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Do You Speak Real Estate?
Anyone interested in real estate should be able to talk the talk. Here is a list of common phrases and words with ashort explanation. Use it as a reference: Adjustable Rate Mortgage (ARM). A type of mortgage loan whose interest rate changes periodically up or down, usually once or twice a year. They are tied to an interest rate index like 11th District Cost of Funds. Annual Percentage Rate (APR). Everything financed in your mortgage loan package (interest, loan fees, points or other charges) expressed as a percentage of the loan amount (usually slightly above the actual interest rate alone). Assumable Loan. A loan in which the lender is willing to "transfer" from the previous owner of the home to the new owner, sometimes at the same interest rate, sometimes at a new rate. An assumable loan can make your home more attractive to buyers when you want to sell. Often thenew buyer has to qualify for the assumption just as he/shewould for a new loan. Closing Costs. Costs the buyer must pay at the time of closing in addition to the down payment: including points, mortgage insurance premium, homeowners insurance, prepayments for property taxes, etc. Closing costs average 3% to 4% of the loan amount. Contingency. A condition put on an offer to buy a home; such as the prospective buyer making an offer contingent on his or her successful sale of a present home. Conventional Mortgage. A type of mortgage not insured by either the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA), and thus usually requiring a 10% to 20% down payment. Earnest Money. Funds submitted with an offer to show "good faith" to follow through with the purchase. Earnest money is placed by the buyer into an escrow/trust account until closing, when it becomes part of the down payment or closing costs. Escrow. A procedure in which documents or transfers of cash and property are put in the care of a qualified third party, other than the buyer or seller. FHA Financing. Financing for a loan which will be insured against loss by the Federal Housing Administration. Such financing allows for a lower down payment than required by most lenders. Homeowners Insurance. Insurance that protects the homeowner from casualty (losses or damage to the home or personal property) and from liability (damages to other people or property). Required by the lender and usually included in the monthly mortgage payment. Loan Origination Fee. A fee charged by the lender for evaluating, preparing, and submitting a proposed mortgage loan. Mortgage Insurance Premium (MIP). A charge paid by the borrower (usually as part of the closing costs) to obtain financing, especially when making a down payment of less than 20 percent of the purchase price, for example on an FHA-insured loan. Point. An amount equal to one percent of the principal amount being borrowed. The lender may charge the borrower several points in order to provide the loan. Property Taxes. Taxes (based on the assessed value of the home) paid by the homeowner for community services such as schools, public works, and other costs of local government. Paid as a part of the monthly mortgage payment. Title Insurance. Protects lenders and homeowners against loss of their interest in property due to legal defects in the title. VA Loan. A loan guaranteed by the Department of Veterans Affairs against loss to the lender, and made through a private lender. When it comes to real estate, now you can sling the lingo with the best of them. Mark Walters is an investor-entrepreneur helping other investors from his Web pages at http://www.Lease-Option-Sub2.com
MORE RESOURCES: The Folly of China's Real-Estate Boom Was Easy to See, but No One Wanted to Stop It The Wall Street Journal Homes for Sale in Manhattan and Queens The New York Times Agencies' headquarters in DC remained 'nearly empty' in 2023, real-estate board finds Federal News Network reAlpha Tech Corp. Launches Claire, Real Estate's First AI-powered, Zero-Commission Smart Buyer's Agent Business Wire Judge Approves $418 Million Settlement That Will Change Real Estate Commissions - The New York Times Homebuyers and sellers might spend less following major real-estate settlement - Evanston RoundTable Homebuyers and sellers might spend less following major real-estate settlement Evanston RoundTable I'm A Real Estate Agent: Here's What Will Happen to the Housing Market If Rent Keeps Rising Yahoo Finance Bill Vanderstraaten, Scott Rohrman to join North Texas Commercial Real Estate Hall of Fame The Dallas Morning News Blackstone's Beleaguered Real-Estate Fund Stems Exodus The Wall Street Journal Home in Silver Hills North an oasis in Prattville | REAL ESTATE Montgomery