Amortization Schedule – A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.
Appraised Value – An “appraisal” is a comprehensive report that determines the value of your property based on a number of valuation factors, ranging from gross living space, to the view and the year a property was built. If you plan on purchasing a new home or refinancing your current loan, you will need to order an appraisal. Usually a bank or mortgage broker will handle this for you, but you will still have to foot the bill unless it’s built into your mortgage rate.
Fixed-Rate Mortgage – A “fixed-rate mortgage” is the most ordinary and uncomplicated mortgage available to homeowners today. As the name suggests, the interest rate on a fixed mortgage does not change during the entire duration of the loan, which is typically 30 to 35 years.
Interest Cost – In addition to the two standard means of setting the cost of a mortgage loan (fixed at a set interest rate for the term, or variable relative to market interest rates), there are variations in how that cost is paid, and how the loan itself is repaid. Repayment depends on locality, tax laws and prevailing culture. There are also various mortgage repayment structures to suit different types of borrower.
Broker – In the United States, real estate brokers and their salespersons (commonly called “real estate agents” or, in some states, “brokers”) assist sellers in marketing their property and selling it for the highest possible price under the best terms. When acting as a buyer’s agent with a signed agreement (or, in many cases, verbal agreement, although a broker may not be legally entitled to his commission unless the agreement is in writing), they assist buyers by helping them purchase property for the lowest possible price under the best terms.
Listing – Open listing, this is an agreement whereby the property is available for sale by any real estate professional who can advertise, show, or negotiate the sale. Whoever first brings an acceptable offer would receive compensation. Real estate companies will typically require that a written agreement for an open listing be signed by the seller to ensure the payment of a commission if a sale should take place.
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