REAL ESTATE AND MORTGAGE TERMS:
- Having a credit report deemed unacceptable by most lending
- Mortgage in which the remaining principal balance becomes
fully due and payable at a predetermined time. Most of the time,
balloon loans have level payments unitl the note becomes due
- The final payment of a mortgage which is larger than the regular
payment; it usually extinguishes the debt.
- A court action to restructure debt.
- Original cost of property plus value of any improvements put
on by the seller minus the depreciation taken by the seller.
- The lender named on the mortgage note. One entitled to the
proceeds of property held in trust; also proceeds of wills,
insurance policies, or trusts.
- Written agreement transferring personal property from one
person to another.
- Preliminary agreement of sale, usually accompanied by earnest
money (term also used with property insurance).
- A mortgage covering more than one property of the mortgage.
- A debt instrument in the capital markets. The US government,
corporations and municipalities use bonds to raise money. Bonds
can also be backed by real estate loans and the payments from
- A form of an interim loan, generally made between a short
term loan and a long term loan when the borrower needs additional
time before obtaining permanent financing.
- A person that represents another for a fee in real estate
transactions. Real Estate brokers help consumers locate suitable
real estate and are paid a fee for their services.
- Government regulations specifying minimum construction standards.
- Distances from the ends and/or sides of the lot beyond which
construction may not extend. The building line may be established
by a filed plat of subdividion, by restrictive covenants in
deeds or leased, by building codes, or by zoning ordinances.
- An interest rate buydown is the temporary reduction of the
note rate and resulting monthly payments a borrower pays to
the lender. The shortfall between the rate on the note and initial
payment made by the borrower is usually paid by a third party
such as a seller or builder.
- Agent who takes the buyer as a client, and is obligated to
represent their interest above all others, and owes specific
fiduciary duties to the buyer.