Listing Info
LISTING INFO
Credit Bureau
Credit Bureau A company that gathers information on consumers who use credit. These companies sell that information to lenders and other businesses in the form of a credit report. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Credit
Credit The ability of a person to borrow money, or buy goods by paying over time. Credit is extended based on a lender’s opinion of the person’s financial situation and reliability, among other factors. Real estate words and definition For other words and definitions related to real estate...
Counter-offer
Counter-offer An offer made in response to a previous offer. For example, after the buyer presents their first offer, the seller may make a counter-offer with a slightly higher sale price. Real estate words and definition For other words and definitions related to real estate auctions For...
Cost of Funds Index (COFI)
Cost of Funds Index (COFI) An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) loans. It is based on the weighted monthly average cost of deposits, advances, and other borrowings of members of the Federal Home Loan Bank of San Francisco. Real...
Cooperative (Co-op) Project
Cooperative (Co-op) Project A project in which a corporation holds title to a residential property and sells shares to individual buyers, who then receive a proprietary lease as their title. Real estate words and definition For other words and definitions related to real estate auctions For...
Convertible ARM
Convertible ARM An adjustable-rate mortgage (ARM) that allows the borrower to convert the loan to a fixed-rate mortgage under specified conditions. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for...
Conversion Option
Conversion Option A provision of some adjustable-rate mortgage (ARM) loans that allows the borrower to change the ARM to a fixed-rate mortgage at specified times after loan origination. Real estate words and definition For other words and definitions related to real estate auctions For all...
Conventional Mortgage
Conventional Mortgage A mortgage loan that is not insured or guaranteed by the federal government or one of its agencies, such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS). Contrast with “Government Mortgage.”...
Mutual Funds
Mutual Funds A fund that pools the money of its investors to buy a variety of securities. 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:...
Contingency
Contingency A condition that must be met before a contract is legally binding. For example, home purchasers often include a home inspection contingency; the sales contract is not binding unless and until the purchaser has the home inspected. Real estate words and definition For other words...
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Survey
Survey A precise measurement of a property by a licensed surveyor, showing legal boundaries of a property and the dimensions and location of improvements. Real estate words and definition For other words and definitions related to real estate auctions For all...
Subordinate Financing
Subordinate Financing Any mortgage or other lien with lower priority than the first 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...
Servicemembers Civil Relief Act
Servicemembers Civil Relief Act A federal law that restricts the enforcement of civilian debts against certain military personnel who may not be able to pay because of active military service. It also provides other protections to certain military personel. Real...
Soft Second Loan
Soft Second Loan A second mortgage whose payment is forgiven or is deferred until resale 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 ContactGet...
Single-Family Properties
Single-Family Properties One- to four-unit properties including detached homes, townhouses, condominiums, and cooperatives, and manufactured homes attached to a permanent foundation and classified as real property under applicable state law. Real estate words...
Settlement Statement
Settlement Statement A document that lists all closing costs on a consumer mortgage transaction. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Settlement
Settlement The process of completing a loan transaction at which time themortgage documents are signed and then recorded, funds are disbursed, and the property is transferred to the buyer (if applicable). Also called closing or escrow in different jurisdictions. See...
Servicing
Servicing The tasks a lender performs to protect the mortgage investment, including the collection of mortgage payments, escrow administration, and delinquency management. Real estate words and definition For other words and definitions related to real estate...
Servicer
Servicer A firm that performs servicing functions, including collecting mortgage payments, paying the borrower’s taxes and insurance and generally managing borrower escrow accounts. Real estate words and definition For other words and definitions related to real...
Seller Take-Back
Seller Take-Back An agreement in which the seller of a property provides financing to the buyer for the home purchase. See also “Owner Financing.” For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Security
Security The property that will be given or pledged as collateral for a 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:...
Secured Loan
Secured Loan A loan that is backed by property such as a house, car, jewelry, etc. 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:...
Secondary Mortgage Market
Secondary Mortgage Market The market in which mortgage loan and mortgage-backed securities are bought and sold. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Second Mortgage
Second Mortgage A mortgage that has a lien position subordinate to the first 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 InTouchEmail:...
Sale-Leaseback
Sale-Leaseback A transaction in which the buyer leases the property back to the seller for a specified period of time. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for...
Securities
Securities A financial form that shows the holder owns a share or shares of a company (stock) or has loaned money to a company or government organization (bond). Real estate words and definition For other words and definitions related to real estate auctions For...
Rural Housing Service (RHS)
Rural Housing Service (RHS) An agency within the U.S. Department of Agriculture (USDA), which operates a range of programs to help rural communities and individuals by providing loan and grants for housing and community facilities. The agency also works with private...
Right of First Refusal
Right of First Refusal A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others. Real estate words and definition For...
Revolving Debt
Revolving Debt Credit that is extended by a creditor under a plan in which (1) the creditor contemplates repeated transactions; (2) the creditor may impose a finance charge from time to time on an outstanding unpaid balance; and (3) the amount of credit that may be...
Earnest Money Deposit
Earnest Money Deposit The deposit to show that you’re committed to buying the home. The deposit usually will not be refunded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled. Real estate words and...