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What exactly is Prepayment penalty? Glad you asked! A fee charged by a lender if a borrower pays off...
What exactly is Principal? Glad you asked! The amount of money borrowed on a loan, not including interest or...
What exactly is Principal balance? Glad you asked! The amount of money still owed on a loan. Real-Life Example...
What exactly is Private lender? Glad you asked! An individual or institution that lends money to borrowers, often for...
What exactly is Private mortgage insurance (PMI)? Glad you asked! Insurance that a borrower is required to purchase to...
What exactly is Private road maintenance agreement? Glad you asked! An agreement between property owners that details the maintenance...
What exactly is Property appraiser? Glad you asked! A professional who assesses the value of real estate for tax...
What exactly is Percentage lease? Glad you asked! A type of lease agreement in which the tenant pays rent...
What exactly is Personal guarantee? Glad you asked! A legal agreement in which an individual agrees to be personally...
What exactly is Personal property? Glad you asked! Property that is not attached to the land or building, such...
What exactly is Planned unit development (PUD)? Glad you asked! A type of residential development that combines multiple housing...
What exactly is Plottage? Glad you asked! The increase in value that results from combining two or more adjacent...
What exactly is Point? Glad you asked! A fee charged by a lender to the borrower for each percentage...
What exactly is Points? Glad you asked! A fee charged by a lender to the borrower for each percentage...
What exactly is Power of attorney? Glad you asked! A legal document that authorizes one person to act on...
What exactly is Pre-approval? Glad you asked! A process by which a lender reviews a borrower’s financial information, credit...
What exactly is Pre-approval letter? Glad you asked! A letter from a lender stating that a borrower has been...
What exactly is Open house? Glad you asked! An event where a property for sale is open for public...
What exactly is Open listing? Glad you asked! A type of real estate listing agreement in which a property...
What exactly is Option? Glad you asked! A contract that gives a party the right, but not the obligation,...
What exactly is Option agreement? Glad you asked! A contract that grants the option holder the right, but not...
What exactly is Owner financing? Glad you asked! A method of buying or selling real estate in which the...
What exactly is Ownership? Glad you asked! The legal right to use, possess, and control a property, as well...
What exactly is Parcel? Glad you asked! A defined area of land that is designated by a specific boundary...
What exactly is Park model? Glad you asked! A type of recreational vehicle that is designed to look like...
What exactly is Partition? Glad you asked! A legal process in which a court divides a property among its...
What exactly is Payoff statement? Glad you asked! A document provided by a lender that specifies the remaining balance...
What exactly is a Multi-family home? Glad you asked! A Multi-Family Home is a property designed to house more...
What exactly is Multiple listing service (MLS)? Glad you asked! A database used by real estate agents to share...
What exactly is National Association of Realtors (NAR)? Glad you asked! A trade organization for real estate professionals in...
What exactly is Negative amortization? Glad you asked! Occurs when the monthly payment on a loan is not enough...
What exactly is Net lease? Glad you asked! A type of lease agreement where the tenant is responsible for...
What exactly is Net operating income (NOI)? Glad you asked! The income generated by a property after deducting operating...
What exactly is Non-conforming loan? Glad you asked! A type of mortgage loan that does not meet the guidelines...
What exactly is Non-recourse loan? Glad you asked! A type of loan where the borrower is not personally liable...
What exactly is Offer? Glad you asked! A proposal to buy or sell a property, outlining the terms and...
What exactly is Offer letter? Glad you asked! A document that outlines the terms and conditions of a job...
What exactly is Mortgage banker? Glad you asked! A mortgage banker is a company or individual that originates and...
What exactly is Mortgage broker? Glad you asked! A mortgage broker is a professional who works as an intermediary...
What exactly is Mortgage insurance? Glad you asked! Mortgage insurance is a type of insurance that protects lenders from...
What exactly is Mortgage loan origination? Glad you asked! Mortgage loan origination is the process of creating a new...
What exactly is Mortgage note? Glad you asked! A mortgage note is a legal document that outlines the terms...
What exactly is Mortgage payment? Glad you asked! A mortgage payment is the amount of money a borrower must...
What exactly is Mortgage pre-qualification? Glad you asked! Mortgage pre-qualification is the process of estimating how much a borrower...
What exactly is Mortgage prepayment penalty? Glad you asked! A fee charged by the lender if the borrower pays...
What exactly is Mortgage rate? Glad you asked! The interest rate charged on a mortgage loan. It determines the...
What exactly is Mortgage servicer? Glad you asked! A Mortgage Servicer is a company that collects mortgage payments on...
What exactly is Margin? Glad you asked! A margin is the difference between the interest rate on a mortgage...
What exactly is Market value? Glad you asked! Market value is the estimated fair market price of a property...
What exactly is Marketable title? Glad you asked! A marketable title is a title to a property that is...
What exactly is Marketable title insurance? Glad you asked! Marketable title insurance is a type of title insurance that...
