Construction Real Estate and Home Improvement, Corporate Services
Many of the online directories focus towards one market segment or audience profile. Here, we target the "best in class" for each of the served markets by industry leaders in their respective fields. Find a category that you feel is most relevant to the content of your site, or that attracts a customer demographic you wish to reach. Provide a title and URL and submit to this directory.
A real estate related sites and services directory, related articles and real estate directories list. This category also includes a comprehensive home improvement directory related to home decor and home improvement resources and information. Remodeling, real estate brokers, and property management firms are located here.
Provides full-service new hampshire vacation, cottage rentals NH, ski vacation services for customers needing a large property to entertain family and friends. Visit http://www.nhcottagerentals.com to take advantage of our special rates today.
Category: New Hampshire Vacation, Cottage Rentals Nh, Ski Vacation
Offers home improvement products that includes kitchen remodeling, bathroom updates. Since 2005, Better Homes Corporation has been listed in the Home Improvement directory.
http://www.home-remodeling.org allows users to search for the best OH Construction Real Estate and Home Improvement company for the ideal home improvement, home remodeling ideas, home remodeling plans as a community partner.
Category: Home Improvement, Home Remodeling Ideas, Home Remodeling Plans
Tompkins Landscaping- 2009 is committed to strengthening the Construction Real Estate and Home Improvement industry through collective support, services, and leadership in providing landscaping, sprinklers, irrigation and snow plowing massachusetts. Located in MA, Tompkins Landscaping- 2009 has been an Affordable Home Improvement supplier since 2009.
Category: Landscaping, Sprinklers, Irrigation And Snow Plowing Massachusetts
Provides and services commercial snow plowing, snow removal, plowing. Found in the Construction Real Estate and Home Improvement, Home Improvement group in this directory.
Transformer Service, Inc.With over 50 years of experience, Transformer Service, Inc. offers complete testing, maintenance and repair services to electrical substation and distribution equipment including transformers, regulators, reclosers, switchgear, circuit breakers and relays to customers throughout the U.S. Specialties include transformers, regulators, reclosers. Directory partner since 2013.
Category: Electric Generator, Diesel Generator, Transfer Switch
Yestramski supplies diesel generators like mobile, standby and prime diesel generators Specialties include electric generator, diesel generator, transfer switch. Directory partner since 2009.
Category: Electric Generator, Diesel Generator, Transfer Switch
Shop Reliable Exteriors in the Management and Repairs category to find the best deals in GA.
Category: Management And Repairs
Real Estate and Home Improvement
A real estate related sites and services directory, related articles and real estate directories list. This category also includes a comprehensive home improvement directory related to home decor and home improvement resources and information. Remodeling, real estate brokers, and property management firms are located here.
Providers of Brokers and Agents-related services and is located in MA for individuals and corporations looking for commercial real estate services. Look toHowland Development to solve those complex transactional details.
Specialized in Brokers and Agents with operations and headquarters in MA, Homes by Christine is a leading national provider of Construction Real Estate and Home Improvement real estate brokerage management. Directory listing since 2000.
Woods Real Estate is a registered member in the Construction Real Estate and Home Improvement vertical market and services the area's needs. Visit us at http://host.web-print-design.com/woods to see how we're helping our clients every day.
As one of the area's privately-owned Construction Real Estate and Home Improvement services corporations, Liakos Real Estate in MA Construction Real Estate and Home Improvement services to its customers in the areas of new homes construction and real estate sales. Member since 2006.
Provides full-service new hampshire vacation, cottage rentals NH, ski vacation services for customers needing a large property to entertain family and friends. Visit http://www.nhcottagerentals.com to take advantage of our special rates today.
Category: New Hampshire Vacation, Cottage Rentals Nh, Ski Vacation
Park Avenue Development has been a trusted partner for MA Brokers and Agents fellow firms since 2002, providing sound resource management for Construction Real Estate and Home Improvement members.
Commercial real estate services company with operations in MA providing collateral assessment and title and closing industries the services they need. Initially a member of this listing since 2000. Member of the Construction Real Estate and Home Improvement group.
Northern Fences is a registered member in the Construction Real Estate and Home Improvement vertical market and services the area's needs. Visit us at http://host.web-print-design.com/avinyl to see how we're helping our clients every day.
Provides and services commercial snow plowing, snow removal, plowing. Found in the Construction Real Estate and Home Improvement, Home Improvement group in this directory.
