A traditional, real estate financing mechanism that is not backed by any government or other agency (FHA, VA, etc.). CONVERTIBLE ARM A mortgage that begins with an adjustable rate, that allows the borrower to convert the loan to a fixed rate within a specific time frame.
A Mortgage Broker is the real estate professional who represents an array of banks seeking to issue mortgages. This person meets with a customer, assists with the mortgage application and effectuates the mortgage process on behalf of the borrower and the bank.
Real Estate Glossary. Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years. Agent: The licensed real estate salesperson or broker who represents buyers or sellers.
Browse our Glossary of Mortgage, Loan & Financing Terms.. A binder secures the right to purchase real estate upon agreed terms for a limited period of time.
NICU nurse makes costumes for tiny preemies Mortgage Masters Group 1 in 5 Florida Owners With a Reverse Mortgage Are in Trouble A reverse mortgage on a $1 million home might make sense It might make sense to get a reverse mortgage even if the limits don’t come close to the home’s value. Check out this story on vcstar.com:.Narrator: Once your preemie is able to take short breaks outside the isolette, the next vital thing both Mom and Dad can do for their preemie is provide skin-to-skin contact, also called kangaroo care. Even babies on ventilators can receive kangaroo care. A neonatal nurse will work with you in a slow, step-by-step process.
The CoStar Five Star Building Rating System is the industry’s first nationally consistent building quality rating system that can be applied across all commercial real estate property types and.
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.
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A mortgage covering at least two pieces of real estate as security for the same mortgage. This provides greater security for the Lender. It may be possible to get a "partial" release so the Borrower can sell one of the properties provided a suitable principal reduction is made.
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.