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
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...
Assignment of Mortgage
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
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
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
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)
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...