Adjustable rate mortgages: This type of mortgage, also referred to as an ARM for short, offers home buyers adjustable interest rates on their home loan. Although lower interest rates are typically offered initially, they are not guaranteed for the entire term of the loan, as they are adjusted based on different indexes.
Appraiser: A real estate professional whose primary function is to accurately determine the value of one’s home or property in order to facilitate the home buying and selling process.
Bad credit home loans: Home mortgages that enable borrowers to get approved for a loan in spite of bad credit history. Bad credit home loans can also allow home buyers to rebuild their credit with a fresh start.
Closing costs: Expenses that both buyers and sellers are accountable for during the closing of a real estate transaction.
Commercial real estate: Real estate property that is most often utilized for the purpose of business operations. Commercial real estate can usually be leased or owned and includes properties such as office or industrial buildings and retail space for department store usage.
Comparison shopping: The act of taking some time to shop around for mortgage loans, insurance and mortgage rates through a variety of different lenders in order to get the best possible deal. Comparison shopping is most often carried out online as multiple insurance quotes are easily attainable in a quick and convenient manner.
Conforming loans: Mortgage loans that meet GSE guidelines. Conforming loan amounts can typically be purchased through companies such as Fannie Mae or Freddie Mac.
Defaulting: An unfortunate event that can occur when home buyers find themselves unable to continue making payments on their home mortgage loan. It’s often possible for mortgage lenders to work out some type of payment plan when the loan is in default status.
Down payment: A set amount or specific percentage of the sale price that a buyer is required to pay the financial lending intuition when buying a home or property.
Federal Housing Administration: An entity also known as the FHA, which provides mortgage insurance on loans offered by FHA-approved lenders in the United States.
Fixed monthly payments: Usually attached to fixed rate home mortgages, in which a borrower’s monthly payments remain at a set amount for the entire life of the loan.
Fixed rate mortgages: Home loan morgages that are characterized by interest rates that stay the same for the term of the loan. Fixed rate mortgages can also provide home buyers with security when rising interest rates are prevalent in the market.
Home appraisal: One of the most important steps that is involved in the home/property buying and selling process. A home appraisal is usually done by a qualified appraiser who is able to determine the value of the home or property which is being bought or sold.
Home builders: Companies or organizations that actually build homes in various sub-divisions and act as their own real estate agents and mortgage companies. This is because most home builders also market their own lots, and take care of the financing aspects involved.
Home buying bargains: Sales or “bargains” in the real estate market that can often be found with the help of professional agents and brokers, especially when foreclosures are prevalent in the market.
Home equity line of credit: Commonly known as a HELOC, this type of loan is one in which the lending company agrees to lend out a maximum amount of money to a borrower within a pre-set period. Similar to home equity loans, the collateral used against a HELOC is also the borrower’s equity. However, receiving a lump sum is not possible with HELOC’s, as the line of credit they provide is what’s actually used to borrow sums over a period of time, much like a credit card.
Home equity loans: Loans that are granted by financial lending institutions based on a home owner’s equity. Home equity loans are often used for refinancing or home improvements.
Home foreclosure: A necessary part of the legal proceedings involved when banks or other financial lending institutions repossess a home owner’s property due to mortgage loan default status.
Home improvement loans: Types of home loans that borrowers seek out for the sole purpose of renovating or updating their home. The improvements that are made from this type of loan can also work to raise the value of a homeowner’s property, which can ultimately turn over a higher profit when sold.
Home inspection: A process that is usually facilitated by a qualified home inspector whose job is to examine the condition of a home when it is being bought or sold in the real estate market.
Home insurance agents: Professionals in the real estate industry who work to help individuals find and select the best home insurance policies for their specific needs.
Home insurance brokers: Experts who help individuals to find the right home owner’s insurance coverage plan. Unlike agents, home insurance brokers’ primary alliance is with the buyer, as they typically have no contracts or agreements with different insurance providers.
Home insurance companies: Companies that provide home owners with different insurance coverage plans to protect their homes against losses incurred by fire, theft, natural disasters, etc.
Home insurance premium: A specific monthly amount that is paid by the insured party to an insurance company in exchange for home insurance coverage.
