Listing Info
LISTING INFO
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...
Fixed-Rate Mortgage
Fixed-Rate Mortgage A mortgage with an interest rate that does not change during the entire term of the 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:...
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...
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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...
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...