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        ADJUSTABLE-RATE MORTGAGE (ARM) Expand

         

        interest rates on this type of mortgage are periodically adjusted up or down depending on a specified financial index

        AMORTIZATION Expand

         

        a method of equalizing the monthly mortgage payments over the life of the loan, even though the proportion of principal to interest changes over time. In the early part of the loan, the principal repayment is very low, while the interest payment is very high. At the end of the loan, the relationship is reversed

        ANNUAL PERCENTAGE RATE Expand

         

        the actual finance charge for a loan, including points and fees, in addition to the stated interest rate

        APPRAISAL Expand

         

        an expert opinion of the value or worth of a property

        ASSESSED VALUE Expand

         

        the value placed on a property by a municipality for purposes of levying taxes. It may differ widely from appraised or market value

        BALLOON PAYMENT Expand

         

        a large principal payment due all at once at the end of some loan terms

        CAP Expand

         

        a limit on how much the interest can change in an adjustable-rate mortgage

        CERTIFICATE OF TITLE Expand

         

        a document, signed by a title examiner, stating that a seller has an insurable title to the property

        CLOSING Expand

         

        the deed to a property is legally transferred from seller to buyer, and documents are recorded

        CLOSING COSTS Expand

         

        see "settlement"

        COMMISSION Expand

         

        a fee (usually a percentage of the total transaction) paid to an agent or broker for services performed

        COMPARATIVE MARKET ANALYSIS (CMA) Expand

         

        a survey of the attributes and selling prices of comparable homes on the market or recently sold; used to help determine a correct pricing strategy for a sellers property

        CONTINGENCY Expand

         

        a condition in a contract that must be met for the contract to be binding

        CONTRACT Expand

         

        a binding legal agreement between two or more parties that outlines the conditions for the exchange of value (for example money exchanged for the title to property)

        DEED Expand

         

        a legal document that formally conveys ownership of a property from sellers to buyer

        DOWN PAYMENT Expand

         

        a percentage of the purchase price that the buyer must pay in cash and may not borrow from the lender

        RELATED ARTICLES:

        Find out how long it should take to save for a down payment here.

        Discover the benefits of putting 20% down here.

        EQUITY Expand

         

        the value of the property actually owned by the homeowner: purchase price, plus appreciation, plus improvements, less mortgage and liens

        ESCROW Expand

         

        a fund or account held by a third-party custodian until conditions of a contract are met

        FIXED-RATE MORTGAGE Expand

         

        interest rates on this type of mortgage remain the same over the life of the loan. Compare to "adjustable-rate mortgage"

        FIXTURE Expand

         

        a recognizable entity (such as a kitchen cabinet, drape or light fixture) that is permanently attached to a property when it is sold

        HAZARD INSURANCE Expand

         

        compensates for property damage from specified hazards such as fire and wind

        INTEREST Expand

         

        the cost of borrowing money, usually expressed as a percentage rate

        LIEN Expand

         

        a security claim on a property until a debt is satisfied

        LISTING CONTRACT Expand

         

        an agreement whereby an owner engages a real estate company for a specified period of time to sell a property, for which, upon the sale, the agent receives a commission

        MARKET PRICE Expand

         

        the actual price at which a property sold

        MARKET VALUE Expand

         

        the price that is established by present economic conditions, location, and general trends

        MORTGAGE Expand

         

        security claim by a lender against a property until the debt is paid

        MULTIPLE LISTING SERVICES (MLS) Expand

         

        a system that provides to its members detailed information about properties for sale

        ORIGINATION FEE Expand

         

        an application fee(s) for processing a proposed mortgage loan

        PITI Expand

         

        principal, interest, tax, and insurance, forming the basis for monthly mortgage payments

        POINT Expand

         

        one percent of the loan principal. It's charged in addition to interest and fees

        PREPAYMENT PENALTY Expand

         

        a fee paid by a borrower who pays off the loan before it is due

        PRINCIPAL Expand

         

        one of the parties to a contract; or the amount of money borrowed, for which interest is charged

        PRORATE Expand

         

        divide or assess proportionately

        PURCHASE & SALE AGREEMENT Expand

         

        a contract between buyer and seller that outlines the details of the property transfer

        SETTLEMENT Expand

         

        all financial transactions required to make the contract final

        TITLE Expand

         

        a document that indicates ownership of a specific property

        TITLE SEARCH Expand

         

        detailed examination of the entire document history of a property title to make sure there are no legal encumbrances

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