Listing Info
LISTING INFO
Payment Cap
Payment Cap For an adjustable-rate mortgage (ARM) or other variable rate loan, a limit on the amount that payments can increase or decrease during any one adjustment period. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Payment Change Date
Payment Change Date The date on which a new monthly payment amount takes effect, for example, on an adjustable-rate mortgage (ARM) loan. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Partial Payment
Partial Payment A payment that is less than the scheduled monthly payment on a mortgage 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: 411@myersjackson.com Phone:...
Owner-Occupied Property
Owner-Occupied Property A property that serves as the borrower’s primary residence. 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:...
Owner Financing
Owner Financing A transaction in which the property seller provides all or part of the financing for the buyer’s purchase 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...
Origination Fee
Origination Fee A fee paid to a lender or broker to cover the administrative costs of processing a loan application. The origination fee typically is stated in the form of points. One point is one percent of the mortgage amount. Real estate words and definition For other words and...
Automated Underwriting
Automated Underwriting An auto-mated process performed by a technol-ogy application that streamlines the processing of loan applications and provides a recommendation to the lender to approve the loan or refer it for manual underwriting. Real estate words and definition For other words and...
Original Principal Balance
Original Principal Balance The total amount of principal owed on a mortgage before any payments are made. 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:...
Arbitration
Arbitration A process where disputes are settled by referring them to a fair and neu-tral third party (arbitrator). The disputing parties agree in advance to agree withthe decision of the arbitrator. There is a hearing where both parties have an opportunity to be heard, after which the arbitrator...
Open House
Open House When the seller’s real estate agent opens the seller’s house to the public. You don’t need a real estate agent to attend an open house. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
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Trade Equity
Trade Equity Real estate or assets given to the seller as part of the down payment for 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...
Title Search
Title Search A check of the public records to ensure that the seller is the legal owner of the property and to identify any liens or claims against the property. Real estate words and definition For other words and definitions related to real estate auctions For...
Title Insurance
Title Insurance Insurance that protects lenders and homeowners against legal problems with the title. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
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:...