Definition of "Lock"
The number of days that the lender guarantees the loan's rate and terms. Without a written lock-in agreement, the lender is free to change the rate and terms at the time of loan closing. A slight increase in rate is commonly charged by lenders for lock-ins.
Popular Real Estate Terms
Land that has poor income potential, usually used in an agricultural sense meaning that the land is untellable, has poor access, is extremely steep, has suffered serious erosion, is ...
A situation that occurs when borrowed funds cost more than they produce. ...
Expenditure paid to occupy property over a specified time period. ...
Floor design to provide sound insulation qualities. A floating floor is separated from the building's structure by use of special resilient materials, often fabricated from fiberglass, or ...
The interest rate charged for a loan. For example, John obtained a $10.000 loan from the bank charging 10% interest. ...
mortgage being reduced through periodic principal and interest payments. ...
Use of other people's money (OPM) in an attempt to maximize the return but at high risk. The use of leverage in real estate investing is a way to maximize yield on a small down payment. ...
The initial lessee of rented property who then leases it to a subtenant. ...
Same as term resale proceeds: Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. ...
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