The Complete Glossary of Real Estate Terms. There are many abbreviations used in real estate industry. Here’s our comprehensive real estate glossary to help you understand the real estate jargons well. A. Absorption. The number of months it would take to sell the currently listed homes in the market.
Real estate and mortgage finance often times comes with its own unique language. If you work with it every day, it becomes 2nd nature, but most people don’t work with it every day. So we’ve created a glossary of mortgage and real estate terms.
Glossary of Mortgage Terms 1003 form commonly used mortgage loan application developed by Fannie Mae. Sometimes called the Uniform Residential Loan Application. Acceptance a verbal or written acceptance of an offer to buy a home, made from the seller to the buyer. Acre a land measurement commonly used in U.S. property negotiations.
real estate owned (REO) Other real estate owned by the borrower (such as an investment property). reciprocal easement The right of unit owners in different phases of an overall condo development to use the roads, parking areas, etc., in other phases of the development, through the creation of cross-easements.
REAL ESTATE GLOSSARY ( A – Z) A. Acceleration clause or Acceleration Covenant. A contract provision that empowers a money lender to oblige a borrower to pay back all or part of an outstanding loan upon failing to comply with some agreed upon conditions. An acceleration clause outlines the reasons that the lender can claim loan repayment. Such clauses are also common in mortgages or purchase of real estate in portions.
Home Mortgage Loans – Does Shopping Around Save Money? – New Florida Mortgage According to LendingTree, which owns MagnifyMoney, homebuyers stand to save more than $27,000 in interest over the life of a $300,000 loan by comparison shopping for the best mortgage interest rates. LendingTree makes it easy to compare mortgage offers from multiple lenders.
In the real estate industry, a Broker is a real estate broker has to be licensed by the State. A real estate broker either oversees a group of agents working with him/her, or can act as a real estate agent working direct with the public: Cloud on Title: A condition revealed in a title search that negatively affects the title to the real estate.
into-the-deep: Florida Refinance Mortgages no-asset mortgage loans by originating up to $1 billion of them to finance investor-owned homes. The housing crisis in 2008 stemmed largely from defaults on sub-prime mortgages, or so-called NINJAs -.
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