A private, public or institutional entity which makes funds available to others to borrow. In most cases this will be a bank.
Fees and expenses, over and above the price of the property, incurred by the buyer and/or the
seller in the property ownership transfer. Examples are Title Searches, Lawyer's Fees,
Survey Changes, Deed Filing Fees, etc. Also called Settlement Costs
LOAN OFFICER (aka L.O.)
A person who helps borrowers acquire loans, such as mortgages, from
banks or other lending institutions. Loan Officers often work directly
for the bank or lending institution, and can assist in determining the
creditworthiness of the borrower.
Mortgage insured under the Federal Housing Administration. These
loans are popular among individuals that may not have enough money
to meet the down payment requirements set forth by the loan provider.
A mortgage in which the interest rate does not change during the
entire term of the loan. Also called a Fixed-Rate Mortgage (FRM).
A mortgage that is not insured or guaranteed by the government.
An inspection of a prospective home done by a professional, soon after
an offer is made, to establish the structural and mechanical integrity
of the house. This is a Buyer Expense and should be in the ball park
of $350 in most cases.
A professional opinion, usually written, of the market value of a property,
such as a home, business, or other asset whose market price is not easily
determined. Usually required when a property is sold, taxed, insured or
financed. For a purchase, this is usually a Sellers Expense and
should be in the ball park of $400 in most cases.
"COMPS" or COMPARABLES
Properties that are substantially equivalent to the subject
property and are used to equate market value.