Net Monthly Income Your take-home pay after taxes. It is the amount of money that you actually receive in your paycheck.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for...

Negative Amortization An increase in the balance of a loan caused by adding unpaid interest to the loan balance; this occurs when the payment does not cover the interest due.  Real estate words and definition For other words and definitions related to real estate...

Annual Percentage Rate (APR) Annual Percentage Rate (APR): The cost of a loan or other financing as an annual rate. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay.  Real estate words and...

Creditworthy Your ability to qualify for credit and repay debts.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com...

Creditor A person who extends credit to whom you owe money.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...

Credit Score A numerical value that ranks a borrower’s credit risk at a given point in time based on a statistical evaluation of information in the individual’s credit history that has been proven to be predictive of loan performance.  Real estate words and...

Credit Report Information provided by a credit bureau that allows a lender or other business to examine your use of credit. It provides information on money that you’ve borrowed from credit institutions and your payment history.  Real estate words and definition...

Credit Life Insurance A type of insurance that pays off a specific amount of debt or a specified credit account if the borrower dies while the policy is in force.  Real estate words and definition For other words and definitions related to real estate auctions...

Credit History Information in the files of a credit bureau, primarily comprised of a list of individual consumer debts and a record of whether or not these debts were paid back on time or “as agreed.” Your credit history is called a credit report when provided by a...

Fixed-Rate Mortgage A mortgage with an interest rate that does not change during the entire term of the loan.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Credit Bureau A company that gathers information on consumers who use credit. These companies sell that information to lenders and other businesses in the form of a credit report.  Real estate words and definition For other words and definitions related to real...

Credit The ability of a person to borrow money, or buy goods by paying over time. Credit is extended based on a lender’s opinion of the person’s financial situation and reliability, among other factors.  Real estate words and definition For other words and...

Counter-offer An offer made in response to a previous offer. For example, after the buyer presents their first offer, the seller may make a counter-offer with a slightly higher sale price.  Real estate words and definition For other words and definitions related...

Cost of Funds Index (COFI) An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) loans. It is based on the weighted monthly average cost of deposits, advances, and other borrowings of members of the Federal Home Loan Bank...

Cooperative (Co-op) Project A project in which a corporation holds title to a residential property and sells shares to individual buyers, who then receive a proprietary lease as their title.  Real estate words and definition For other words and definitions...

Convertible ARM An adjustable-rate mortgage (ARM) that allows the borrower to convert the loan to a fixed-rate mortgage under specified conditions.  Real estate words and definition For other words and definitions related to real estate auctions For all active...

Conversion Option A provision of some adjustable-rate mortgage (ARM) loans that allows the borrower to change the ARM to a fixed-rate mortgage at specified times after loan origination.  Real estate words and definition For other words and definitions related to...

Conventional Mortgage A mortgage loan that is not insured or guaranteed by the federal government or one of its agencies, such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS). Contrast with...

Mutual Funds A fund that pools the money of its investors to buy a variety of securities.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Contingency A condition that must be met before a contract is legally binding. For example, home purchasers often include a home inspection contingency; the sales contract is not binding unless and until the purchaser has the home inspected.  Real estate words...