SSS_X025XXC08032017_Homes Digest

hd_aug2017

Equity - The owner’s value or interest in a property. Escrow - The placement of money or documents with a third party for safekeeping pending the fulfillment or performance of a specific act or condition. FHA Mortgage - A mortgage loan insured by the Federal Housing Administration, permitting lenders to offer better terms. Fixed-rate Mortgage - A loan that has only one stated interest rate. HUD - Housing and Urban Development - A U.S. governmental agency established to implement certain federal housing and community development programs. Lien - A legal claim against a property that must be paid when property is sold. Loan Origination Fee - The charge you must pay to the lender for processing your mortgage. Market Value - The highest price a ready, willing and able buyer will pay and the lowest price a seller will accept. Mortgage - A lien on real estate given by the buyer as security for money borrowed from a lender. Mortgage Insurance - A policy that provides protection for the lender in case of default and guarantees repayment of the loan in the event of the death or disability of the borrower. MLS - Multiple Listing Service Points - A dollar amount, expressed as a percentage of the mortgage amount, which is paid to a lender as a consideration for making a loan. A point is 1% of the amount of the mortgage loan; also called discount points. P & I - Principal and Interest Payment - The periodic (usually monthly) payment that includes the interest charges for the period plus an amount applied to amortization of the principal balance. PITI - Principal, Interest, Taxes and Insurance Payment - The periodic payment that includes a principal and interest payment plus a contribution to the escrow account set up by the lender to pay insurance premiums and property taxes on the mortgage property. REALTOR® and REALTOR ASSOCIATE - Registered collective membership marks that identify real estate professionals who are members of the National Association of REALTORS and subscribe to its strict Code of Ethics. Title - A document that is evidence of ownership. Title Insurance - Protection for lenders and homeowners against financial loss resulting from legal defects in the title. Title Search - A check of title records to identify liens, encumbrances and ownership rights to the property. VA Mortgage - A mortgage loan guaranteed by the Veterans Administration, an agency of the federal government that provides services for eligible veterans. adno=HD-FIL-FP4 TRIB TOTAL MEDIA THURSDAY, AUG 3, 2017 · 25


hd_aug2017
To see the actual publication please follow the link above