Deco Moldings provides fantastic values on all the latest decorating trends in the Construction Real Estate and Home Improvement market. Specializes in wall panel, wainscoting, wall paneling. Located in NV, Deco Moldings has been an Affordable Home Improvement supplier since 2005.
Affordable Construction Real Estate and Home Improvement that provides wells massachusetts, hydrofracturing massachusetts, water wells and pumps massachusetts MA. Customized to your requirements by Ogden Wells of MA.
Category: Wells Massachusetts, Hydrofracturing Massachusetts, Water Wells And Pumps Massachusetts Ma
Tomkins House is committed to strengthening the Construction Real Estate and Home Improvement industry through collective support, services, and leadership in providing landscaping, sprinklers, irrigation and snow plowing massachusetts. Located in MA, Tomkins House has been an Affordable Home Improvement supplier since 2009.
Category: Landscaping, Sprinklers, Irrigation And Snow Plowing Massachusetts
Tompkins Landscaping & Irrigation offer our customers the greatest possible values on quality Residential & Commercial Irrigation Watering Solutions services. Member since 2015.
Provides full-service Discount Sprinklers & Lawn Watering services for customers needing landscaping and property maintenance services. Visit http://lowcostsprinkler.net to take advantage of our special rates today.
Tompkins Landscaping- 2009 is committed to strengthening the Construction Real Estate and Home Improvement industry through collective support, services, and leadership in providing landscaping, sprinklers, irrigation and snow plowing massachusetts. Located in MA, Tompkins Landscaping- 2009 has been an Affordable Home Improvement supplier since 2009.
Category: Landscaping, Sprinklers, Irrigation And Snow Plowing Massachusetts
Providers of Home Improvement-related services and is located in MA for corporations looking for Landscape Design. Look toTompkins Landscaping & Irrigation to solve those complex management details.
Tompkins Landscaping & Irrigation is a registered member in the Construction Real Estate and Home Improvement vertical market and services the area's Landscaping Services needs. Visit us at http://tompkinscorp.net to see how we're helping our clients every day.
Provides and services commercial snow plowing, snow removal, plowing. Found in the Construction Real Estate and Home Improvement, Home Improvement group in this directory.
Offers a range of Low Cost Plowing for Area Companies looking for local-based but statewide-footprint solutions in the Greater MA market, with locations throughout the region.
Providers of Home Improvement-related services and is located in MA for individuals and corporations looking for Snow Removal & Landscape Design. Look toTompkins Landscaping & Irrigation to solve those complex transactional details.
Offers home improvement products that includes kitchen remodeling, bathroom updates. Since 2005, Better Homes Corporation has been listed in the Home Improvement directory.
http://www.home-remodeling.org allows users to search for the best OH Construction Real Estate and Home Improvement company for the ideal home improvement, home remodeling ideas, home remodeling plans as a community partner.
Category: Home Improvement, Home Remodeling Ideas, Home Remodeling Plans
Provides full-service bathroom remodeling services for customers. Visit http://host.web-print-design.com/splashnh-02 to take advantage of our special rates today.
Tomkins House provides fantastic values on all the latest animal care trends in the Construction Real Estate and Home Improvement market. Specializes in North Andover landscaping. Located in MA, Tomkins House has been an Affordable Home Improvement supplier since 1998.
Provides full-service Boston area landscaping services for customers needing landscaping and property maintenance services. Visit http://host.web-print-design.com/tompkins-02 to take advantage of our special rates today.
Retailer of Rivco Windows. Located in the Home Improvement directory since 2009, Window Medics strives to provide superior service and sell the highest quality products.
Offers a range of services including plumbing, heating, air conditioning Nashua NH. MASI Plumbing has been a member since 2009 in the Home Improvement directory.
Category: Plumbing, Heating, Air Conditioning Nashua Nh
Retailer and online storefront for sheds, storage sheds, prefab sheds. Located in the Home Improvement directory since 2009, NE Outdoor strives to provide superior service and sell the highest quality products.
Offers home improvement products that includes shed, sheds, storage unit, garden shed. Since 2007, Reeds Ferry has been listed in the Home Improvement directory.
Transformer Service, Inc.With over 50 years of experience, Transformer Service, Inc. offers complete testing, maintenance and repair services to electrical substation and distribution equipment including transformers, regulators, reclosers, switchgear, circuit breakers and relays to customers throughout the U.S. Specialties include transformers, regulators, reclosers. Directory partner since 2013.
Category: Electric Generator, Diesel Generator, Transfer Switch
A supplier of real estate services, property management, Washington DC and located in Washington DC, Peabody Real Estate has been an Affordable Management and Repairs supplier since 2008.
