Real Estate Information |
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Do You Speak Real Estate?
Anyone interested in real estate should be able to talk the talk. Here is a list of common phrases and words with ashort explanation. Use it as a reference: Adjustable Rate Mortgage (ARM). A type of mortgage loan whose interest rate changes periodically up or down, usually once or twice a year. They are tied to an interest rate index like 11th District Cost of Funds. Annual Percentage Rate (APR). Everything financed in your mortgage loan package (interest, loan fees, points or other charges) expressed as a percentage of the loan amount (usually slightly above the actual interest rate alone). Assumable Loan. A loan in which the lender is willing to "transfer" from the previous owner of the home to the new owner, sometimes at the same interest rate, sometimes at a new rate. An assumable loan can make your home more attractive to buyers when you want to sell. Often thenew buyer has to qualify for the assumption just as he/shewould for a new loan. Closing Costs. Costs the buyer must pay at the time of closing in addition to the down payment: including points, mortgage insurance premium, homeowners insurance, prepayments for property taxes, etc. Closing costs average 3% to 4% of the loan amount. Contingency. A condition put on an offer to buy a home; such as the prospective buyer making an offer contingent on his or her successful sale of a present home. Conventional Mortgage. A type of mortgage not insured by either the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA), and thus usually requiring a 10% to 20% down payment. Earnest Money. Funds submitted with an offer to show "good faith" to follow through with the purchase. Earnest money is placed by the buyer into an escrow/trust account until closing, when it becomes part of the down payment or closing costs. Escrow. A procedure in which documents or transfers of cash and property are put in the care of a qualified third party, other than the buyer or seller. FHA Financing. Financing for a loan which will be insured against loss by the Federal Housing Administration. Such financing allows for a lower down payment than required by most lenders. Homeowners Insurance. Insurance that protects the homeowner from casualty (losses or damage to the home or personal property) and from liability (damages to other people or property). Required by the lender and usually included in the monthly mortgage payment. Loan Origination Fee. A fee charged by the lender for evaluating, preparing, and submitting a proposed mortgage loan. Mortgage Insurance Premium (MIP). A charge paid by the borrower (usually as part of the closing costs) to obtain financing, especially when making a down payment of less than 20 percent of the purchase price, for example on an FHA-insured loan. Point. An amount equal to one percent of the principal amount being borrowed. The lender may charge the borrower several points in order to provide the loan. Property Taxes. Taxes (based on the assessed value of the home) paid by the homeowner for community services such as schools, public works, and other costs of local government. Paid as a part of the monthly mortgage payment. Title Insurance. Protects lenders and homeowners against loss of their interest in property due to legal defects in the title. VA Loan. A loan guaranteed by the Department of Veterans Affairs against loss to the lender, and made through a private lender. When it comes to real estate, now you can sling the lingo with the best of them. Mark Walters is an investor-entrepreneur helping other investors from his Web pages at http://www.Lease-Option-Sub2.com
MORE RESOURCES: Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com Erie County real estate transactions Buffalo News Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business Worcester County real estate transfers, Sunday, May 19 Worcester Telegram Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties May 19, 2024 edition MassLive.com Portside Real Estate acquires Belgrade Lakes brokerage Kennebec Journal and Morning Sentinel Berks County real estate transactions for May 19 Reading Eagle The same, yet different – seniors and real estate in the Tri-Valley danvillesanramon.com Slow April real estate market among Pueblo's top business news Pueblo Chieftain REAL ESTATE | A look inside The Lofts at Cedar Lake on the campus of Cedar Community washingtoncountyinsider.com Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Agent Spotlight: Andrea Haitz Grand Junction Daily Sentinel Hawaii Real Estate Sales: March 11-15, 2024 Honolulu Star-Advertiser Luxury Homes Are Booming in These 10 Unexpected Cities in 2024 Norada Real Estate Investments REAL ESTATE | Check out Braund's Flooring & Remodeling LLC in West Bend, WI washingtoncountyinsider.com Revised Mortgage Rate Predictions Signal HIGHER Rates in 2024 Norada Real Estate Investments Letter to editor: On recent misinformation regarding upcoming changes to the real estate industry Woodland Daily Democrat Wellesley resident Peter Covo joins Conn Kavanaugh as partner in firm's real estate practice The Swellesley Report Top 10 Brooklyn Listings: A Flatlands Standalone Brownstoner STAR resource center Department of Taxation and Finance Increases in interest rates stress commercial real estate Richmond Times-Dispatch Egypt boasts real estate portfolio valued at $200bn, ready for international export - Dailynewsegypt Daily News Egypt Private Advisor Group LLC Purchases 1425 Shares of Doubleline Commercial Real Estate ETF (NYSEARCA:DCMB) Defense World Celebrity Real Estate Realtor.com News Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Amalgamated Bank Trims Stock Position in Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Defense World Robert Willett may be targeting female Realtors in Northeast Ohio Akron Beacon Journal Real estate transfers: May 17, 2024 RiverheadLOCAL China Says It Will Start Buying Apartments as Housing Slump Worsens The New York Times Real Estate Briefs: Lakeside homes, new condos, and more news Rough Draft Atlanta Kenosha CubeSmart storage facility sold to new owner Kenosha News Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance Mid-May Greenwich Real Estate Market Report Greenwich Sentinel London Real Estate Is About to Get the ‘Selling Sunset’ Treatment Hollywood Reporter Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Stock Position Reduced by Victory Capital Management Inc. Defense World $6 million home was Houston's top residential real estate sale of its week (PHOTOS) The Business Journals Real Estate Newsletter Articles this Week: Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk What's real estate wellness? Fortune Billionaire Frank McCourt raises his hand to buy TikTok Business Insider Dodge County Real Estate Transfers Fremont Tribune News anchor sells luxury Scottsdale home he built for $6M The Business Journals China's real estate market sees surge in weekend consultations and trading, boosted by accommodative policy Global Times Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed Star Tribune Home listings are on the rise in southern Colorado, while other indicators show a slowing real estate market Colorado Public Radio Busch relative settles squabble with Clayton investors over real estate trust St. Louis Post-Dispatch Southern fast-food chain Cook Out buys Tampa real estate The Business Journals See all homes sold in Garfield Heights, May 6 to May 12 cleveland.com MCB Real Estate Revives Long-Awaited Viva White Oak Mixed-Use Project Source of the Spring |
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