Home loan application: An application that potential borrowers are required to fill out in order to pursue a home loan. Applicants are typically asked to fill out some basic personal information as well provide information on what kind of loan they are interested in obtaining. Most home loan applications can also be filled out and submitted electronically.
Home loans: Loans that finance an individual’s ability to purchase a home or property.
Home Owners’ Association: A non-profit organization whose main purpose is to ensure and maintain community facilities and services in residential areas.
Home/Property value: The estimated price or value of a home or property based on contributing factors such as appraisal, assessed value and the prices of other homes in the neighborhood.
Homeowner’s insurance: Insurance that provides home owners with coverage against financial loss that can result from tragic events, including fire, theft etc. Most lenders require individuals to purchase homeowner’s insurance before agreeing to fund their home mortgage loan.
Hurricane insurance: Insurance that protects home owners against financial loss in the event their home or property is damaged or destroyed by the aftermath of hurricanes.
Hybrid mortgage loans: Mortgage loans that work as a combination of both fixed rate and adjustable rate loans. The initial term of hybrid mortgage loans usually start out as a fixed rate before turning into an ARM loan.
Independent home insurance brokers: Licensed brokers who work independently to bring insurance borrowers and lenders together. Most independent brokers also have access to multiple databases consisting of information about different insurance companies, which can be really advantageous.
Interest only mortgages: Much like the name sounds, interest-only mortgages require borrowers to pay only the interest on the mortgage loan, which is usually carried out in monthly installments for a fixed term. At the end of the term, borrowers have the option to pay off the remaining balance in a lump sum,
take out a mortgage refinance, or begin to pay off the principal amount.
Jumbo loans: Commonly known as non-conforming loans, jumbo loans provide borrowers with mortgage loan amounts that exceed the limits offered by companies such as Fannie Mae and Freddie Mac.
Lender fees: Fees that are retained by lenders for the purpose of covering the costs associated with some of their expenses. Some common types of lender fees include origination, underwriting and document preparation fees.
Liability protection: A form of protection that falls under the homeowner’s insurance umbrella. Liability protection under home insurance provides coverage against loss that can result from accidents that may occur at the home.
Making an offer: The act of proposing a sale price for a home or property that is usually initiated by potential home buyers and their real estate agents with the intent to purchase.
Mortgage brokers: Licensed professionals who act as the “middle man” or intermediary between borrowers and lenders in order to better facilitate the home loan process.
Mortgage companies: Companies that finance home mortgage loans to potential home buyers. Some of the major factors that most mortgage companies take into consideration before granting loans include credit score and income. Other contributing aspects that can determine approval vary from company to company.
Mortgage financial calculators: Financial computing tools that allow potential home owners to determine how much they can afford to borrow, how much they should actually borrow and how much their monthly mortgage payments will add up to.
Mortgage rates: The interest rates attached to home mortgage loans. Borrowers typically have the option to choose from either fixed rate home mortgages or variable rate home mortgages. It’s also possible for borrowers to obtain multiple rate quotes by visiting comparison Web sites and plugging in some basic information about the kind of home loan they are interested in applying for.
Mortgage refinancing: The act of obtaining a new mortgage loan for the purpose of paying off an existing loan. Most people opt for mortgage refinancing when interest rates become lower. Refinancing your loan can also be used for other types of expenses, including home renovations.
National Association of Realtors: An organization of realtors that represent over 1 million members who are all involved in different aspects of the commercial and residential real estate industry.
Negotiating: The practice of dealing or bargaining with home or property sellers and buyers in order to lock in the best possible deal. In a traditional real estate transaction, the real estate agent typically handles the sale negotiations for both the buyer and seller.
Open house: The practice of allowing potential buyers to come in and view your home when it’s up for sale in the real estate market. There are many ways in which sellers can prepare for an open house, including keeping the home clutter-free.
Pre-qualified: In the real estate industry, this term usually refers to being “pre-qualified” for a home mortgage loan. The loan officer typically makes a provisional decision based on some of the information you provide. However, the final decision cannot be made until all of your information is verified.
Price range: The maximum amount a potential buyer can afford to spend on a home or property. Most buyers determine what their price range is before shopping around for a home.
Private mortgage insurance: Also referred to as PMI, this type of insurance is a form of extra insurance that some lenders require home buyers to purchase. Most lenders only require the purchase of PMI if the loans obtained by borrowers are more than 80 percent of their new home’s value.
