|Real Estate Information|
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
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Buying Outer Banks (OBX) Investment Property
So, you're thinking of purchasing a rental property at the beach. Historically, real estate investments have proven to be a wise investment strategy.
How To Find An Experienced Monticello Illinois Realtor
Finding a professional Monticello Realtor in Illinois is thebest way to find the perfect property or home. A licensedrealtor can assist you in locating the type of property youwant in the price range you desire.
Selling Your Home: The Power of a Great Sales Flyer
Even though its importance is often overlooked, a great sales flyer is one of the most effective tools for selling your house. Whether your home is listed with an agent or not, make sure that you have a dazzling flyer.
A Crash Course On The Payout Options Available To You When Selling A Mortgage Note
Okay, let's take a look at the typical payout options:Full Purchase - The investor buys the entire note. This alleviates the seller of the responsibility to collect payments in the future.
Estate planning can enable you to control your property while you are alive, take care of you and your loved ones if you become disabled, and give what you have to whom you want, the way you want, and when you want, and if you wish, you can save every last tax dollar, professional fee, and court cost possible.Estate planners frequently begin the estate planning process by analyzing clients' personal and financial dreams, aspirations, fears and objectives.
Rapid City Real Estate Agents
Take me Back to the Black HillsLocated in Western South Dakota, Rapid City is a thriving community with many amenities to offers its residents. This city is nestled among the beautiful Black Hills, offering endless recreational activities for the outdoor enthusiast in the Black Hills National Forest.
Landlording And Other Aggravations
Here's the gripping story..
Sellers, Are You Having A Hard Time Selling Your Home?
Sue and Chuck DeFiore have the perfect solution for you - Lease Purchasing your home!What is Lease Purchasing?A Lease Purchase is a process that combines a basic rental lease with an agreement to purchase, or with an option to purchase the property. The Buyer (or Lease-Purchaser) pays to the seller a monthly payment that usually approximates a rental amount or a typical mortgage payment on the home.
Real Estate, Real Property and Leased Land; Definitions, Discussion and Explanations
Delaware, and the rest of the original British Colonies, has some land that is leased rather than owned by the residents of that land. Much of it is not evident to the casual observer.
Refinance Rental Property - Dont Sell It
You own a rental property for years, and never see the "big pay-off." Is it time to cash in on your investment, now that you've paid down the mortgage, and values are up? Maybe not.
How to Eliminate Risk in Real Estate Investment
Avoid 12 Common Mistakes Made by Novice Investors and Ensure High Rates of Return!Real estate investment has provided many investors with positive cash flow, tax benefits and satisfaction of making an impact in others lives. Like any investment however, real estate has intricate nuances and market trends that when ignored can cause an investor tremendous heart ache.
Buying a Vacation Home
You'd like to buy a vacation home, but you're not sure where to begin. Perhaps the single most important point to determine up front is why you are buying a vacation home.
How To Negotiate A Higher Price For Your House
Negotiation is where many FSBO home sellers really have problems. The wrong attitude or a slip of the tongue could cost you thousands.
Selling Your Home Quickly, Even if You Have No Money For Repairs
Do you need to sell your home quickly? If so, don't be tempted by the ads you see that say "We Buy Houses" or "Sell Your Ugly House in 9 days for Cash." Those types of ads are placed by real estate investors who are looking for sellers under duress, and they'll only pay up to 70% of the low end market value for your home.
Should You Buy a House or a Condo?
A big debate these days is whether or not to buy a house, or buy a condo. Most of this debate comes from a lack of understanding about condos, and what they are.
Where Does Your Real Estate Commission Fee Go - Why is The Commission so HIGH?
Many who have bought and sold properties through Realtors numerous times; even many real estate agents themselves, don't know where the commission money goes. After all, when a property sells for hundreds of thousands of dollars and the commission is tens of thousands of dollars, it seems like there is a terrific amount of money charged as commission -- and there is.
3 Top Real Estate Investing Methods for Maximum Wealth
Real Estate investing can be used to gain wealth in three major ways -1. Long-term Real Estate investing is most often utilized using appreciation as a planning tool.
Real Estate Investing - Free Vacations While Searching for Real Estate Acquisitions
Real estate investing professionals look for all possible tax deductions because of the generous profits derived from real estate investing.For example, real estate investors are concerned whether the sale of their real estate is subject to capital gains taxation or qualifies as ordinary income.
Just Give Me Eleven Reasons to Buy in Dubai
Buying overseas property is not always for the fainthearted but we think Dubai is an exception to this. Here are eleven reasons to buy in Dubai:1.
Back To The Future - Big Changes Are Coming, Get Ready Now
The comments below are quoted from a recent speech by Ben Bernanke, a member of the Federal Reserve Board of Governors..
|home | site map|
|© 2006 TIGER MEDIA|