Making bi-weekly payments on your mortgage which makes one additional payment on your mortgage annually.
An estimate of the current value of the property.
a general increase in the value of property that occurs over time
An adjustable-rate mortgage where the interest rate varies with the current climate
Loan that is neither FHA nor VA; does not require insurance or guarantee, although today high LTV loans are made along with PMI (private mortgage insurance
The appearance of a home from the street.
the difference between the market value of a property and the claims held against it
Loan insured by Federal Housing Administration; made by approved lender with FHA's regulation; borrowers pay mortgage insurance premium (MIP)
an interest rate that does not change over time.
Someone who checks for problems with the building or perating systems of the building.
an agreement that ensures the structural soundness of a home
Common stock is an inflation hedge - we expect it to provide protection over time against inflation.
Interest Only Loan
has a repayment plan that calls for the borrower to pay interest each period and to repay the entire principal (the original loan amount) at some point in the future
an accurate measurement of the property, not a legal description of it
Computer program used by realtors to search frequently updated listings of available properties in order to find prospective homes for their clients.
a long-term loan extended to someone who buys property
The seller is the primary lender securing his or her interest with the use of a deed, note and mortgage, deed of trust, or contract for deed. The buyer takes possession of the property, but the seller retains legal title until paid in full. 14:231
Insurance required when 1st lien loan amount is greater than 80%of the puchase price or appraised value
The money originally invested or loaned, on which basis interest and returns are calculated
A real estate broker holding active membership in a real estate board affiliated with the National Association of Realtors.
When the mortgagee makes regular monthly payments to the mortgagor. The payments create the loan. It is used for elderly people whose homes are paid off or nearly so. The debt is not repaid until they either sell the house or die.
A form of vacation property ownershp where a company sells a small segment of time to a customer. The use and costs of running the property are shared amoung all of the customers, now owners, who bought into the timeshare.
a type of insurance that protects the buyer in case problems with the title are found later
A loan from Veterans Affairs; insures loans to people who have served in the military, with no down payment required