Real estate agents: Professionals in the real estate industry whose main purpose is to help individuals buy and sell homes. Because they are experts in the field, real estate agents have invaluable knowledge and can make the entire process easier and more profitable for both buyers and sellers.
Real estate brokers: Intermediaries for buyers and sellers in the real estate market. The job of real estate brokers is to find individuals who want to buy a home as well as those who wish to sell a home or property.
Real estate investor: An individual who purchases a piece of real estate for the purpose of turning over a profit.
Real estate: The general term for commercial property and residential homes.
Rental insurance: Insurance coverage for individuals who rent out property. Rental insurance typically provides coverage against losses incurred to individuals’ personal belongings. It’s also important for renters to purchase this type of insurance, as their landlord’s policy does not extend coverage.
Residential real estate: This type of real estate refers to homes in various communities rather than business properties in commercial areas.
Reverse mortgages: These types of mortgages are more geared towards the elderly, as they allow home owners who are 62+ to convert part of the equity in their home into cash. With reverse mortgages, you also have the option to receive your money in a lump sum amount, fixed monthly payments or as a line of credit.
Second mortgage: A mortgage loan that is taken out by home owners after the first one. Most people get a second mortgage for the purpose of consolidating debt, paying for school expenses, making home improvements and other types of major purchases that require a large sum of cash on hand.
Square footage: The amount of space in a residential home or commercial property that allows potential buyers to determine how big or small of a place they want to purchase.
Subprime mortgages: A form of bad credit home loan mortgages. Subprime loans are offered to borrowers who fail to satisfy prime financing criteria due to poor credit scores. Subprime mortgages also have higher interest rates attached to them in comparison to traditional loans.
Title insurance: A form of insurance that provides home owners with protection from claims or lawsuits that can be brought on by a faulty title.
Vacation home: A home other than an individual’s primary residence that is most used for vacation getaways and recreational purposes. Many vacation homes can be found on the beach, near the lake or in other exotic areas. It’s also a common practice for vacation home owners to rent out the space when it’s not in use.
Adjustable rate mortgages: This type of mortgage, also referred to as an ARM for short, offers home buyers adjustable interest rates on their home loan. Although lower interest rates are typically offered initially, they are not guaranteed for the entire term of the loan, as they are adjusted based on different indexes.
Appraiser: A real estate professional whose primary function is to accurately determine the value of one’s home or property in order to facilitate the home buying and selling process.
Bad credit home loans: Home mortgages that enable borrowers to get approved for a loan in spite of bad credit history. Bad credit home loans can also allow home buyers to rebuild their credit with a fresh start.
Closing costs: Expenses that both buyers and sellers are accountable for during the closing of a real estate transaction.
Commercial real estate: Real estate property that is most often utilized for the purpose of business operations. Commercial real estate can usually be leased or owned and includes properties such as office or industrial buildings and retail space for department store usage.
Comparison shopping: The act of taking some time to shop around for mortgage loans, insurance and mortgage rates through a variety of different lenders in order to get the best possible deal. Comparison shopping is most often carried out online as multiple insurance quotes are easily attainable in a quick and convenient manner.
Conforming loans: Mortgage loans that meet GSE guidelines. Conforming loan amounts can typically be purchased through companies such as Fannie Mae or Freddie Mac.
Defaulting: An unfortunate event that can occur when home buyers find themselves unable to continue making payments on their home mortgage loan. It’s often possible for mortgage lenders to work out some type of payment plan when the loan is in default status.
Down payment: A set amount or specific percentage of the sale price that a buyer is required to pay the financial lending intuition when buying a home or property.
Federal Housing Administration: An entity also known as the FHA, which provides mortgage insurance on loans offered by FHA-approved lenders in the United States.
Fixed monthly payments: Usually attached to fixed rate home mortgages, in which a borrower’s monthly payments remain at a set amount for the entire life of the loan.
Fixed rate mortgages: Home loan morgages that are characterized by interest rates that stay the same for the term of the loan. Fixed rate mortgages can also provide home buyers with security when rising interest rates are prevalent in the market.
