LISTING INFO
Annuity
Annuity An amount paid yearly or at other analysis of the property, including examples regular intervals, often at a guaranteed of sales of similar properties in order to deminimum amount. Also, a type of insurance velop an estimate of the value of the proppolicy in which the policy holder makes...
Net Monthly Income
Net Monthly Income Your take-home pay after taxes. It is the amount of money that you actually receive in your paycheck. 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:...
Negative Amortization
Negative Amortization An increase in the balance of a loan caused by adding unpaid interest to the loan balance; this occurs when the payment does not cover the interest due. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Annual Percentage Rate (APR)
Annual Percentage Rate (APR) Annual Percentage Rate (APR): The cost of a loan or other financing as an annual rate. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay. Real estate words and definition For other words and...
Creditworthy
Creditworthy Your ability to qualify for credit and repay debts. 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...
Creditor
Creditor A person who extends credit to whom you owe money. 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...
Credit Score
Credit Score A numerical value that ranks a borrower’s credit risk at a given point in time based on a statistical evaluation of information in the individual’s credit history that has been proven to be predictive of loan performance. Real estate words and definition For other words and...
Credit Report
Credit Report Information provided by a credit bureau that allows a lender or other business to examine your use of credit. It provides information on money that you’ve borrowed from credit institutions and your payment history. Real estate words and definition For other words and...
Credit Life Insurance
Credit Life Insurance A type of insurance that pays off a specific amount of debt or a specified credit account if the borrower dies while the policy is in force. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Credit History
Credit History Information in the files of a credit bureau, primarily comprised of a list of individual consumer debts and a record of whether or not these debts were paid back on time or “as agreed.” Your credit history is called a credit report when provided by a credit bureau to a lender or...
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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...
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...