Category: Real Estate Services, Property Management, Washington Dc
Concord Gateway works with the e-business environment to assist commercial lease companies in NH with banquet room, function rooms, banquet hall wedding, NH, new hampshire in determining effective marketing strategy, procurement, and development within the Management and Repairs marketplace.
Category: Banquet Room, Function Rooms, Banquet Hall Wedding, Nh, New Hampshire
Provides full-service property management, property management massachusetts, boston services for customers needing POMEC, R&M, PPOMEC and other related commercial property management services. Visit http://host.web-print-design.com/upm2012 to take advantage of our special rates today.
Category: Property Management, Property Management Massachusetts, Boston
Based in MA, Tompkins Landscaping & Irrigation provides Low Cost Irrigation Systems as a Management and Repairs service located in Boston and northeastern Massachusetts.
As one of the area's privately-owned Construction Real Estate and Home Improvement corporations, Tompkins Landscaping & Irrigation in MA Construction Real Estate and Home Improvement provides Low Cost Sprinklers. Member since 2015.
Tompkins Landscaping & Irrigation has been a trusted partner for Massachusetts Irrigation Installation Management and Repairs fellow firms since 2015, providing sound resource management for Construction Real Estate and Home Improvement members.
Provides full-service Low Cost Plowing for Area Companies for customers needing landscaping and property maintenance services. Visit http://lowcostplowing.net to take advantage of our special rates today.
http://snowking.net allows users to search for the best MA Construction Real Estate and Home Improvement for the ideal Property Manager Snow Removal company as a community partner.
As an institution, Trade Reference Network has been a good corporate sponsor for the MA construction employment recruiting industry. A member of the directory since 1999 in the Construction Real Estate and Home Improvement section.
Category: Construction Employment Recruiting Industry
Specialized in Management and Repairs with operations and headquarters in MA, Cape Ann Septic Services is a leading national provider of Construction Real Estate and Home Improvement. septic service MA. Directory listing since 2008.
Domo is a registered member in the Property Management vertical market and services the area's needs. Visit us at http://host.web-print-design.com/domo to see how we're helping our clients every day.
Commercial real estate services company with operations in MA providing property management and apartment rentals throughout greater Lowell with the services local residents depend on. Initially a member of this listing since 1999. Member of the Property Management group.
Providers of Property Management-related services and is located in MA for individuals and corporations looking for commercial property management services. Look toPine Properties to solve the day-to-day operational details.
North American company selling to Property Management groups Lowell area apartment property management. Universal Property-1999 has been listed in Property Management since 2008.
Category: Lowell Area Apartment Property Management
Provides a complete range of Property Management. Located in MA, Sullivan Companies services a broad range of retail, business, and institutional clients. Filed with Property Management
As an institution, Howland Development #2 has been a good corporate sponsor for the MA commercial real estate industry. A member of the directory since 2009 in the Property Management section.
Category: Commercial Real Estate Industry
Search Engines
A leading business search engine and business directory designed to help its users find the companies, products, services, and information they need to make the right business decisions.
Dogpile Dogpile fetches and ranks results from multiple search engines, letting you search for key words, pictures, audio, video, news, or phone numbers from a single page. Filter results by language, date, or domain. www.dogpile.com
MetaCrawler Search service that relies on the databases of other search engines. www.metacrawler.com
CNET Search.com Searches dozens of leading search engines to bring you the best results. www.search.com
Ixquick Metasearch Forwards searches to a user selected list of top search engines. Ranks results based on number of occurrences in queried engines. www.ixquick.com
ProFusion Search engine powered by Intelliseek. www.profusion.com
Vivísimo Offers organized search results with document clustering. Makers of the Clusty search engine. www.vivisimo.com
Surfwax Meta-search engine that helps focus searches and provides real-time page summaries. www.surfwax.com
IceRocket Offers a metasearch search engine with thumbnail site previews and specialized tools for searching news, images, products, and more. www.icerocket.com
Clusty Clustering engine that allows users to narrow down searches to things like images, shopping, gossip, and news. www.clusty.com
Metafind Searches through all the large search engines and collates results. www.metafind.com
Debriefing Available in English and French. www.debriefing.com
Findspot An Internet searching gateway designed to assist users in creating searches that retrieve a manageable list of useful results. www.findspot.com
