Listing Info
LISTING INFO
Pre-Qualification
Pre-Qualification A preliminary assessment by a lender of the amount it will lend to a potential home buyer. The process of determining how much money a prospective home buyer may be eligible to borrow before he or she applies for a loan. Real estate words and definition For other words and...
Pre-Approval Letter
Pre-Approval Letter A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Pre-Approval
Pre-Approval A process by which a lender provides a prospective borrower with an indication of how much money he or she will be eligible to borrow when applying for a mortgage loan. This process typically includes a review of the applicant’s credit history and may involve the review and...
Assessor
Assessor A public official who establishes the value of a property for taxation purposes. 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:...
Power of Attorney
Power of Attorney A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time. Real estate words and definition For other words and definitions related to real estate...
Point
Point One percent of the amount of the mortgage loan. For example, if a loan is made for $50,000, one point equals $500. 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:...
Planned Unit Development (PUD)
Planned Unit Development (PUD) A real estate project in which individuals hold title to a residential lot and home while the common facilities are owned and maintained by a homeowners’ association for the benefit and use of the individual PUD unit owners. Real estate words and definition For...
PITI Reserves
PITI Reserves A cash amount that a borrower has available after making a down payment and paying closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of...
Assessed Value
Assessed Value Typically the value placed on property for the purpose of taxation. 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:...
PITI
PITI An acronym for the four primary components of a monthly mortgage payment: principle, interest, taxes, and insurance (PITI). Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
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Fair Credit Reporting Act (FCRA)
Fair Credit Reporting Act (FCRA) Aconsumer protection law that imposes obligations on (1) credit bureaus (and similar agencies) that maintain consumer credit histories, (2) lenders and other businesses that buy reports from credit bureaus, and (3) parties who furnish...
Interest
Interest The cost you pay to borrow money. It is the payment you make to a lender for the money it has loaned to you. Interest is usually expressed as a percentage of the amount borrowed. Real estate words and definition For other words and definitions related...
Installment Debt
Installment Debt A loan that is repaid in accordance with a schedule of payments for a specified term (such as an automobile loan). Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Installment
Installment The regular periodic payment that a borrower agrees to make to a lender. 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:...
Inquiry
Inquiry A request for a copy of your credit report by a lender or other business, often when you fill out a credit application and/or request more credit. Too many inquiries on a credit report can hurt your credit score; however, most credit scores are not affected by...
Initial Interest Rate
Initial Interest Rate The original interest rate for an adjustable-rate mortgage (ARM). Sometimes known as the “start rate.” Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties...
Inflation
Inflation An increase in prices. 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: +1-844-400-2828 Phone...
Individual Retirement Account (IRA)
Individual Retirement Account (IRA) A tax-deferred plan that can help you build a retirement nest egg. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Index
Index A number used to compute the interest rate for an adjustable-rate mortgage (ARM). The index is generally a published number or percentage, such as the average interest rate or yield on U.S. Treasury bills. A margin is added to the index to determine the interest...
Income Property
Income Property Real estate developed or purchased to produce income, such as a rental unit. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Hybrid Loan
Hybrid Loan An adjustable-rate mortgage (ARM) that offers a fixed rate for an initial period, typically three to ten years, and then adjusts every six months, annually, or at another specified period, for the remainder of the term. Real estate words and...
HUD-1 Settlement Statement
HUD-1 Settlement Statement A final listing of the closing costs of the mortgage transaction. It provides the sale price and down payment, as well as the total settlement costs required from the buyer and seller. Real estate words and definition For other words...
Housing Expense Ratio
Housing Expense Ratio The percentage of your gross monthly income that goes toward paying for your housing expenses. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Homeowners’ Association
Homeowners’ Association An organization of homeowners residing within a particular area whose principal purpose is to ensure the provision and maintenance of community facilities and services for the common benefit of the residents. Real estate words and...
Homeowner’s Warranty (HOW)
Homeowner’s Warranty (HOW) Insurance offered by a seller that covers certain home repairs and fixtures for a specified period of time. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Homeowner’s Insurance
Homeowner’s Insurance A policy that protects you and the lender from fire or flood, which damages the structure of the house; a liability, such as an injury to a visitor to your home; or damage to your personal property, such as your furniture, clothes or appliances....
Home Inspection
Home Inspection A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation. Real estate words and...
Home Equity Line of Credit (HELOC)
Home Equity Line of Credit (HELOC) A type of revolving loan, that enables a home owner to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower’s equity in the property....
Home Equity Conversion Mortgage (HECM)
Home Equity Conversion Mortgage (HECM) A special type of mortgage developed and insured by the Federal Housing Administration (FHA) that enables older home owners to convert the equity they have in their homes into cash, using a variety of payment options to address...
Hazard Insurance
Hazard Insurance Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other covered hazards or natural disasters. Real estate words and definition For other words and definitions related to real estate auctions For...