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Definition
| The process of determining a home's value by examining the structure, size, features, and quality as compared to similar homes. |
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Definition
| The increase in the market value of a home due to current economic conditions, not due to improvements made to the home. |
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Definition
| A mortgage agreement that does not have government backing and that is offered through a bank or mortgage broker. |
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Definition
| The attractive appearance of a property for sale as seen from the roadside, creating a favorable first impression on a potential buyer. |
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Term
| Multiple Listing Service (MLS) |
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Definition
| A marketing database set up by a group of cooperating real estate brokers. Its purpose is to provide accurate and structured data about properties for sale. |
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Definition
| In this type of mortgage, the interest rate can vary at certain points in the life of the mortgage. |
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Definition
| Additional costs paid by the borrower when buying or refinancing a home. |
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Definition
| A dwelling in which you own your individual unit, and a group or association owns the common areas such as green space, recreation facilities, etc. |
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Definition
| A sum of money that you pay at closing. |
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Definition
| The monetary value of your ownership. Fair Market Value - Amount Owed |
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Definition
| In this type of mortgage, the interest rate remains the same throughout the life of the mortgage. |
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Definition
| A legal document that uses property to secure a loan. |
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Definition
| A point is equal to 1% of the amount of the loan; sometimes paying points at closing can reduce the interest rate of the loan. |
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Term
| Private Mortgage Insurance (PMI) |
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Definition
| Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. |
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Term
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Definition
| A free-standing residential building meant for one family to occupy, usually found outside of cities and in neighborhoods. |
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