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The following list has been prepared to assist you in your home buying experience.
You will here many of these terms as you move through
the process of obtaining a mortgage and acquiring your new home.
We at Homespec hope that you find the definitions informative and useful.
A gradual paying off of a mortgage by periodic installments.
An estimation of a property's value, often made by lenders before deciding the amount of a mortgage.
A value placed on a property as a basis for taxation.
A mortgage taken over from the seller of a property by the buyer.
The final payment on a loan or mortgage, usually larger than the previous payments.
An agreement by the buyer to cover the down payment on the purchase of real estate before a final contract is drawn up.
Usually a licensed agent who acts on behalf of the seller of a property, making arrangements for the sale.
The meeting of a buyer, a seller, a banker, and attorneys for all parties at which a real estate sale is completed with the writing of checks; it usually takes place 30 to 60 days after signing of the contract.
The amount paid to a real estate broker for services rendered.
A form of individual ownership in a multiple-unit dwelling, townhouse, or detached house in which the owner buys title to a single unit and an interest in common areas.
A binding agreement between parties to transact real estate under agreed-upon terms.
A form of individual ownership in a multiple-unit dwelling in which buyers purchase shares in a cooperative corporation that owns the building; the shares entitle the holder to a proprietary lease on an apartment in the building.
A written document that conveys ownership of real property.
The value of an owner's real property after deducting mortgages and liens.
A written agreement to place money or property with someone else until it is due to be delivered to a designated party; often used for payment of taxes along with mortgage payments.
The Federal National Mortgage Association, the largest secondary mortgage agency.
Federal Housing Administration (FHA)
A division of the federal government's Department of Housing and Urban Development that insures mortgages.
The Federal Home Loan Mortgage Corporation, which buys mortgages from lenders, allowing the lenders to make new mortgages.
The Government National Mortgage Association, which buys FHA-insured loans from lenders.
An amount equal to 1 percent of a loan, charged to the borrower by the lender.
An additional fee charged for paying off a mortgage before it is due.
The amount of money borrowed from a lender for a mortgage, upon which interest is computed.
A written document that gives evidence of property ownership.