Listing Info
LISTING INFO
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,...
Common Areas
Common Areas Those portions of a building, land, or improvements and amenities owned by a planned unit development (PUD) or condominium project’s homeowners’ association (or a cooperative project’s cooperative corporation) that are used by all of the unit owners, who share in the common expenses...
Multifamily Properties
Multifamily Properties Typically, buildings with five or more dwelling units. 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...
Commitment Letter
Commitment Letter A binding offer from your lender that includes the amount of the mortgage, the interest rate, and repayment terms. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Collateral
Collateral An asset that is pledged as security for a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan agreement. In the case of a mortgage, the collateral would be the house and real property. Real estate words and definition For other...
Multifamily Mortgage
Multifamily Mortgage A mortgage loan on a building with five or more dwelling units. 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:...
Our Latest Listings
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...
Prepayment
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
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
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
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
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
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
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
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
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
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...
Deed-in-Lieu of Foreclosure
Deed-in-Lieu of Foreclosure The transfer of title from a borrower to the lender to satisfy the mortgage debt and avoid foreclosure. Also called a “voluntary conveyance.” Real estate words and definition For other words and definitions related to real estate...
Deed
Deed The legal document transferring ownership or title to 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: 411@myersjackson.com...
Debt-to-Income Ratio
Debt-to-Income Ratio The percentage of gross monthly income that goes toward paying for your monthly housing expense, alimony, child support, car payments and other installment debts, and payments on revolving or open-ended accounts, such as credit cards. Real...
Debt
Debt Money owed from one person or institution to another person or institution. 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:...
Asset
Asset Anything of monetary value that is owned by a person or company. Assets include real property, personal property, stocks, mutual funds, etc. Real estate words and definition For other words and definitions related to real estate auctions For all active...