LISTING INFO 

Pre-Approval Letter A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer.  Real estate words and definition For other words and definitions related to real estate...

Pre-Approval A process by which a lender provides a prospective borrower with an indication of how much money he or she will be eligible to borrow when applying for a mortgage loan. This process typically includes a review of the applicant’s credit history and may...

Assessor A public official who establishes the value of a property for taxation purposes.  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:...

Power of Attorney A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.  Real estate words and definition For other words and...

Point One percent of the amount of the mortgage loan. For example, if a loan is made for $50,000, one point equals $500.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for...

Planned Unit Development (PUD) A real estate project in which individuals hold title to a residential lot and home while the common facilities are owned and maintained by a homeowners’ association for the benefit and use of the individual PUD unit owners.  Real...

PITI Reserves A cash amount that a borrower has available after making a down payment and paying closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for 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...

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:...

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....

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...

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...

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...

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:...

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,...

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...

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...

Original Principal Balance The total amount of principal owed on a mortgage before any payments are made.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Arbitration A process where disputes are settled by referring them to a fair and neu-tral third party (arbitrator). The disputing parties agree in advance to agree withthe decision of the arbitrator. There is a hearing where both parties have an opportunity to be...