Real Estate Agents and Lenders have their own technical jargon and here's some of the more common terms you might hear.
The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.
IDX, or broker reciprocity, is a listing sharing arrangement between brokers within a Multiple Listing Service.
An asset's market value is the price it would fetch in the market, if it were sold immediately between a willing seller and a willing buyer.
A type of insurance which guarantees the ownership and quality of title to land.
An educated estimate of the value of a property on a certain date given by a person, usually after an inspection of the property and an evaluation of several similar properties.
Implied in most Agreements of Purchase and
, suggests the buyer is accepting the property in it present state. Sale
This is a legal status of an insolvent person or an organization, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.
This refers to an offer (a price) whether for payment or acceptance.
A tax levied on real or personal property. These taxes can be levied by the state, county, city depending on their jurisdiction.
The percentage charge usually on an annual basis that is paid for the use of money borrowed from another
Money lent at interest to the borrower to pay for a home purchaser. These loans can be done by private individuals, banks, credit unions or other corporate entities.
An estimate of the amount of credit that can be extended to a company or person without undue risk.
A cooperative organization that makes loans to its members at low interest rates.
The lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers.
A mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market.
Home Equity Loan
A loan or credit line that is secured by the equity the borrower has in a home.
A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt. Home loans may either be mortgages or trust deeds.