Veoda Metasearch Combines search results for web pages, images, audio, groups, FTP sites, and news from a variety of popular search engines. www.veoda.com
Geniusfind Directory that categorizes topic-specific search engines and databases on the web. www.geniusfind.com
LinksToYou.com Links pointing to your web site to improve your search engine rankings. www.linkstoyou.com
supercrawler Combines the results of several search engines. www.supercrawler.com
ZapMeta Simultaneous search of multiple search engines from one interface. www.zapmeta.com
Search All in One MetaSearch Meta search engine which displays search results from multiple search engines, organized by relevancy. www.searchallinone.com
Query Server Meta search tool that searches a set of Web-enabled search engines and returns a single merged, ranked, and conceptually clustered list. www.queryserver.com
myGO A meta search engine and start page to the Web. www.mygo.com
OneSearch Searches up to 15 search engines. www.onesearch.com
RedeSearch Searches many of the largest search engines and directories at once using key words. www.redesearch.com
Family Friendly Search Searches several kids-safe sites at the same time. www.familyfriendlysearch.com
Bigall Search Searches leading search engines and includes results from its own content pages. www.bigall.com
SearchTurtle.com Aims to make web searching and navigation simpler by using 'remote control' style buttons. www.searchturtle.com
Spire Project Light Unified search engine search with syntax translation, forms to news resources, and more. www.spireproject.com
VROOSH ! Provides multilingual meta searches for specific countries or materials. www.vroosh.com
Argus Music Searcher Multisearch generator that uses artist names and/or album titles to return results from the web and usenet. Most major commercial search services are used. www.musicsearcher.com
FindIt.com Assists in finding web sites, MP3, news headlines, people, and more. www.findit.com
Acceptance
- A legal term referring to the acceptance of
an offer. A buyer offers to buy and the seller
accepts the offer.
Accounts
Payable - A running record of business transactions
showing the amount of money owed. They are considered
liabilities by lenders.
Adjustable-Rate
Mortgage (ARM) - A home loan
that permits the lender to adjust its interest
rate periodically during the life of the loan
on the basis of changes in a specified financial
index. ARMs typically start with a particularly
low interest rate that gradually rises over time.
If the overall level of interest rates drops,
as measured by a variety of different indexes,
the interest rate of your ARM follows suit. Similarly,
if interest rates rise, so does your mortgage's
interest rate and monthly payment. The amount
that the interest can fluctuate is limited by
caps. Adjusted Gross Income - Total income
including your salary and bonuses, and any rental
or seasonal income.
Administrator
- A person appointed by the probate court to administer
the estate of a deceased person.
Agreement
of Sale - A written document in which a purchaser
agrees to buy property under certain given conditions
and the seller agrees to sell under certain conditions.
Also known as a 'Sales Contract.'
Amortization
- The process of gradually paying down the principal
of the loan. As each payment toward principal
is made, the mortgage amount is reduced or amortized
by that amount. This is in contrast to an interest-only
payment where the principal balance is never reduced.
Annual
Percentage Rate (APR) - The rate of interest
to be paid on a loan over its projected life;
sometimes referred to as the "true"
rate of interest. The APR is the annual cost of
a loan, including interest, loan fees and other
costs.
Annuity
- A sum of money received at fixed intervals,
such as series of equal or nearly equal payments
to be made over a period of time, or it may be
a lump sum payment to be made at some time in
the future. The installment payments due to a
landlord under the terms of a lease are an example
of an annuity. The installment payments due to
a lender on a note are another such example.
Appraisal
- A professional evaluation of the value of a
home or other piece of property made by a professional
who is familiar with local real estate prices
and markets.
Appreciation
- The amount by which the value of a piece of
property increases over time.
Assessed
Value - A value placed upon property by a
tax assessor.
Assessment
- Determining the value of property for the purpose
of imposing a tax, or the amount of the tax imposed.
Asset - Anything of monetary value that is owned by a person. Assets include
real estate property, personal property and enforceable
claims against others including bank accounts,
stocks, mutual funds and so on.
Assumption
- When a buyer takes over the loan payments and
obligations of the seller. If the buyer defaults,
however, both the buyer and seller are responsible
for the debt.
Balance
Sheet - A financial statement that shows assets,
liabilities and net worth as of a specific date.
Balloon
Mortgage - A balloon mortgage offers lower
interest rates for shorter-term financing, usually
five, seven or ten years. At the end of this term,
the borrower requires refinancing or must pay
off the outstanding balance in a lump-sum (balloon)
payment.
