Listing Info
LISTING INFO
Owner-Occupied Property
Owner-Occupied Property A property that serves as the borrower’s primary residence. 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:...
Owner Financing
Owner Financing A transaction in which the property seller provides all or part of the financing for the buyer’s purchase of the property. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Origination Fee
Origination Fee A fee paid to a lender or broker to cover the administrative costs of processing a loan application. The origination fee typically is stated in the form of points. One point is one percent of the mortgage amount. Real estate words and definition For other words and...
Automated Underwriting
Automated Underwriting An auto-mated process performed by a technol-ogy application that streamlines the processing of loan applications and provides a recommendation to the lender to approve the loan or refer it for manual underwriting. Real estate words and definition For other words and...
Original Principal Balance
Original Principal Balance The total amount of principal owed on a mortgage before any payments are made. 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:...
Arbitration
Arbitration A process where disputes are settled by referring them to a fair and neu-tral third party (arbitrator). The disputing parties agree in advance to agree withthe decision of the arbitrator. There is a hearing where both parties have an opportunity to be heard, after which the arbitrator...
Open House
Open House When the seller’s real estate agent opens the seller’s house to the public. You don’t need a real estate agent to attend an open house. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Offer
Offer A formal bid from the home buyer to the home seller to purchase a home. 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...
Note Rate
Note rate The interest rate stated on a mortgage note, or other loan agreement. 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:...
Note
Note A written promise to pay a specified amount under the agreed upon conditions. 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:...
Our Latest Listings
Escrow Account
Escrow Account An account that a mortgage servicer establishes on behalf of a borrower to pay taxes, insurance premiums, or other charges when they are due. Sometimes referred to as an “impound” or “reserve” account. Real estate words and definition For other...
Escrow
Escrow An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of...
Equity
Equity The value in your home above the total amount of the liens against your home. If you owe $100,000 on your house but it is worth $130,000, you have $30,000 of equity. Real estate words and definition For other words and definitions related to real estate...
Equal Credit Opportunity Act (ECOA)
Equal Credit Opportunity Act (ECOA) A federal law that requires lenders to make credit equally available without regard to the applicant’s race, color, religion, national origin, age, sex, or marital status; the fact that all or part of the applicant’s income is...
Foreclosure
Foreclosure A legal action that ends all ownership rights in a home when the hoebuyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage. Real estate words and definition For other words and definitions related to real...
Encumbrance
Encumbrance Any claim on a property, such as a lien, mortgage or easement. 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:...
Encroachment
Encroachment The intrusion onto another’s property without right or permission. 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:...
Employer-Assisted Housing
Employer-Assisted Housing A program in which companies assist their employees in purchasing homes by providing assistance with the down payment, closing costs, or monthly payments. Real estate words and definition For other words and definitions related to real...
Easement
Easement A right to the use of, or access to, land owned by another. 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...
Flood Insurance
Flood Insurance Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood hazard zones. Real estate words and definition For other words and definitions related to real...
Flood Certification Fee
Flood Certification Fee A fee charged by independent mapping firms to identify properties located in areas designated as flood zones. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Buydown Account
Buydown Account An account in which funds are held so that they can be applied as part of the monthly mortgage payment as each payment comes due during the period that an interest rate buydown plan is in effect. Real estate words and definition For other words...
Buydown
Buydown An arrangement whereby the property developer or another third party provides an interest subsidy to reduce the borrower’s monthly payments typically in the early years of the loan. Real estate words and definition For other words and definitions related...
Building Code
Building Code Local regulations that set forth the standards and requirements for the construction, maintenance and occupancy of buildings. The codes are designed to provide for the safety, health and welfare of the public. Real estate words and definition For...
Broker
Broker An individual or firm that acts as an agent between providers and users of products or services, such as a mortgage broker or real estate broker. See also “Mortgage Broker.” Real estate words and definition For other words and definitions related to real...
Bridge Loan
Bridge Loan A short-term loan securedby the borrower’s current home (which is usually for sale) that allows the proceeds to be used for building or closing on a new house before the current home is sold. Also known as a “swing loan.” Real estate words and...
Bona fide
Bona fide In good faith, without fraud. 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...
Biweekly Payment Mortgage
Biweekly Payment Mortgage A mortgage with payments due every two weeks (instead of monthly). Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Before-tax Income
Before-tax Income Income before taxes are deducted. Also known as “gross income.” 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:...
Bankruptcy
Bankruptcy Legally declared unable to pay your debts. Bankruptcy can severely impact your credit and your ability to borrow money. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...