Home appraisal: One of the most important steps that is involved in the home/property buying and selling process. A home appraisal is usually done by a qualified appraiser who is able to determine the value of the home or property which is being bought or sold.
Home builders: Companies or organizations that actually build homes in various sub-divisions and act as their own real estate agents and mortgage companies. This is because most home builders also market their own lots, and take care of the financing aspects involved.
Home buying bargains: Sales or “bargains” in the real estate market that can often be found with the help of professional agents and brokers, especially when foreclosures are prevalent in the market.
Home equity line of credit: Commonly known as a HELOC, this type of loan is one in which the lending company agrees to lend out a maximum amount of money to a borrower within a pre-set period. Similar to home equity loans, the collateral used against a HELOC is also the borrower’s equity. However, receiving a lump sum is not possible with HELOC’s, as the line of credit they provide is what’s actually used to borrow sums over a period of time, much like a credit card.
Home equity loans: Loans that are granted by financial lending institutions based on a home owner’s equity. Home equity loans are often used for refinancing or home improvements.
Home foreclosure: A necessary part of the legal proceedings involved when banks or other financial lending institutions repossess a home owner’s property due to mortgage loan default status.
Home improvement loans: Types of home loans that borrowers seek out for the sole purpose of renovating or updating their home. The improvements that are made from this type of loan can also work to raise the value of a homeowner’s property, which can ultimately turn over a higher profit when sold.
Home inspection: A process that is usually facilitated by a qualified home inspector whose job is to examine the condition of a home when it is being bought or sold in the real estate market.
Home insurance agents: Professionals in the real estate industry who work to help individuals find and select the best home insurance policies for their specific needs.
Home insurance brokers: Experts who help individuals to find the right home owner’s insurance coverage plan. Unlike agents, home insurance brokers’ primary alliance is with the buyer, as they typically have no contracts or agreements with different insurance providers.
Home insurance companies: Companies that provide home owners with different insurance coverage plans to protect their homes against losses incurred by fire, theft, natural disasters, etc.
Home insurance premium: A specific monthly amount that is paid by the insured party to an insurance company in exchange for home insurance coverage.
Home loan application: An application that potential borrowers are required to fill out in order to pursue a home loan. Applicants are typically asked to fill out some basic personal information as well provide information on what kind of loan they are interested in obtaining. Most home loan applications can also be filled out and submitted electronically.
Home loans: Loans that finance an individual’s ability to purchase a home or property.
Home Owners’ Association: A non-profit organization whose main purpose is to ensure and maintain community facilities and services in residential areas.
Home/Property value: The estimated price or value of a home or property based on contributing factors such as appraisal, assessed value and the prices of other homes in the neighborhood.
Homeowner’s insurance: Insurance that provides home owners with coverage against financial loss that can result from tragic events, including fire, theft etc. Most lenders require individuals to purchase homeowner’s insurance before agreeing to fund their home mortgage loan.
Hurricane insurance: Insurance that protects home owners against financial loss in the event their home or property is damaged or destroyed by the aftermath of hurricanes.
Hybrid mortgage loans: Mortgage loans that work as a combination of both fixed rate and adjustable rate loans. The initial term of hybrid mortgage loans usually start out as a fixed rate before turning into an ARM loan.
Independent home insurance brokers: Licensed brokers who work independently to bring insurance borrowers and lenders together. Most independent brokers also have access to multiple databases consisting of information about different insurance companies, which can be really advantageous.
Interest only mortgages: Much like the name sounds, interest-only mortgages require borrowers to pay only the interest on the mortgage loan, which is usually carried out in monthly installments for a fixed term. At the end of the term, borrowers have the option to pay off the remaining balance in a lump sum, take out a mortgage refinance, or begin to pay off the principal amount.
Jumbo loans: Commonly known as non-conforming loans, jumbo loans provide borrowers with mortgage loan amounts that exceed the limits offered by companies such as Fannie Mae and Freddie Mac.
Lender fees: Fees that are retained by lenders for the purpose of covering the costs associated with some of their expenses. Some common types of lender fees include origination, underwriting and document preparation fees.
Liability protection: A form of protection that falls under the homeowner’s insurance umbrella. Liability protection under home insurance provides coverage against loss that can result from accidents that may occur at the home.