Bankruptcy
- A court action under the Federal Bankruptcy
Code by which a debtor's debts may be excused,
usually by transferring assets to a trustee, or
rescheduled.
Beneficiary
- (1) A person entitled to the proceeds of a trust;
(2) A person who receives profit from an estate,
the title of which is entrusted to a trustee;
(3) The lender on the security of a note and deed
of trust.
Bill
of Sale - A written document that serves as
evidence of the transfer of title to personal
property.
Binder - An agreement to consider the purchase of real estate. The agreement
is backed by a cash deposit as evidence of good
faith on the part of the purchaser.
Broker - A person who, for a commission, brings parties together and assists
in negotiating contracts between them.
Building
Line - A line set by law or deed restriction
a certain distance from the street line, in front
of which an owner cannot build on his lot. Also
called a setback line.
Buy
down Mortgage - A temporary buy down is a
mortgage on which an initial lump sum payment
is made by a party to reduce a borrower’s monthly
payment during the first few years of a mortgage.
A permanent buy down reduces the interest rate
over the entire life of a mortgage.
Cap - A limit on how much a mortgage interest rate may increase or decrease
for an adjustable-rate mortgage.
Capital
Gain - Income from the sale of an asset rather
than from general business activity. Capital gains
are generally taxed at a lower rate then ordinary
income.
Capital
Improvement - Any structure or component erected
as a permanent improvement to real estate property
that adds to its value and useful life.
Cash
Flow - Income generated by a rental property.
It is determined by subtracting vacancy allowances
and collection costs, operating expenses and debt-servicing
costs from the property’s scheduled gross income.
Certificate
of Eligibility - A document issued by the
federal government certifying a veteran’s eligibility
for a Department of Veterans Affairs mortgage.
Certificate
of Reasonable Value (CRV) - A document issued
by the Department of Veterans Affairs that establishes
the maximum value and loan amount for a Veterans
Affairs mortgage.
Certificate
of Title - A written document stating that
the title to a piece of property is legally owned
by the title holder (the person named on the certificate).
Clear
Title - A title that is free of liens or legal
questions regarding ownership of the property.
Closing
- Closing is the delivery of a deed, the payment
of the purchase price, the signing of promissory
notes and the paying of closing costs, which completes
a real estate transaction.
Closing
Costs - The miscellaneous expenses involved
in closing a real estate transaction that are
over and above the purchase price. Some of the
closing costs include title insurance, appraisal
fee, and credit report.
Commitment
Letter - A formal offer by a lender, which
states the terms under which it agrees to lend
money to a home buyer. Also known as a 'loan commitment.'
This letter will indicate the contingencies that
must be cleared prior to funding the loan.
Common
Areas - Portions of a building, land and amenities
owned (or managed) by a planned unit development
(PUD) or condominium project’s homeowners’ association.
Common areas are used by a group of the unit owners,
who share in the common expenses of their operation
and maintenance. They include swimming pools,
tennis courts and other recreational facilities,
as well as common corridors of buildings or parking
areas.
Comparables
- An abbreviation for ”comparable properties,”
in the appraisal process. Comparables are properties
similar to the one under consideration for appraisal.
Compound
Interest - Interest paid on the original principal
and on interest accrued from time it became due.
Conforming
Mortgage Loan - The current confirming loan
limit is $300,700 and below.
Construction
Loan - A short-term interim loan for financing
the cost of construction. The builder makes payments
to the lender at periodic intervals as the work
progresses.
Consumer
Reporting Agency - An organization that creates
reports used by lenders to help determine a potential
borrower’s credit history. The agency gets this
information from many sources.
Contingency
- A clause in a contract stating that the buyer
or seller must meet a given condition before the
purchase can be completed.
Conventional
Mortgage - A home loan that follows a fixed
rate. It’s neither guaranteed nor insured by the
Federal Housing Administration (FHA) or Department
of Veterans Affairs (VA).
Credit
History - The financial worthiness of a borrower.
Credit history is the history of whether the borrower
has met financial obligations on time in the past.
Credit
Report - A full listing of debts and credit
that tracks a loan applicant’s willingness and
ability to make payments in a timely manner in
the past. This report is provided to the bank
by an outside agency.
Debt-to-Income
Ratio - The ratio of a borrower's monthly
debt payments to his or her monthly gross income.
Lenders use this ratio to determine how much of
a loan a borrower is qualified for. Debt-to-income
is the total amount of debt, including credit
cards and other loans, divided by total gross
monthly income.
Deed - The legal document conveying title to a property.
