REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA
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FICO scores from 620 – 659. Factors include two 30 day late mortgage payments and two to three 30 day late installment loan payments in the last 12 months. No delinquencies over 60 days are allowed. Should be two to four years since a bankruptcy. Also referred to as Sub-Prime.
a ratio that compares the total of all monthly debt payments (mortgage, real estate taxes and insurance, car loans, and other consumer loans) to gross monthly income.
arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
a financial statement that shows the assets, liabilities and net worth of an individual or company.
a mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower.
the final lump sum payment due at the end of a balloon mortgage.
a federal law whereby a person’s assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.
a mortgage paid twice a month instead of once a month, reducing the amount of interest to be paid on the loan.
a person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
a short-term loan paid back relatively fast. Normally used until a long-term loan can be processed.
based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.
a detailed record of all income earned and spent during a specific period of time.
This is a group of licensed companies or individuals that normally specialize in listing and selling businesses. When considering to buy or sell a business it is well advised to inquire onto a well qualified Business Broker to help you navigate the halls of red tape associated in today’s environment.
the seller pays an amount to the lender so the lender provides a lower rate and lower payments many times for an ARM. The seller may increase the sales price to cover the cost of the buy down.
Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.
If you have any questions whatsoever regarding the sale or purchase of a property in the Central Florida area please feel free to call or write me direct. My business hours are Monday thru Friday 9am – 6pm.
Thank you for choosing MORE Realty Services LLC as an information source for your Central Florida real estate needs.
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