Primary Mortgage Market
Mortgage market in which original loans are made by lenders. The market is made up with lenders who supply funds directly to borrowers and hold the mortgage until the debt is paid. Examples are savings and loans, commercial banks, mutual savings banks, and mortgage companies. The primary market is contrasted to the secondary mortgage market, which involves buying and selling of first mortgages by banks, insurance companies, and other mortgagees to free money for new loans.
Popular Real Estate Terms
Typically, a general contractor or GC in the real estate industry defines a person who signs a contract with a property owner or developer. Thus, they assume full responsibility for ...
The term adjacent property, naturally, refers to a property’s position regarding other properties close to it. The adjacent property meaning is different from the term adjoining ...
Borrower's right to cancel, within three business days, a creditor contract in which his or her residence is used as collateral. This right does not apply to first mortgage loans. ...
Style of life emphasizing outdoor activities, amenities, and recreation. Example are campers and barbecues. It is usually on a short-term basis. ...
fee for the cost of a loan including interest and points. Points (1 point= 1% of the total loan) are advance charges for a mortgage, whereas interest in charge over the life of the ...
The land-to-building ratio is a means to calculate in percentage how much a structure occupies the total land parcel on which it is located. It is the total building area as a percentage of ...
To pass property by will to an heir. Strictly speaking, real estate cannot be bequeathed to an heir, it must be devised. However, if it becomes clear the purpose of the testator was to ...
Partnership agreement where the parties consent to purchase the interest of those leaving the partnership while those leaving similarly consent to sell their interests to agreement for a ...
To confirm, ratify, verify, and accept a transaction that can be canceled. ...
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