Deed
of Trust - A document that transfers the bare
legal title of a property to a trustee to be held
pending fulfillment of an obligation, usually
the repayment of a loan to a beneficiary.
Default
- Failure to pay mortgage payments over a specified
period of time.
Delinquency
- Being late with loan payments.
Depreciation
- Loss of value in real property brought about
by age, physical deterioration, or by changing
neighborhood or economic conditions.
Discount
Points - A percentage of the mortgage paid
to the lender to lower the interest rate on a
loan. One point equals one percent.
Down
Payment - The portion of the purchase price
that a buyer pays up front in cash, at the time
the loan originates.
Due-on-Sale
Provision - A provision in a mortgage that
allows the lender to demand repayment in full
if a borrower sells the property that serves as
security for the mortgage.
Earnest
Money - A sum of money given as evidence of
one's good faith, used to bind or secure a real
estate sale. Also known as a 'Binder'.
Easement
- The right, privilege or interest that one party
has in the land of another, created by grant or
agreement for a specific purpose. An example would
be a right of way.
Effective
Gross Income - Normal annual income including
overtime that is regular or guaranteed. The income
may be from more than one source. Salary is generally
the principal source.
Endorsement
- The signature on the back of a check, bill,
note or similar document. It is required on negotiable
documents.
Equal
Credit Opportunity Act (ECOA) - A federal
law that requires lenders and other creditors
to make credit equally available without discrimination
based on race, color, religion, national origin,
age, sex, marital status or receipt of income
from public assistance programs.
Equity - The difference between the market value of a house and the amount
still owed on the mortgage. It’s value of a property
minus outstanding mortgage debt and other liens.
Increased equity positions you as a safer risk
to lenders and enhances your financial position
by lowering or eliminating some expenses, such
as insurance and rates.
Escrow - Money and documents deposited in a trust account to be held by one
party for another. Often used by brokers to hold
deposit money prior to closing. Also used by lenders
to hold money for taxes and insurance on a home.
Exclusive
Agency Listing - A written document giving
one agent the right for a specified time to sell
a property, but reserving the right of the owner
to sell the property himself or herself without
payment of a commission to the agent.
Exclusive
Right to Sell Listing - A written agreement
between an owner and an agent giving the agent
the right to collect a commission if the property
is sold by anyone during the term of his or her
agreement.
Fair
Credit Reporting Act - A consumer protection
law that regulates the disclosures of consumer
credit reports by consumer/credit reporting agencies
and establishes procedures for correcting mistakes
on one’s credit report.
Fair
Market Value - The highest price that a willing
buyer would pay and the lowest the willing seller
willing would accept. Neither party is compelled
to buy or sell in this situation.
Fannie
Mae - A congressionally chartered, shareholder-owned
company that is the nation's largest supplier
of home mortgage funds. Also known as Federal
National Mortgage Association (FNMA).
FHA
Loan - Also know as a “government loan,” an
FHA loan is guaranteed by the Federal Housing
Administration. FHA issues specific guidelines
for mortgages.
FHLMC
- See Freddie Mac.
Fiduciary
- A person in a position of trust and confidence,
for instance a principal and broker. A broker
as a fiduciary owes certain loyalty that cannot
be breached.
Finder’s
Fee - A fee paid to a mortgage broker for
finding a mortgage loan for a prospective borrower.
First
Mortgage - The original loan taken out to
purchase a home.
Fixed-Rate
Mortgage - A loan with an interest rate that never changes.
FNMA - See Fannie Mae.
Flood
Insurance - Insurance that would provide reimbursement
for physical property damage resulting from flooding.
It is required for properties that are located
in federally designated flood areas.
Foreclosure
- The legal process by which a borrower in default
under a mortgage is deprived of his or her right
to ownership in the mortgaged property. This usually
involves a forced sale of the property at public
auction with the proceeds of the sale being applied
to the mortgage debt.
Freddie
Mac - A major secondary mortgage market investor.
It is a government sponsored, privately owned
corporation that is a major purchaser of mortgages
from lenders. Also known as 'Federal Home Loan
Mortgage Corporation' (FHLMC).
Front-End
Ratio - Also called a Top Ratio. This is a
calculation of your total monthly housing expenses
divided by your income. Lenders use a front-end
ratio as a guideline to see if you qualify for
a loan.
Fully
Amortized ARM - An adjustable-rate mortgage
(ARM) with a monthly payment that is sufficient
to amortize the remaining balance, at the interest
accrual rate, over the amortization term.
