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PITI
PITI An acronym for the four primary components of a monthly mortgage payment: principle, interest, taxes, and insurance (PITI). Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Personal Property
Personal Property Any property that is not real 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 Phone: +1-844-400-2828 Phone...
Asbestos
Asbestos A toxic material that was once used in housing insulation and fireproofing. Because some forms of asbestos have been linked to certain lung diseases, it is no longer used in new homes. However, some older homes may still have asbestos in these materials. Real estate words and...
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...
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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...