LISTING INFO 

Buydown Account An account in which funds are held so that they can be applied as part of the monthly mortgage payment as each payment comes due during the period that an interest rate buydown plan is in effect.   For other words and definitions related to real...

Buydown An arrangement whereby the property developer or another third party provides an interest subsidy to reduce the borrower’s monthly payments typically in the early years of the loan.   For other words and definitions related to real estate auctions For all...

Building Code Local regulations that set forth the standards and requirements for the construction, maintenance and occupancy of buildings. The codes are designed to provide for the safety, health and welfare of the public.   For other words and definitions...

Broker An individual or firm that acts as an agent between providers and users of products or services, such as a mortgage broker or real estate broker. See also “Mortgage Broker.”   For other words and definitions related to real estate auctions For all active...

Bridge Loan A short-term loan securedby the borrower’s current home (which is usually for sale) that allows the proceeds to be used for building or closing on a new house before the current home is sold. Also known as a “swing loan.”   For other words and...

Bona fide In good faith, without fraud.   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 +1-469-460-4848 Text Address:...

Biweekly Payment Mortgage A mortgage with payments due every two weeks (instead of monthly).   For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...

Before-tax Income Income before taxes are deducted. Also known as “gross income.”   For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...

Bankruptcy Legally declared unable to pay your debts. Bankruptcy can severely impact your credit and your ability to borrow money.   For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Balloon Payment A final lump sum payment that is due, often at the maturity date of a balloon mortgage.   For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Balloon Mortgage A mortgage with monthly payments often based on a 30-year amortization schedule, with the unpaid balance due in a lump sum payment at the end of a specific period of time (usually 5 or 7 years). The mortgage may contain an option to “reset” the...

Balance Sheet A financial statement that shows assets, liabilities, and net worth as of a specific date.   For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Assumption Fee A fee a lender charges a buyer who will assume the seller’s existing mortgage.   For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...

Assumable Mortgage A mortgage loan that can be taken over (assumed) by the buyer when a home is sold. An assumption of a mortgage is a transaction in which the buyer of real property takes over the seller’s existing mortgage; the seller remains liable unless released...

Assignment of Mortgage A document evidencing the transfer of ownership of a mortgage from one person to another.   For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Asset Anything of monetary value that is owned by a person or company. Assets include real property, personal property, stocks, mutual funds, etc.   For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Assessor A public official who establishes the value of a property for taxation purposes.   For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...

Assessed Value Typically the value placed on property for the purpose of taxation.   For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...

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....

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.   For other words and...