Mortgage Market
The interest rate and terms competing mortgage lenders are offering to potential mortgagees. The mortgage market is competitive on the basis of mortgage interest rates, points, credit history requirements, and closing costs. For example, in order for John to obtain a mortgage to finance a home purchase, he compared the interest rates, points charged, need for a credit check and closing costs. He finally settled on a lender whose rate 1/4% lower than the competition, charged fewer points, did not require a credit check and was extremely competitive on closing costs. The bank also guaranteed an interest rate lock-in clause until the day of the closing.
Popular Real Estate Terms
English-style home. It is usually 2-stories high. The roof is of a hip type. The chimney is on the side of the home. ...
Agreement by a lender to loan money to suitable borrowers within a given time period but without identifying those borrowers. ...
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner ...
Additional tax liability that the IRS deems to be owed by a taxpayer. A taxpayer can argue the correctness of a deficiency with the IRS. There can be an appeal to the Tax Court without ...
Considerations used by lenders in appraising a prospective homebuyer' credit application. They are: Character, Capacity (cash Flow), Capital, Collateral and Conditions (economic status) ...
Standard language in real estate contracts and prospectuses-usually in small print. ...
Metal hardware within the construction that is typically not visible, such as bolts, nails, and screws. ...
Capability of a party to enter into a contract such as having the financial and physical resources as well as mental competency to meet contractual commitments. ...
When answering the question of what is a real estate investor, several aspects should be considered. First, a real estate investor, also known as a real estate entrepreneur, allocates ...
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