Active — A acreage that is on the bazaar and accessible for sale. It may accept accustomed offers but none accept been accepted.
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ARM — Adjustable-Rate Mortgage. A mortgage accommodation with a clashing absorption rate.
APR — Annual Percentage Rate. APR is a broader admeasurement of the bulk of borrowing money. It reflects not alone the absorption bulk but additionally points, fees and added accuse paid to access a loan.
Appraisal — An appraisement of the bazaar bulk of a acreage based on commensurable contempo sales of homes nearby. It is done by a accountant adjudicator for a lender.
Arms-length transaction — Both parties to a transaction are acting in their own self-interest. Neither affair is pressured by or acts in affiliation with the added to assure the fair bazaar bulk of the property.
Assessment — An appraisement of the home’s bulk for acreage tax purposes.
Closing costs — The costs and fees associated with the acquirement and auction of a home, such as taxes, appellation insurance, appraisement fees and lender fees.
Closing Disclosure — A final annual of accommodation acceding and closing costs. The client charge accept it three business canicule afore closing. Replaced the old HUD-1 form.
Commission — A fee answerable by a absolute acreage abettor for his services. In abounding cases, the abettor pays the agency to his abettor as able-bodied as the buyer’s agent.
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Contingency — A action that charge be met afore a auction can close. Common contingencies accommodate home inspection, costs and home appraisal.
DTI — Debt-to-Income. The absolute percent of a borrower’s assets that is paid adjoin debt anniversary ages affected as a arrangement of a borrower’s gross annual assets over his debts including car payments, apprentice loans and acclaim agenda bills. A borrower’s DTI affects his acclaim rating.
Deed — A acknowledged certificate filed with the canton that annal homeownership.
Down acquittal — The bulk of money a client pays at closing adjoin a home purchase.
Earnest money drop — A fractional acquittal by a client back appointment a arrangement that demonstrates the buyer’s charge to the deal. The money, which is captivated in an escrow account, goes adjoin closing costs.
Equity — The bulk actual afterwards adding the bulk of a mortgage accommodation from the sales bulk of the home.
Escalation article — A apparatus acclimated by buyers to outbid competitors for a property. In the arrangement action submitted by the client to the seller, the client states he will access his action by a assertive bulk if the abettor receives offers college than his.
Escrow — A aloof or third affair who handles the barter of money and abstracts on account of two added parties afore the closing of a sale.
Fixed-rate mortgage — A mortgage accommodation with an absorption bulk that won’t change during the breadth of the loan.
FSBO — For Auction By Owner. The client of the acreage is affairs afterwards a absolute acreage agent.
Listing — Acreage for auction that is listed on the assorted advertisement service. A FSBO is not a listing.
LTV — Loan-to-Value. The arrangement of the bulk of money adopted over the acquainted bulk of the home. It is a key accident agency that lenders accede back evaluating a accommodation application.
MLS — Assorted Advertisement Service. A bounded or bounded absolute acreage account that compiles accessible backdrop for auction submitted by absolute acreage brokers and agents. An MLS can alone be accessed by absolute acreage brokers and agents.
Pending — An action has been accepted, a arrangement has been accomplished and the contingencies accept been met.
Points — A ancient fee paid to a lender according to 1 percent of the accommodation bulk to abate the absorption rate.
Preapproved — A client completes an application, pays a fee and food the all-important affidavit to the lender who performs an all-encompassing banking accomplishments check. The lender will affair a codicillary charge in autograph for an exact accommodation amount. Preapproval does not acceding a loan.
Prequalified — An breezy appraisement of how abundant a client can allow to borrow for a mortgage. It does not accommodate an assay of a buyer’s acclaim address or an all-embracing attending at his adeptness to acquirement a home.
PITI — Principal, Interest, Taxes and Insurance. The above homeownership costs included in abounding annual mortgage payments.
PMI — Private Mortgage Insurance. Allowance that protects a lender adjoin accident if a borrower defaults on a loan. PMI is appropriate for accustomed loans that accept beneath than a 20 percent bottomward payment.
Rate lock — An acceding amid a borrower and a lender that allows the borrower to lock in an absorption bulk on a mortgage for a defined aeon of time.
Title allowance — Compensates the client or lender if appellation defects, liens or aggressive claims of buying on a acreage appear afterwards closing.
Under arrangement — A abettor has accustomed the buyer’s action but any contingencies accept yet to be met.
Sources: Realtor.com; Nolo.com; Redfin
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