LISTING INFO 

Fannie Mae/Freddie Mac Loan Limit The current 2006 Fannie Mae/Freddie Mac loan limit for a single-family home is $417,000 and is higher in Alaska, Guam, Hawaii, and the U.S. Virgin Islands. The Fannie Mae loan limit is $533,850 for a two-unit home; $645,300 for a...

Interest Rate Floor For an adjustablerate mortgage (ARM), the minimum interest rate, as specified in the mortgage note.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for...

Fannie Mae-Seller/Servicer A lender that Fannie Mae has approved to sell loans to it and to service loans on Fannie Mae’s behalf.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Fannie Mae A New York stock exchange company. It is a public company that operates under a federal charter and is the nation’s largest source of financing for home mortgages. Fannie Mae does not lend money directly to consumers, but instead works to ensure that...

Interest Rate Ceiling For an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties...

Fair Market Value The price at which property would be transferred between a willing buyer and willing seller, each of whom has a reasonable knowledge of all pertinent facts and is not under any compulsion to buy or sell.  Real estate words and definition For...

Interest Rate Cap For an adjustablerate mortgage (ARM), a limitation on the amount the interest rate can change per adjustment or over the lifetime of the loan, as stated in the note.   For other words and definitions related to real estate auctions For all...

Interest Accrual Rate The percentage rate at which interest accumulates or increases on a mortgage loan.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

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 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 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 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 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 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 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) 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 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 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 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 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...