Mortgage Risk Rating
The amount of inherent risk for a mortgage in granting a mortgage. An operating principle in mortgage risk rating is that the mortgage cannot exceed 2.5 times the mortgagor's annual income, only a maximum of 28% of the mortgagee's salary can be devoted to the mortgage payment, and total debt payments including the mortgage payment cannot exceed the mortgagee's salary by 33%.
Popular Real Estate Terms
Type of ownership by husband and wife, recognized in 27 states, in which the rights of the deceased spouse pass to the survivor. It is the same as joint tenancy, except that one spouse ...
The depreciation method where an equal amount of depreciation expense is allocated to each full period of the asset's useful life. The amount of depreciation is computed as follows; Annual ...
Purchase of part of property or property rights when condemnation takes place. The owner must be justly reimbursed. ...
An increase in the income tax basis of a property that is a result of a tax-free exchange. As a result of an inheritance, for example, the basis of the inherited property was stepped up to ...
Don’t know what snowbirds mean? It’s not birds made of snow. Snowbirds is a nickname given to Canadians and American people that live in the colder northern states, that, ...
See accommodation endorser, maker, or party. ...
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 ...
Any gain or loss from selling of capital assets. The gain or loss is the difference between the net selling price and cost basis. The two types of capital gains or losses for tax purposes ...
Personal income minus personal income tax payments and other government deductions. It is the personal income available for people to spend or save; also called take-home pay. It may be a ...
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