Monthly Archives: February 2009

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 … Continue reading →

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 … Continue reading →

Rate Lock: A specific fixed interest rate for a specified amount of time that is guaranteed by the mortgage lender. Read more to view related video clips

Due on Sale: When you sell a property which has a mortgage lien, the remaining balance of the loan is paid to the lender at the time of the sale. Read more to view related video clips

Qualifying Ratios: Lenders look at asset-to-debt and other ratios in order to determine exactly how much the borrower can financially afford as a maximum mortgage amount. The more you owe in debt, the less you will be able to borrow. … Continue reading →

Down Payment: The amount of money you put down on the purchase of a home. The amount of a down payment is usually a certain percentage of the price of a home which varies from lender to lender, but is … Continue reading →

Purchase Contract: The contract that is signed once the buyer and seller finish negotiating the terms of the sale of the home. Read more to view related video clips

Discount Points: When you get a mortgage loan, you may pay these discount points in order to get better terms on your long-term mortgage loan. One point is usually equal to 1% of the loan value, so if you are … Continue reading →

Purchase and Sale Agreement: An agreement between the seller and buyer of a property that states the terms of the sale of the home. Related Article: Purchase Agreement Information Read more to view related video clips

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. Read more to view … Continue reading →