Market Value: The value you home will sell for depending on the current real estate market trends in your area.
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Tag: real estate
Variable Rate Mortgage loans mortgage terminology definition
Variable Rate Mortgage: This is like a variable interest rate mortgage because the interest rate changes based on the current market standards in real estate.
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Home Warranty loans mortgage terminology definition
Home Warranty: A warranty that covers any problems that occur with your home within a specific amount of time. Some real estate companies offer a one year home warranty when you purchase your home that covers main systems such as heating, ventilation, air
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Settlement Sheet loans mortgage terminology definition
Settlement Sheet: A document that lists all of the details of the sale of the home. A real estate agent will normally go over this document with the buyer and seller and explain the fees or costs, including previous years’ property taxes, points, insuranc
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Rescission Agreement loans mortgage terminology definition
Rescission Agreement: The legal document that both parties sign in order to cancel a previously signed legal contract. If, in the case of real estate transactions, there was a signed purchase agreement and then the buyer or seller changed their minds abou
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RESPA- Real Estate Settlement Procedures Act loans mortgage terminology definition
RESPA- Real Estate Settlement Procedures Act: This states that borrowers must be informed in advance of all of the charges for closing costs of the loan. There is usually a meeting where the borrower sits down with the lending agent while the agent review
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Real Estate Agent loans mortgage terminology definition
Real Estate Agent: A licensed professional who can help with the procedures involved in the purchase or sale of real property. Real estate agents accept a percentage of the sale price of a home as their commission payment for their services.
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Earnest Money loans mortgage terminology definition
Earnest Money: The money placed on a purchase agreement that shows a buyer wants to purchase a home. This money is given to the real estate or title agent so that the seller holds the home until necessary appraisals and inspections can be completed and th
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Depreciation loans mortgage terminology definition
Depreciation: When the value of a property gets lower due to the real estate market in the area or the property owner not keeping up with home repairs and allowing the property to fall into disrepair.
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Appreciation loans mortgage terminology definition
Appreciation: The amount of increase in value that takes place on a property due to real estate trends in the area, home improvements, and other factors that cause the market value of a home to increase.
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