Listing Info
LISTING INFO
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...
Construction Loan
Construction Loan A loan for financing the cost of construction or improvements to a property; the lender disburses payments to the builder at periodic intervals during construction. Real estate words and definition For other words and definitions related to real estate auctions For all...
Condominium
Condominium A unit in a multiunit building. The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areas but does not own the common elements such as the exterior walls, floors and ceilings or the structural systems outside of the unit;...
Concession
Concession Something given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Comparables
Comparables An abbreviation for “comparable properties,” which are used as a comparison in determining the current value of a property that is being appraised. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Multiple Listing Service (MLS)
Multiple Listing Service (MLS) A clearinghouse through which member real estate brokerage firms regularly and systematically exchange information on listings of real estate properties and share commissions with members who locate purchasers. The MLS for an area is usually operated by the local,...
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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...
Property Appreciation
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
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
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
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
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...