Listing Info
LISTING INFO
Personal Property
Personal Property Any property that is not real property. 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...
Asbestos
Asbestos A toxic material that was once used in housing insulation and fireproofing. Because some forms of asbestos have been linked to certain lung diseases, it is no longer used in new homes. However, some older homes may still have asbestos in these materials. Real estate words and...
Payment Cap
Payment Cap For an adjustable-rate mortgage (ARM) or other variable rate loan, a limit on the amount that payments can increase or decrease during any one adjustment period. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Payment Change Date
Payment Change Date The date on which a new monthly payment amount takes effect, for example, on an adjustable-rate mortgage (ARM) loan. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Partial Payment
Partial Payment A payment that is less than the scheduled monthly payment 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 InTouchEmail: 411@myersjackson.com Phone:...
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:...
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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...
Balloon Payment
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
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
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
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
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...