Advertiser Spokane-based Haven Real Estate Group acquired by Epique Realty Spokane Journal of Business Seattle DJC.com local business news and data - Real Estate - Developer sought for 100-plus Bainbridge Island units Seattle Daily Journal of Commerce The Highest Paid Execs in Real Estate Mike DelPrete Pigford marks 50 years as licensed real estate agent Meridian Star Kevin Owens joins Scottsdale-based Lessen real estate company | Scottsdale Independent Daily Independent Better Homes and Gardens Real Estate Metro Brokers extends affiliation agreement for 10 years Atlanta Agent magazine Homes for Sale in New York and Connecticut The New York Times Reversing the Real-Estate Doom Loop Is Possible. Just Look at Detroit. The Wall Street Journal Quebec Real Estate Investor Luc Poirier Looks to South Shore Brossard for Future Growth CoStar Group CoStar Group acquires Matterport for digitalizing real estate GIM International Who's Who in Residential Real Estate 2024: Berkshire Hathaway agents - Pittsburgh Business Times The Business Journals Pulled real estate deals highest in Europe since global financial crisis, says MSCI 1470 & 100.3 WMBD Massachusetts housing crisis: Greater Boston Real Estate Board campaign slams transfer fees Boston Herald Real estate transfers GoDanRiver.com Recent commercial real estate transactions - 4/24/24 BizTimes Milwaukee Invest DSM selects real estate firm to manage mixed-use building in Highland Park Local 5 - weareiowa.com Baltimore City: See how much real estate prices increased the week of Dec. 11 - The Baltimore Banner Baltimore City: See how much real estate prices increased the week of Dec. 11 The Baltimore Banner Real Estate Property Transfers in Franklin for April 1, 2024 Williamson Source Woodsist Festival Unveils 2024 Artist Lineup: Yo La Tengo, Real Estate, Jessica Pratt, Woods and More jambands.com How restaurants can tailor real estate strategies to an uncertain market Restaurant Business Online What changes to real estate industry commissions could mean for you | Dollars & Sense ABC10.com KXTV Collierville shopping center sold to Atlanta-based real estate firm - Memphis Business Journal The Business Journals Chris Hemsworth's Homes: Inside the Marvel Star's Real Estate Portfolio Architectural Digest Manhattan Real Estate Update: "Embrace the Boredom" westsiderag.com Big changes coming to commissions in July ABC10.com KXTV Positive week for Mivne Real Estate (K.D) Ltd (TLV:MVNE) institutional investors who lost 6.9% over the past year Simply Wall St Choice Properties Real Estate Investment Trust Reports Results for the Three Months Ended March 31, 2024 Business Wire People and Property: Real Estate and Construction News From Around NH New Hampshire Business Review Linden Hill Estate in Gladwyne going up for auction in May The Philadelphia Inquirer Sponsor our real estate and development series Racine County Eye Pod People on KWTX@4: Meet the podcast host of "Mosaic - The Stories of Real Estate." - 4.24.24 KWTX Fennemore renews Biltmore lease with smaller footprint amid firm's national expansion - Phoenix Business Journal Phoenix Business Journal Real-estate agent's ritzy Hamptons home used in fake Airbnb scam Business Insider A 19th Century Real Estate Covenant has Shaped Brooklyn Heights and Incited Litigation Brooklyn Heights Blog Banks Believe They Are Well-Prepared for Commercial Real Estate Fallout The Wall Street Journal Real Estate Sales Include Two Falconer Commercial Properties Jamestown Post Journal @properties and Christie’s International Real Estate opt to settle broker-commission lawsuits Chicago Agent magazine Woman shocked to learn her Hamptons home was fraudulently listed on Airbnb after call to wire $25K New York Post Is The Housing Market Going To Crash? Bankrate.com The World's Wealthiest Individuals Are Focused On Real Estate - Here's How You Can Build Your Own Real Estate ... Yahoo Finance Real Estate Group Plans Anti-Transfer Tax Campaign State House News Service EfTEN Real Estate Fund AS unaudited results for 1st quarter 2024 Yahoo Finance UK 'There's just not enough listings out there': A look at the Milwaukee-area's real estate market WUWM Acore Capital raises $1.4bn for US real estate debt fund IPE Real Assets 10 Real Estate Charts Showing What's Next for Housing: Ivy Zelman Business Insider 5 Experts Dish on Philly's Real Estate Market Philadelphia Style | Modern Luxury Woodsist Festival Announces 2024 Lineup Feat. Yo La Tengo, Real Estate, Jessica Pratt, & More Stereogum Inside Bill Gates' real estate, from his Seattle to Florida houses Business Insider Real estate group launches campaign to defeat transfer tax - Boston Business Journal Boston Business Journal |
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