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Quality Control A system of safeguards to ensure that loans are originated, underwritten and serviced according to the lender’s standards and, if applicable, the standards of the investor, governmental agency, or mortgage insurer.  Real estate words and...

Qualifying Ratios Calculations that are used in determining the loan amount that a borrower qualifies for, typically a comparison of the borrower’s total monthly income to monthly debt payments and other recurring monthly obligations.  Real estate words and...

Qualifying Guidelines Criteria used to determine eligibility 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:...

Purchase Money Mortgage A mortgage loan that enables a borrower to acquire a 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 InTouchEmail:...

Purchase and Sale Agreement A document that details the price and conditions for a transaction. In connection with the sale of a residential property, the agreement typically would include: information about the property to be sold, sale price, down payment, earnest...

Property Appreciation See “Appreciation.”  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...

Promissory Note A written promise to repay a specified amount over 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 sale ContactGet...

Private Mortgage Insurance Insurance for conventional mortgage loans that protects the lender from loss in the event of default by the borrower. See Mortgage Insurance  Real estate words and definition For other words and definitions related to real estate...

Principal The amount of money borrowed or the amount of the loan that has not yet been repaid to the lender  This does not include the interest you will pay to borrow that money. The principal balance (sometimes called the outstanding or unpaid principal balance) is...

Prepayment Penalty A fee that a borrower may be required to pay to the lender, in the early years of a mortgage loan, for repaying the loan in full or prepaying a substantial amount to reduce the unpaid principle balance.  Real estate words and definition For...

Prepayment Any amount paid to reduce the principal balance of a loan before the scheduled due 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...

Predatory Lending Abusive lending practices that include making mortgage loans to people who do not have the income to repay them or repeatedly refinancing loans, charging high points and fees each time and “packing” credit insurance onto a loan.  Real estate...

Pre-Qualification Letter A letter from a mortgage lender that states that you’re pre-qualified to buy a home, but does not commit the lender to a particular mortgage amount.  Real estate words and definition For other words and definitions related to real estate...

Due-on-Sale Clause A provision in a mortgage that allows the lender to demand repayment in full of the outstanding balance if the property securing the mortgage is sold.  Real estate words and definition For other words and definitions related to real estate...

Down Payment A portion of the price of a home, usually between 3-20%, not borrowed and paid up-front in cash. Some loans are offerend with zero downpayment.  Real estate words and definition For other words and definitions related to real estate auctions For all...

Discount Point A fee paid by the borrower at closing to reduce the interest rate. A point equals one percent of the loan amount.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Depreciation A decline in the value of a house due to changing market conditions or lack of upkeep on 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...

Delinquency Failure to make a payment when it is due. The condition of a loan when a scheduled payment has not been received by the due date, but generally used to refer to a loan for which payment is 30 or more days past due.  Real estate words and definition...

Default Failure to fulfill a legal obligation. A default includes failure to pay on a financial obligation, but also may be a failure to perform some action or service that is non-monetary. For example, when leasing a car, the lessee is usually required to properly...

Deed of Trust A legal document in which the borrower transfers the title to a third party (trustee) to hold as security for the lender. When the loan is paid in full, the trustee transfers title back to the borrower. If the borrower defaults on the loan the trustee...