Listing Info
LISTING INFO
Credit Score
Credit Score A numerical value that ranks a borrower’s credit risk at a given point in time based on a statistical evaluation of information in the individual’s credit history that has been proven to be predictive of loan performance. Real estate words and definition For other words and...
Credit Report
Credit Report Information provided by a credit bureau that allows a lender or other business to examine your use of credit. It provides information on money that you’ve borrowed from credit institutions and your payment history. Real estate words and definition For other words and...
Credit Life Insurance
Credit Life Insurance A type of insurance that pays off a specific amount of debt or a specified credit account if the borrower dies while the policy is in force. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Credit History
Credit History Information in the files of a credit bureau, primarily comprised of a list of individual consumer debts and a record of whether or not these debts were paid back on time or “as agreed.” Your credit history is called a credit report when provided by a credit bureau to a lender or...
Fixed-Rate Mortgage
Fixed-Rate Mortgage A mortgage with an interest rate that does not change during the entire term of the 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:...
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...
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Title
Title The right to, and the ownership of, property. A title or deed is sometimes used as proof of ownership of land. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Third-Party Origination
Third-Party Origination A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package a mortgage loan. See also “Mortgage Broker.” Real estate words and definition For other words and...
Termite Inspection
Termite Inspection An inspection to determine whether a property has termite infestation or termite damage. In many parts of the country, a home must be inspected for termites before it can be sold. Real estate words and definition For other words and...
Taxes and Insurance
Taxes and Insurance Funds collected as part of the borrower’s monthly payment and held in escrow for the payment of the borrower’s, or funds paid by the borrower for, state and local property taxes and insurance premiums. Real estate words and definition For...
Sweat Equity
Sweat Equity A borrower’s contribution to the down payment for the purchase of a property in the form of labor or services rather than cash. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...
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...