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REAL ESTATE AND MORTGAGE TERMS:
I
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- Account held by a lender for payment of taxes, insurance or
other related expenses. Also known as an escrow account.
- Valuable additions to property which raise the value of the
property.
- Other costs that are incurred when a real estate loan is closed.
Index
- A published rate or benchmark measure of current interest
rate levels used to calculate periodic changes in rates charged
on adjustable rate mortgages.
Installment Sale
- A tax term used to describe a sale which is usually accomplished
by use of a land contract.
Insured Mortgage
- A mortgage insured against loss to the mortgagee (lender)
in the event of default and failure of the mortgaged property
to satisfy the balance owing plus cost of foreclosure.
Interest Payment Notification (1098)
- A federal tax form that lenders use at year end to notify
borrowers of the interest that was paid on their mortgage over
the last year.
- The percentage of an amount of money which is paid for its
use for a specified time.
- Someone who has died without leaving a valid will.
- A property that is not occupied by the owner and in most cases
produces income or is held for gains from appreciation.
GLOSSARY:
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