Mortgage Broker
Person or business that obtains mortgages for others by finding suitable lenders. The mortgage broker sometimes deals with collections and disbursements. Typically the mortgage broker receives a percentage of the amount financed. A finder's fee equal to 1% or so of the amount borrowed is normally paid by the borrower. The financial success of the mortgage brokerage firm depends upon the ability to locate available funds and to match these funds with creditworthy borrowers. Certain sources of funds, particularly insurance companies and the secondary sources, do not always deal directly with the person looking for capital; rather, they work through a mortgage broker. Normally, the mortgage broker is not involved in servicing the loan once it is made and the transaction is closed.
Popular Real Estate Terms
Through real estate properties, many individuals of varying degrees of expertise find ways to make money. The real estate industry allows these practices as real estate properties are ...
Investments, usually in limited partnership, that can protect of defer shelter) part of the income from current taxes. Under current law, passive leases can be applied up to passive income. ...
Measure of the annualized compound growth of a real estate investment. ...
You can frequently encounter “circa” in everyday discourse, referring to an approximation as an approximate date. Variations of circa are: about, near, and roughly. The ...
Rule stating that the monthly mortgage payment, property taxes, and insurance should not exceed 25% of a family's monthly gross income, or about 35% for a Federal Housing Administration ...
Apartment building in which each resident owns a percentage share of the corporation that owns the building. ...
Borrower who gives property as collateral for a loan. ...
A capitalized expenditure usually extending the useful life of a building or improving it in some manner over and above the original condition. In contrast, a maintenance or repair expense ...
Raw land in its natural condition which has in no way been improved. ...
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