Good
Faith Estimate - A disclosure that must be
given by the lender to all mortgage loan applicants
within three business days of an application.
It is an estimate of all settlement charges likely
to be incurred at closing.
Home
Equity Loan - A loan secured by a second deed
of trust on a house, typically used as a home
improvement loan.
Housing-to-Income
Ratio - A ratio used by lending institutions
to determine whether a person is qualified for
a mortgage. Housing-to-income is the ratio of
the monthly housing payment in total (PITI--Principal,
Interest, Taxes and Insurance) divided by the
gross monthly income. This ratio is sometimes
referred to as the 'top ratio' or 'front-end ratio'.
HUD
- Acronym for the U.S. Department of Housing and Urban Development.
HUD-1 - A document that gives a breakdown of costs that the seller and buyer
may pay at closing.
Income
Property - Residential or commercial property
that produces income and profits in ways other
than rents.
Index - An economic indicator that lenders use to calculate interest rate
adjustments for adjustable-rate mortgages (ARMs).
The index used is outside the lender's control.
Interest
- The amount charged per year on a home loan.
The rate varies according to the type of loan.
Interest
Rate Cap - A limit on the amount that interest
can rise or fall during a specified period of
time on an adjustable-rate mortgage.
Involuntary
Lien - A lien or charge imposed against property
without consent of owner. Examples: taxes, assessments,
federal income tax liens, judgments, etc.
Jumbo
Mortgage - Also known as a 'non-conforming'
mortgage. Non-conforming loans usually incur a
rate and origination fee premium. The current
conforming loan limit is $300,700 and below for
a single-family residence, $384,900 and below
for a 2-unit property, $465,200 and below for
a 3-unit property, and $578,150 and below for
a 4-unit property. Loan amounts greater than this
are considered non-conforming or jumbo mortgages.
Lender - The bank or mortgage company offering the loan.
Lien - A legal hold or claim of a creditor on the property of another.
Lifetime
Cap - A limit on how high the interest rate
on an adjustable-rate mortgage can rise over the
lifetime of the loan.
Loan-to-Value
Ratio (LTV) - The amount of the loan divided
by the purchase price of the house. It is the
percentage that shows how much equity a borrower
will have in a home. The LTV determines which
products are available to the borrower.
Lock-in
- Allows the borrower to be assured a given rate
of interest for a mortgage. This usually involves
paying a fee to the lender. Mortgage rates not
"locked in" are subject to changing
market conditions.
Low-Documentation
- Some loan products require only that applicants
state the source of their income without providing
supporting documentation such as tax returns.
Margin - A set number of percentage points a lender adds to the index rate
to determine the interest rate for an ARM.
Mortgage
Insurance - Also known as Private Mortgage
Insurance (PMI). Insurance that protects mortgage
lenders against loss in the event of default by
the borrower.
Mortgage
- A lien or claim against real property given
by the buyer to the lender as security for money
borrowed.
Mortgage
Broker - A person who, for a fee, brings together
a borrower and lender and handles the necessary
applications for the borrower to obtain a loan
against real estate property by giving a mortgage
or deed of trust as security. Also called loan
broker.
Mortgagee
- A person or organization that lends money for
a home.
Mortgagor
- A person who borrows money for a home.
Net
Worth - Value remaining after subtracting
the liabilities from the assets of a company or
an individual.
Non-Conforming
Loan - Also known as a 'Jumbo Mortgage.' Non-conforming
loans usually incur a rate and origination fee.
The current conforming loan limit is $300,700
and below for a single family residence, $384,900
and below for a 2-unit property, $465,200 and
below for a 3-unit property, and $578,150 and
below for a 4-unit property. Loan amounts greater
than this are considered non-conforming or jumbo
mortgages.
Note - A signed written instrument acknowledging a debt and promising payment.
Origination
Date - The date on which the loan is initiated
or funded.
Origination
Fee - A fee imposed by a lender to cover the
administrative costs of setting up a mortgage.
This will include the preparation of documents
and certain processing expenses in connection
with making a real estate loan. This is usually
charged as a percentage of the amount loaned,
such as one point or one percent.
PITI - Principal, interest, taxes and insurance--the components of a monthly
mortgage payment.
PMI - See "Private Mortgage Insurance".
Payoff - The complete repayment of loan principal, interest and any other
sums due; payoffs occur either over the full term
of the loan through monthly amortization or through
prepayments.
