ABR, CRS, GRI
Associate Vice President
Relocation Specialist
Phone: 262.754.6400 x 1322
Cell: 414.640.1897
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Glossary | |
| Terms that are on use on this site. | |
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| Term | Definition | |
| Owner Financing | A purchase in which the seller provides all or part of the financing. | |
| PITI | An acronym for payments to lender that cover principal, interest, taxes and insurance on a property. | |
| Plat | A map of a piece of land showing boundary lines, streets, actual measurements and easements. | |
| PMI (Private Mortgage Insurance) | Insurance written by a private mortgage insurance company to protect the lender against losses caused by mortgage default. This is commonly required on loan transactions involving less than a 20% down payment or equity position. | |
| Point | A fee paid to the lender on closing day to increase the effective yield of the mortgage. A point is one percent of the amount of the mortgage loan. Also called a discount point. | |
| Pre-Approval | A commitment by a lender to extend credit provided that specific conditions are met. | |
| Pre-Qualification | A preliminary assessment of a buyer's ability to secure a loan, based on a specific set of lending guidelines and buyer representations made. This is not a guarantee or commitment by a lender to extend credit. | |
| Prepayment Penalty | A charge paid to the lender by the borrower if a mortgage loan is repaid before its term is over. | |
| Prime Rate | The interest rate charged by banks to their preferred corporate customers, it tends to be an estimator for general trends in short term interest rates. | |
| Principal | The amount borrowed or remaining unpaid; also, that part of the monthly payment that reduces the outstanding balance of a mortgage. | |
| Qualifying Ratios | Guidelines used by lenders to determine how much of a loan a home buyer qualifies for. Often referred to as debt-to-income ratios (or DTI). | |
| Real Estate Settlement Statement | Final settlement statement often referred to as the HUD-1 form, used to itemize buyer, seller, broker, and lender charges and credits at closing. | |
| Realtor | A real estate broker or sales associate affiliated with the National Association of Realtors. | |
| Recording Fee | The charges made by the register of deeds to record the legal documents. | |
| Refinancing | Repaying a debt with the proceeds of a new loan, using the same property as collateral or security. | |
| Second Mortgage | A loan issued on property that is already encumbered by an existing mortgage (ie: the first mortgage). The second mortgage is subordinate to the first. | |
| Secondary Mortgage Market | The market wherein home loans are sold by the lender after closing to Fannie Mae, Freddie Mac or a variety of other institutional investors. | |
| Survey | A map prepared by an engineer or surveyor charting a particular piece of real estate. | |
| Title | Ownership of a property. A clear title is one without any outstanding liens or encumbrances. A cloud on title refers to any outstanding liens or encumbrances which could impair the title. | |
| Title Insurance Policy | A policy designed to protect the buyer or lender after closing from financial losses arising from any defects in the title that may have occurred prior to purchase. | |