTTON For other words and definitions...
by Myers Jackson | Dec 31, 2024 | Auction News
Due-on-Sale Clause A provision in a mortgage that allows the lender to demand repayment in full of the outstanding balance if the property securing the mortgage is sold. Real estate words and definition CLICK THIS BUTTON For other words and definitions related...
by Myers Jackson | Dec 31, 2024 | Auction News
Down Payment A portion of the price of a home, usually between 3-20%, not borrowed and paid up-front in cash. Some loans are offerend with zero downpayment. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real...
by Myers Jackson | Dec 31, 2024 | Auction News
Discount Point A fee paid by the borrower at closing to reduce the interest rate. A point equals one percent of the loan amount. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON...
by Myers Jackson | Dec 31, 2024 | Auction News
Depreciation A decline in the value of a house due to changing market conditions or lack of upkeep on a home. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active...
