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Frequently asked questions about Auctions
Frequently ask questions about Auctions is very common. Below is a list that people ask when talking about Auctions. These also include questions about how the Auctioneer handles certain situations.. questions range from live auctions to online only Auctions. People commonly ask questions about...
Pre-Qualification
Pre-Qualification A preliminary assessment by a lender of the amount it will lend to a potential home buyer. The process of determining how much money a prospective home buyer may be eligible to borrow before he or she applies for a loan. Real estate words and definition For other words and...
Pre-Approval Letter
Pre-Approval Letter A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Pre-Approval
Pre-Approval A process by which a lender provides a prospective borrower with an indication of how much money he or she will be eligible to borrow when applying for a mortgage loan. This process typically includes a review of the applicant’s credit history and may involve the review and...
Assessor
Assessor A public official who establishes the value of a property for taxation purposes. 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:...
Power of Attorney
Power of Attorney A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time. Real estate words and definition For other words and definitions related to real estate...
Point
Point One percent of the amount of the mortgage loan. For example, if a loan is made for $50,000, one point equals $500. 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:...
Planned Unit Development (PUD)
Planned Unit Development (PUD) A real estate project in which individuals hold title to a residential lot and home while the common facilities are owned and maintained by a homeowners’ association for the benefit and use of the individual PUD unit owners. Real estate words and definition For...
PITI Reserves
PITI Reserves A cash amount that a borrower has available after making a down payment and paying closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of...
Assessed Value
Assessed Value Typically the value placed on property for the purpose of taxation. 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:...
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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...
Unsecured Loan
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
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
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
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...