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 | |
| Foreclosure | A legal procedure in which property mortgaged as security for a loan is sold to pay the defaulting borrower's debt. | |
| Graduated Payment Mortgage | A fixed rate loan with monthly payments that start low, increasing by a fixed amount for a specific number of years. After that period, the payments typically remain constant for the duration of the loan. | |
| Gross Income | Normal income, including overtime, prior to any payroll deductions, that is regular and dependable. This income may come from more than one source. | |
| Hazard Insurance | Insurance protection against damage to a property from fire, windstorms, and other common hazards. | |
| Homeowner's Insurance | An insurance policy that covers the dwelling and its contents in case of fire or wind damage, theft, liability for property damage and personal liability. | |
| HUD-1 Form | Final settlement statement used to itemize buyer, seller, broker, and lender charges and credits at closing. | |
| Income Property | Real estate that is owned for investment purposes and not used as the owner's residence. | |
| Interest | A charge paid for the use of money. | |
| Interim Financing | A short-term loan secured by the equity in an as-yet-unsold house, with the funds to be used for a down payment and/or closing costs on a new house. There is no payment of principal until the house is sold or the end of the loan term, whichever comes first. Interest payments may or may not be deferred until the house is sold. | |
| Land Contract | When the buyer agrees to make payments directly to the seller at pre-negotiated terms. The seller agrees to deed the property to the buyer upon completion of the agreement. The buyer becomes the owner of equity in this type of sale. | |
| Lien | A legal claim on a property used as security for a debt. | |
| Loan-To-Value Ratio | The relationship between the amount of the mortgage and property value, usually shown as a percentage. | |
| Market Value | The price at which a property will sell, assuming a knowledgeable buyer and seller, both operating without undue pressure. | |
| Mortgage | A contract in which a borrower's property is pledged as security for a loan which is to be repaid on an installment basis. | |
| Mortgage Note | A written promise to pay a debt at a stated interest rate during a specified term. The agreement is secured by a mortgage. | |
| Mortgagee | The lender in a mortgage contract. | |
| Mortgagor | The borrower in a mortgage contract. | |
| Negative Amortization | A loan in which the outstanding principal balance goes up instead of down because the monthly payments are not large enough to cover the full amount of interest due. Also called deferred interest. | |
| Offer to Purchase | A written proposal to buy a piece of real estate that becomes binding when accepted by the seller. Also called a sales contract. | |
| Origination Fee | A fee charged for the work involved in the evaluation preparation and submission of a proposed mortgage loan. | |