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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...

Two- to Four- Family Property A residential property that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed; a loan secured by such a property is considered to be a single-family...

Truth-In-Lending Act (TILA) A federal law that requires disclosure of a truth-in-lending statement for consumer credit. The statement includes a summary of the total cost of credit, such as the annual percentage rate (APR) and other specifics of the credit.  Real...

Treasury Index An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions by the U.S. Treasury of Treasury bills and securities.  Real estate words and definition For other...

Transfer Tax State or local tax payable when title to property passes from one owner 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 ContactGet...

Trade Equity Real estate or assets given to the seller as part of the down payment for 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 ContactGet...

Title Search A check of the public records to ensure that the seller is the legal owner of the property and to identify any liens or claims against the property.  Real estate words and definition For other words and definitions related to real estate auctions For...

Title Insurance  Insurance that protects lenders and homeowners against legal problems with the title.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...