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: Real estate mogul concerned how Americans will deal with squatters: ‘Something really bad is going to happen’ Fox Business Prologis Warns of Slowing Industrial Real-Estate Market The Wall Street Journal Industrial property company warns of a slowing real estate market Greater Baton Rouge Business Report Real estate: where is the best place to live in Boston 2024 The Boston Globe How Will Real Estate Commission Ruling Impact Bay-Region Homebuyers? Chesapeake Bay Magazine Former HGTV star from Los Gatos sentenced in $10M real estate fraud case CBS San Francisco 2 real estate firms join forces for medical office building acquisitions Becker's ASC Review Big Tech Is Downsizing Workspace in Another Blow to Office Real Estate The Wall Street Journal Arizona Coyotes owner cares more about real estate than hockey The Arizona Republic The Top Luxury Real Estate Leaders In Washington DC Modern Luxury Experienced Acquisitions Expert Justin Maturo Joins Mesirow Institutional Real Estate Direct Investments PR Newswire People and Property: Real Estate and Construction News From Around NH New Hampshire Business Review Real Estate Fresh Finds: April 17 PoPville VR Home Tours: The Future of Real Estate Showings hackernoon.com Real Estate Sales Down, Price per Foot Up, in March Brownwood News JWB Real Estate to host community town hall - Jacksonville Business Journal The Business Journals New York community-scale developer Ninedot secures US$13 million real estate financing Energy-Storage.news NS proposes 5% real estate tax increase for 2024-25 Shenandoah Sentinel LICP's 19th Annual Real Estate Breakfast explores urban transformation in Long Island City Queens Post Flagship Communities Real Estate Investment Trust Announces Largest Acquisition in the REIT's History GlobeNewswire Friedman Real Estate closes sale of 12952-square-foot industrial property in Madison Heights – REJournals REjournals.com The Top Luxury Real Estate Leaders In Philadelphia Philadelphia Style | Modern Luxury Real estate, finance jobs are driving Tampa Bay's economy, report shows - Tampa Bay Business Journal The Business Journals Consumer warning: real estate fraud schemes target Dominicans Brooklyn Daily Eagle SVN | J. Beard Real Estate Announces The Addition of Marshall Davidson As Chief Investment Officer Woodlands Online Leading Conference Organizer IMN Launches AI in Real Estate Conference on June 11 in New York City Yahoo Finance A new real estate trend? Shopping malls converted into residential units in South Florida NBC 6 South Florida On Real Estate: New York needs housing mandates to solve housing crisis Crain's New York Business REAL ESTATE | Open House event April 25, 2024, at Love Hope Faith Home in West Bend, Wi | By Charmaine Brea washingtoncountyinsider.com Parkside Uptown — Bank of America’s future Dallas home — finds $290 million The Dallas Morning News High Mortgage Rates Impact New Construction: Builders Pull Back Norada Real Estate Investments Local real estate agents discuss how lawsuit may impact the market Daniel Island News Flat For Flip (FFF) Intends to Expand European Real Estate Market to Asian Buyers through NFTs GlobeNewswire Top residential real estate sales for April 1-5 in Longboat, Lido, St. Armands, Bird Key Your Observer California Housing Market Slows Down but Home Prices Soar Norada Real Estate Investments Regional Banks Face Challenges from Commercial Real Estate Market Value the Markets Ex-HGTV star and Los Gatos house flipper Charles 'Todd' Hill sentenced in real estate fraud case KGO-TV REAL ESTATE | Eaton's Pizza remodel underway at new location on Hwy 33 in West Bend, WI washingtoncountyinsider.com Fertitta buys properties near Post Oak Hotel, River Oaks District - Houston Business Journal The Business Journals Mortgage Rates Soar to Highest Level Since November Norada Real Estate Investments H-E-B buys land in Celina The Dallas Morning News |
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