Mortgage Market
The interest rate and terms competing mortgage lenders are offering to potential mortgagees. The mortgage market is competitive on the basis of mortgage interest rates, points, credit history requirements, and closing costs. For example, in order for John to obtain a mortgage to finance a home purchase, he compared the interest rates, points charged, need for a credit check and closing costs. He finally settled on a lender whose rate 1/4% lower than the competition, charged fewer points, did not require a credit check and was extremely competitive on closing costs. The bank also guaranteed an interest rate lock-in clause until the day of the closing.
Popular Real Estate Terms
An opening that lets the outside air come in or out of a structure. A ventilation fan lets the structure have access to outside air when the switch is in open position. ...
The term collusion may make you think about colluding from the start, and you wouldn’t be far from the truth. The definition of collusion is a secret, non-competitive, and, at times, ...
Choosing alternative real estate investment instruments having different risk-return features. Diversification can be done by regions and types of real estate. Diversification provides a ...
Usual operating service life of property for the purpose it was acquired. The useful life used for depreciation accounting does not necessarily coincide with the actual physical life or any ...
A scholar second mortgage definition would go something like: a loan with a second-priority claim against a property in the event that the borrower defaults. But that’s too stiff, ...
Compilation of all tax maps of a given tax district that are bound together and kept at the local tax office. The tax book is a public record that may be accessed by an individual for ...
I am the person. The person himself/herself. The actual person. ...
An estate which descends to heirs in perpetuum. In an estate of inheritance, the current tenant not only has the right to enjoy the property for life, buy his or her tenancy rights pass to ...
Transactions taking place between individuals who are alive rather than when one of the parties is either dead (e.g., estate) or is contemplating death. For example, a deed may transfer ...
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