What Are Prepayment Penalties?
A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off of the loan in the event that you inherit a small fortune. Most loans these days do not have prepayment penalties - and if they do, they are only applicable for the first few years of the loan.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
(1) Craft of one who fabricates fine cabinets, furniture, or woodwork. (2) General term describing interior wood finish work performed by cabinetmakers instead of carpenters. (3) Built-in ...
Factors affecting the useability and value of property. Important land features would include whether the land was flat or hilly, cleared or uncleared, high or low elevation, dry or swampy, ...
Kind of siding for wood frame houses where the joints in the usually vertical siding are covered by narrow strips of wood called battens. The battens are nailed over the joints. ...
Parcel of land that is totally surrounded by other land parcels not providing access to a highway. ...
The Graduate, REALTOR® Institute is a designation given to real estate agents who have completed the curriculum developed as an educational attainment program by the National ...
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Company formed for the purpose of owning securities of one or more real estate corporations and assuming control over their practices and management. The other corporations are generally ...
(1) Judges remark in a court ruling not in and of itself embodying the law. A dictum merely illustrates or amplifies the ruling. (2) Arbitrator's ruling. ...
Style of life emphasizing outdoor activities, amenities, and recreation. Example are campers and barbecues. It is usually on a short-term basis. ...
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