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
Heterogeneous (as opposed to homogenous) means diverse in nature applied to a place or object composed of separate and distinct parts. In other words, heterogeneous describes something that ...
Investigation into the causes of death. A post mortem is normally performed by a public coroner. It might be performed to determine the cause of death of an apartment house tenant. ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
Body o law relating directly to condominiums and cooperative developments. Most property law provides vertical ownership of property in the sense that property owners own mineral rights as ...
Architectural plan which may include blue prints of a property project. Designs must meet technological and zoning requirements. ...
A cooperating broker or agent defines a real estate broker who helps another broker in a private property transaction. Typically, the cooperating broker represents the seller and is ...
Legal right of the buyer of real estate for the acquisition price paid if the seller does not render the deed to the property. The buyer's lien is not only for the purchase price paid but ...
The portion of a structure providing the primary ground support. Foundations have a foundation wall forming a permanent below grade retaining wall. All modern foundations rely on concrete ...
The "frost line" is a critical concept in real estate and construction, especially in regions with cold climates. But what exactly is the frost line, and why does it matter? Let’s ...
Have a question or comment?
We're here to help.