In an adjustable rate mortgage (ARM), the maximum rate that can be charged during the mortgage period. For example, John obtained an $80,000 6% ARM having a lifetime rate cap of 10.5%.
Popular Real Estate Terms
Purchase of part of property or property rights when condemnation takes place. The owner must be justly reimbursed. ...
The period when a financial debt, such as a mortgage, must paid. ...
A loan whereby the lender, in the event of a default, has recourse beyond the collateral pledged to initially secure it. For example, John gave Brian a $50,000 recourse loan using Brian's ...
The term lock-in clause is used in an agreement that prescribes a period of time within which either of the parties that signed a contract cannot terminate the contract. In case one of the ...
The imposition or collection, usually by legal or governmental authority, of an assessment of a specified amount. An example is a tax assessment on real estate. ...
Area that is located between a rural and urban area. ...
Raised concrete border constructed along a street or a sidewalk. A curb prevents vehicle from going on the adjacent property and sidewalks as well as directing runoff into storm drains. ...
Holder of a real estate license who solicits a prospective buyer of property and receives a commission for his efforts. ...
Knowing specific laws and regulations can make the process smoother and safer when buying a home or property. One of the most essential rules to understand is Regulation Z. Created under ...
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