Making an offer: The act of proposing a sale price for a home or property that is usually initiated by potential home buyers and their real estate agents with the intent to purchase.
Mortgage brokers: Licensed professionals who act as the “middle man” or intermediary between borrowers and lenders in order to better facilitate the home loan process.
Mortgage companies: Companies that finance home mortgage loans to potential home buyers. Some of the major factors that most mortgage companies take into consideration before granting loans include credit score and income. Other contributing aspects that can determine approval vary from company to company.
Mortgage financial calculators: Financial computing tools that allow potential home owners to determine how much they can afford to borrow, how much they should actually borrow and how much their monthly mortgage payments will add up to.
Mortgage rates: The interest rates attached to home mortgage loans. Borrowers typically have the option to choose from either fixed rate home mortgages or variable rate home mortgages. It’s also possible for borrowers to obtain multiple rate quotes by visiting comparison Web sites and plugging in some basic information about the kind of home loan they are interested in applying for.
Mortgage refinancing: The act of obtaining a new mortgage loan for the purpose of paying off an existing loan. Most people opt for mortgage refinancing when interest rates become lower. Refinancing your loan can also be used for other types of expenses, including home renovations.
National Association of Realtors: An organization of realtors that represent over 1 million members who are all involved in different aspects of the commercial and residential real estate industry.
Negotiating: The practice of dealing or bargaining with home or property sellers and buyers in order to lock in the best possible deal. In a traditional real estate transaction, the real estate agent typically handles the sale negotiations for both the buyer and seller.
Open house: The practice of allowing potential buyers to come in and view your home when it’s up for sale in the real estate market. There are many ways in which sellers can prepare for an open house, including keeping the home clutter-free.
Pre-qualified: In the real estate industry, this term usually refers to being “pre-qualified” for a home mortgage loan. The loan officer typically makes a provisional decision based on some of the information you provide. However, the final decision cannot be made until all of your information is verified.
Price range: The maximum amount a potential buyer can afford to spend on a home or property. Most buyers determine what their price range is before shopping around for a home.
Private mortgage insurance: Also referred to as PMI, this type of insurance is a form of extra insurance that some lenders require home buyers to purchase. Most lenders only require the purchase of PMI if the loans obtained by borrowers are more than 80 percent of their new home’s value.
Real estate agents: Professionals in the real estate industry whose main purpose is to help individuals buy and sell homes. Because they are experts in the field, real estate agents have invaluable knowledge and can make the entire process easier and more profitable for both buyers and sellers.
Real estate brokers: Intermediaries for buyers and sellers in the real estate market. The job of real estate brokers is to find individuals who want to buy a home as well as those who wish to sell a home or property.
Real estate investor: An individual who purchases a piece of real estate for the purpose of turning over a profit.
Real estate: The general term for commercial property and residential homes.
Rental insurance: Insurance coverage for individuals who rent out property. Rental insurance typically provides coverage against losses incurred to individuals’ personal belongings. It’s also important for renters to purchase this type of insurance, as their landlord’s policy does not extend coverage.
Residential real estate: This type of real estate refers to homes in various communities rather than business properties in commercial areas.
Reverse mortgages: These types of mortgages are more geared towards the elderly, as they allow home owners who are 62+ to convert part of the equity in their home into cash. With reverse mortgages, you also have the option to receive your money in a lump sum amount, fixed monthly payments or as a line of credit.
Second mortgage: A mortgage loan that is taken out by home owners after the first one. Most people get a second mortgage for the purpose of consolidating debt, paying for school expenses, making home improvements and other types of major purchases that require a large sum of cash on hand.
Square footage: The amount of space in a residential home or commercial property that allows potential buyers to determine how big or small of a place they want to purchase.
Subprime mortgages: A form of bad credit home loan mortgages. Subprime loans are offered to borrowers who fail to satisfy prime financing criteria due to poor credit scores. Subprime mortgages also have higher interest rates attached to them in comparison to traditional loans.
Title insurance: A form of insurance that provides home owners with protection from claims or lawsuits that can be brought on by a faulty title.
Vacation home: A home other than an individual’s primary residence that is most used for vacation getaways and recreational purposes. Many vacation homes can be found on the beach, near the lake or in other exotic areas. It’s also a common practice for vacation home owners to rent out the space when it’s not in use.