A preliminary assessment conducted by the lender that evaluates the buyer
This rate is reserved for a lender
The principal refers to the amount of money initially borrowed for a mortgage. The principal can also refer to the party that has given another power the ability to speak on his behalf and represent his best interest in a transaction.
This is the idea that the value of a home will increase, as long as its physical properties, such as age, condition, and size are similar to surrounding houses in the area.
This is the idea that the value of a home will likely benefit from surrounding homes that are priced on the higher end of the spectrum.
This is the idea that the value of a home may be affected by surrounding homes that are priced on the lower end of the spectrum.
Thus is an insurance paid by the borrower that protects the lender from a default by the borrower.
This is the insurance paid by the borrower that protects the lender from a default by the borrower.
The preparation of a mortgage loan application and supporting documentation for consideration by a lender or insurer.
A fee that is charged by a lender to initiate a loan.
This is the term that is used to decide if a broker is entitled to a commission from a transaction.
The amount paid to a broker that covers the cost of providing REALTORS
A document with a written promise that outlines the payment amount and due date to be paid to a party, usually for the repayment of a loan.
A physical or fictitious line that constitutes the barrier or dividing line between two properties.
An estimated value of a property that represents the market value buyers are willing to pay for a property.
To assign the certain percentages that will be paid by both the buyer and seller at the time of closing that will cover closing costs.
This is a list authored by the buyer that outlines specific areas the buyer wants fixed before closing on the property.
An official document signed by both the buyer and seller that binds the buyer to the purchase of the property, and the seller to the sale of the property.
Also known as the purchase agreement or deposit, this is a document that provides written documentation of a buyer
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