Fixed-Period Adjustable-Rate Mortgage An adjustable-rate mortgage (ARM) that offers a fixed rate for an initial period, typically three to ten years, and then adjusts every six months, annually, or at another specified period, for the remainder of the term. Also known as a “hybrid loan.”...

First-Time Home Buyer A person with no ownership interest in a principal residence during the three-year period preceding the purchase of the security property.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Late Charge A penalty imposed by the lender when a borrower fails to make a scheduled payment on 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 InTouchEmail:...

Certificate of Deposit A document issued by a bank or other financial institution that is evidence of a deposit, with theissuer’s promise to return the deposit plus earnings at a specified interest rate within a specified time period.  Real estate words and definition For other words and...

Keogh Funds A tax-deferred retirement-savings plan for small business owners or self-employed individuals who have earned income from their trade or business. Contributions to the Keogh plan are tax-deductible.  Real estate words and definition For other words and definitions related to real...

Junior Mortgage A loan that is subordinate to the primary loan or first-lien mortgage loan, such as a second or third mortgage.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Cash-out Refinance A refinance transaction in which the borrower receives additional funds over and above the amount needed to repay the existing mortgage, closing costs, points, and any subordinate liens.  Real estate words and definition For other words and definitions related to real...

First Mortgage A mortgage that is the primary lien against 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 Phone: +1-844-400-2828 Phone...

Capacity Your ability to make your mortgage payments on time. This depends on your income and income stability (job history and security), your assets and savings, and the amount of your income each month that is left over after you’ve paid for your housing costs, debts and other obligations....

Jumbo Loan A loan that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Also called “non-conforming loan.”  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...