LISTING INFO 

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 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 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 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 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 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 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...

Balloon Payment A final lump sum payment that is due, often at the maturity date of a balloon mortgage.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Balloon Mortgage A mortgage with monthly payments often based on a 30-year amortization schedule, with the unpaid balance due in a lump sum payment at the end of a specific period of time (usually 5 or 7 years). The mortgage may contain an option to “reset” the...

Balance Sheet A financial statement that shows assets, liabilities, and net worth as of a specific date.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Assumption Fee A fee a lender charges a buyer who will assume the seller’s existing mortgage.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Assumable Mortgage A mortgage loan that can be taken over (assumed) by the buyer when a home is sold. An assumption of a mortgage is a transaction in which the buyer of real property takes over the seller’s existing mortgage; the seller remains liable unless released...

Assignment of Mortgage A document evidencing the transfer of ownership of a mortgage from one person to another.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Warranties Written guarantees of the quality of a product and the promise to repair or replace defective parts free of charge.   Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Walk-Through A common clause in a sales contract that allows the buyer to examine the property being purchased at a specified time immediately before the closing, for example, within the 24 hours before closing.  Real estate words and definition For other words...

VA Guaranteed Loan A mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA).  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Veterans Affairs (U.S. Department of Veterans Affairs) A federal government agency that provides benefits to veterans and their dependents, including health care, educational assistance, financial assistance, and guaranteed home loans.  Real estate words and...

Unsecured Loan A loan that is not backed by collateral.  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:...

Uniform Residential Loan Application A standard mortgage application you will have to complete. The form requests your income, assets, liabilities, and a description of the property you plan to buy, among other things.  Real estate words and definition For other...

Underwriting The process used to determine loan approval. It involves evaluating the property and the borrower’s credit and ability to pay the mortgage.  Real estate words and definition For other words and definitions related to real estate auctions For all...