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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Rescission
Rescission The cancellation or annulment of a transaction or contract by operation of law or by mutual consent. Borrowers have a right to cancel certain mortgage refinance and home equity transactions within three business days after closing, or for up to three years...
Replacement Cost
Replacement Cost The cost to replace damaged personal property without a deduction for depreciation. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Repayment Plan
Repayment Plan An arrangement by which a borrower agrees to make additional payments to pay down past due amounts while still making regularly scheduled payments. Real estate words and definition For other words and definitions related to real estate auctions...
Remaining Term
Remaining Term The original number of payments due on the loan minus the number of payments that have been made. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Rehabilitation Mortgage
Rehabilitation Mortgage A mortgage loan made to cover the costs of repairing, improving, and sometimes acquiring an existing property. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Refinance
Refinance Getting a new mortgage with all or some portion of the proceeds used to pay off the prior mortgage. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Recording
Recording The filing of a lien or other legal documents in the appropriate public record. 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:...
Recorder
Recorder The public official who keeps records of transactions that affect real property in the area. Sometimes known as a “Registrar of Deeds” or “County Clerk.” Real estate words and definition For other words and definitions related to real estate auctions...
Real Property
Real Property Land and anything permanently affixed thereto — including buildings, fences, trees, and minerals. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Real Estate Settlement Procedures Act (RESPA)
Real Estate Settlement Procedures Act (RESPA) A federal law that requires lenders to provide home mortgage borrowers with information about transaction-related costs prior to settlement, as well as information during the life of the loan regarding servicing and escrow...
Real Estate Professional
Real Estate Professional An individual who provides services in buying and selling homes. The real estate professional is paid a percentage of the home sale price by the seller. Unless you’ve specifically contracted with a buyer’s agent, the real estate professional...
Ratified Sales Contract
Ratified Sales Contract A contract that shows both you and the seller of the house have agreed to your offer. This offer may include sales contingencies, such as obtaining a mortgage of a certain type and rate, getting an acceptable inspection, making repairs, closing...
Rate Lock
Rate Lock An agreement in which an interest rate is “locked in” or guaranteed for a specified period of time prior to closing. See also “Lock-in Rate.” Real estate words and definition For other words and definitions related to real estate auctions For all...
Rate Cap
Rate Cap The limit on the amount an interest rate on an adjustable-rate mortgage (ARM) can increase or decrease during an adjustment period. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...
Radon
Radon A toxic gas found in the soil beneath a house that can contribute to cancer and other illnesses. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Quality Control
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
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
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
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
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...