Points - An upfront fee that is collected in addition to the interest on a
loan. One point is equal to one percent of the
mortgage. The use of points allows the lender
to reduce the rate by lowering the origination
costs. Points may also be referred to as an 'origination
fee' or 'discount points' depending on the purpose.
Prepayment
Penalty - A fee imposed on a borrower who
pays off a mortgage before it is due.
Pre-Approval
- A process that mortgage lenders use to determine
how much money they would lend you based on a
thorough review of your financial situation. Lenders
issue a pre-approval letter, which strengthens
your position when bidding on a home, as it shows
sellers that you will be able to raise the funds
needed to purchase the home.
Pre-Qualification
- An informal process in which a lender offers
an opinion on how much money you may be able to
borrow. This opinion is based entirely on the
financial information you provide and is neither
binding nor necessarily accurate because lenders
have not yet verified your financial information.
Preliminary
Title Report - A report made by a title company
stating whether there are any other claims to
ownership of a property. It is a necessary step
before a mortgage loan can be approved.
Prepaids
- Those expenses of property which are paid in
advance of their due date and will usually be
prorated upon sale, such as taxes, insurance,
rent, etc.
Prime
Rate - The best interest rate available to
a lender's most qualified customers.
Principal
- The original balance of money lent on an outstanding
loan and fees, excluding interest. Also the remaining
balance of a loan, excluding interest.
Private
Mortgage Insurance (PMI) - Insurance coverage
obtained from mortgage insurance companies to
protect lenders against the risk of making higher
loan-to-value loans. Typically required on all
first mortgages with an LTV that exceeds 80 percent.
The borrower usually pays the PMI premiums.
Promissory
Note - The document signed by a borrower promising
repayment of a loan. It shows the amount of monthly
payments, interest rate, first payment date, last
payment date, and the late charge and prepayment
provisions.
Purchase
Contract - A written promise to pay a specific
amount for a property at a specified time. The
purchase contract is a written statement of the
offer, which both the borrower and the seller
will sign if the offer is accepted.
Rate
Cap - A limit on how much the interest rate
can change, either at each adjustment period or
over the life of the loan.
Rate
Lock - The amount of time that a lender will
guarantee a loan's interest rate. Once you've
locked in the interest rate on a loan, the lender
will guarantee that rate for a certain period
of time, usually for 30, 45 or 60 days.
Refinancing
- A way of obtaining a better interest rate, lower
monthly payments or to borrow cash on the equity
in a property that has built up on a loan. A second
loan is taken out to pay off the first, higher-rate
loan.
Second
Mortgage - An additional mortgage on a property,
the second mortgage often carries a shorter term
and a higher interest rate than the original mortgage.
Secondary
Mortgage Market - A market in which existing
mortgages are resold.
Seller
Take-Back - An agreement in which the owner
of a property provides financing, often in combination
with an assumed mortgage.
Seller
Financing - When the current owner of a house
holds the mortgage loan for the buyer.
Servicing
(or Loan Servicing) - Supervising and administering
a loan after it has been made. This involves such
things as collecting the payments, keeping accounting
records, computing interest and principal, etc.
Term - The period of time which covers the life of the loan. For example,
a 30-year fixed loan has a term of 30 years.
TILA - See Truth-in-Lending Act.
Title - Evidence of a person’s right to ownership of a property.
Title
Company - A company that searches for titles
and insures title claims.
Title
Insurance - A policy that protects the owner
of a title from loss resulting from disputes over
ownership claims.
Top
Ratio - Also called a Front-End Ratio. This
is a calculation of your total monthly housing
expenses divided by your income. Lenders use a
front-end ratio as a guideline to see if you qualify
for a loan.
Total
Debt Ratio - Monthly debt and housing payments
divided by gross monthly income. Also known as
'Obligations-to-Income Ratio' or 'Back-End Ratio'.
Truth-in-Lending
Act - A U.S. federal law requiring lenders
to reveal all of the terms of a mortgage.
Underwriting
- The analysis of risk involved in making a mortgage
loan to determine whether the risk is acceptable
to the lender. Underwriting involves evaluating
the property as outlined in the appraisal report
and also evaluating the borrower's ability and
willingness to repay the loan.
VA
Loan - A low-income loan guaranteed by the
Veterans Administration. To obtain a VA loan,
the borrower must have served in the armed forces.
Valuation
- The estimation of a property's price value through
an appraisal.
Variable
Interest Rate - Interest rate that fluctuates
as the prevailing rate moves up or down. In mortgages
there are usually maximums regarding the frequency
and the amount of fluctuation.