What exactly is Master plan? Glad you asked! A master plan is a comprehensive land use plan that outlines...
What exactly is Mechanic’s lien? Glad you asked! A mechanic’s lien is a type of lien placed on a...
What exactly is Mortgage? Glad you asked! A mortgage is a type of loan used to finance the purchase...
What exactly is Mortgage affordability? Glad you asked! Mortgage affordability is the amount of mortgage that a borrower can...
What exactly is Mortgage application? Glad you asked! A mortgage application is a document that a borrower submits to...
What exactly is Mortgage assumption? Glad you asked! Mortgage assumption is the process of taking over an existing mortgage...
What exactly is Lien? Glad you asked! A lien is a legal claim or encumbrance on a property that...
What exactly is Life estate? Glad you asked! A life estate is a type of property ownership in which...
What exactly is Listing? Glad you asked! A listing is a property or asset that is offered for sale...
What exactly is Listing agreement? Glad you asked! A listing agreement is a contract between a property owner and...
What exactly is Listing broker? Glad you asked! A listing broker is a real estate agent or broker who...
What exactly is Loan estimate (LE)? Glad you asked! A loan estimate is a document provided to a borrower...
What exactly is Loan origination fee? Glad you asked! A loan origination fee is a fee charged by a...
What exactly is Loan servicing? Glad you asked! Loan servicing is the process of managing and administering a mortgage...
What exactly is Loan-to-value (LTV) ratio? Glad you asked! The loan-to-value ratio is a financial ratio that expresses the...
What exactly is Lock-in period? Glad you asked! A lock-in period is a specified period of time during which...
What exactly is Lease renewal? Glad you asked! A lease renewal is a process by which a landlord and...
What exactly is Lease renewal options? Glad you asked! Lease renewal options are clauses in a lease agreement that...
What exactly is Leasehold estate? Glad you asked! A leasehold estate is a type of property ownership that grants...
What exactly is Leasehold improvement? Glad you asked! A leasehold improvement is a renovation or upgrade made to a...
What exactly is Legal description? Glad you asked! A legal description is a detailed and precise description of a...
What exactly is Lessee? Glad you asked! A lessee is a person or entity who rents or leases a...
What exactly is Lessor? Glad you asked! A lessor is a person or entity who leases or rents out...
What exactly is Letter of credit? Glad you asked! A letter of credit is a financial instrument issued by...
What exactly is Letter of intent? Glad you asked! A letter of intent is a non-binding document that outlines...
What exactly is Liabilities? Glad you asked! Liabilities are financial obligations or debts owed by an individual or entity,...
What exactly is Joint tenancy? Glad you asked! Joint tenancy is a type of ownership where two or more...
What exactly is Joint venture? Glad you asked! A joint venture is a business partnership or collaboration between two...
What exactly is Judicial foreclosure? Glad you asked! Judicial foreclosure is a legal process in which a lender or...
What exactly is Jumbo loan? Glad you asked! A jumbo loan is a type of mortgage that exceeds the...
What exactly is Land contract? Glad you asked! A land contract, also known as a contract for deed or...
What exactly is Landlord? Glad you asked! A landlord is a property owner or manager who leases or rents...
What exactly is Landlord-tenant laws? Glad you asked! Landlord-tenant laws are a set of legal regulations that govern the...
What exactly is Lease? Glad you asked! A lease is a legal agreement between a landlord and a tenant...
What exactly is Lease agreement? Glad you asked! A lease agreement is a written contract between a landlord and...
What exactly is Lease option? Glad you asked! A lease option, also known as a rent-to-own agreement, is a...
What exactly is HUD-1 settlement statement? Glad you asked! The HUD-1 settlement statement is a document provided to the...
What exactly is Income approach? Glad you asked! The income approach is a real estate appraisal method that estimates...
What exactly is Inflation? Glad you asked! Inflation is the rate at which the general level of prices for...
What exactly is Inheritance tax? Glad you asked! An inheritance tax is a tax imposed on the value of...
What exactly is Inspection contingency? Glad you asked! An inspection contingency is a clause in a real estate contract...
What exactly is Insurance deductible? Glad you asked! An insurance deductible is the amount that a policyholder must pay...
What exactly is Intangible tax? Glad you asked! Intangible tax is a type of tax imposed on non-physical assets,...
What exactly is Interest? Glad you asked! Interest is the cost of borrowing money, typically expressed as a percentage...
What exactly is Interest-only mortgage? Glad you asked! An interest-only mortgage is a type of loan that allows borrowers...
What exactly is Internal rate of return (IRR)? Glad you asked! The internal rate of return (IRR) is a...
What exactly is Homestead exemption? Glad you asked! A homestead exemption is a legal provision that allows homeowners to...
What exactly is House hacking? Glad you asked! House hacking is a real estate investment strategy that involves purchasing...
What exactly is House poor? Glad you asked! House poor refers to a situation where a homeowner has invested...