REAL ESTATE/MORTGAGE TERMS
CALL EUNICE AT (713) 851-8888 OR ROD AT (281) 684-4300 FOR YOUR REAL ESTATE NEEDS!
↓ SCROLL DOWN FOR MORE CONTENT ↓
Want to request more detailed information? To complete the BUYERS REQUEST FORM, click HERE.
For more detailed information on REAL ESTATE FINANCING, click HERE.
Welcome to the real estate and mortgage terms page!
Understanding real estate terminology can be of great assistance in buying or selling a home, commercial property, or investment property.
Use the searchable mortgage and real estate dictionary. Also, review the list we have prepared below, in order to help you understand and familiarize yourself with words commonly used in a real estate transaction.
Need a mortgage professional? Consider Dom Capriotti, and click HERE.
SOME REAL ESTATE & MORTGAGE TERMS
TERMS:Interest RateThe monthly effective rate paid (or received if you are a creditor) on borrowed money, expressed as a percentage of the sum borrowed.MLS- IDXIDX, or broker reciprocity, is a listing sharing arrangement between brokers within a Multiple Listing Service.Market ValueAn asset's market value is the price it would fetch in the market, if it were sold in the current marketplace.Title InsuranceA type of insurance which guarantees the ownership and quality of title to land.AppraisalAn educated estimate of the value of a property on a certain date, given by a person, usually after an inspection of the property.As isImplied in most Agreements of Purchase and Sale, and suggests the buyer is accepting the property in its present state and relinquishes responsibility of the buyer.Bankruptcya) A person who has done any of the acts that by law entitle his creditors to have his estate administered for their benefit; b) a person judicially declared subject to having his estate administered under the bankrupt laws for the benefit of his creditors; c) a person who becomes insolvent.BidTo offer (a price), whether for payment or acceptance.Property TaxA tax levied on real or personal propertyInterest RateThe percentage usually on an annual basis that is paid for the use of money borrowed from anotherHome Loana) Money lent at interest; b) something lent usually for the borrower's temporary use.Credit RiskAn estimate of the amount of credit that can be extended to a company or person without undue risk.Credit UnionA cooperative organization that makes loans to its members at low interest rates.Prime RateThe lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers. ARM A mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market.Home Equity LoanA loan or credit line that is secured by the equity the borrower has in a home.MortgageA temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.
SEARCH REAL ESTATE & MORTGAGE DICTIONARY
Do you need professional real estate representation buying a home or property in this area? With over 40 years of real estate experience in this market, we are uniquely equipped to help!
We can help meet ALL of your real estate needs, including residential, commercial, leasing, and income property.
Contact Eunice at (713) 851-8888 or Rod at (281) 684-4300, and we will be happy to provide you with
some outstanding ideas on how you can best prepare to buy your home or
property!
