Real Estate Owned (REO) - This is a class of property that is owned by a lender such as a bank or government agency. These properties usually require more maintenance and repairs. They could be bought at foreclosure auctions.
Short Sale - This occurs when real estate is sold and the proceeds fall short of the balance of the debts. If two parties don’t want to deal with the extra costs and fees of a foreclosure, a short sale is a viable alternative.
Bank Owned - Bank owned homes provide buyers with a more affordable option. There are times when a home is foreclosed on and the bank becomes the owner and for potential buyers, that can make the process a bit easier.
Mortgage - The mortgage is the legally-binding document in which the property is pledged to the lender as security to assure that a debt is paid.
Lien - A claim against a property that is required to be paid off when the property is sold.
Grantor - The individual that is conveying an interest in real property.
Secured Loan - A loan that requires collateral to be pledged in the instance that the loan isn’t paid back.
Unsecured Loan - Usually a smaller loan that doesn’t require any kind of collateral to get.
ARM Payment Cap - A cap that limits the amount your mortgage payment can increase each month.
ARM Lifetime Cap - Caps the interest to a certain number that it can increase to over the entire length term of your loan.
ARM Periodic Cap - Limits the increase in interest rate over a period of time.
Federal Housing Administration (FHA) loan - Helps in getting a loan at a lower credit score, lower interest rate and lower closing cost.
1st time home buyers loan - Specifically designed to help individuals who are going to become homeowners for the first time.
Purchase Loan - The loan given to individuals to make required purchases like homes.
Veteran Affairs (VA) and FHA refinancing loan- FHA and VA combined loan to help lower monthly payments on mortgage or shorten term length.
VA FHA streamline financing loan - Finances existing VA and FHA members to help finance their home buying needs.
Cash Home Improvement loan - Loans given to help individual make improvements to their homes.
Low Interest Rate loan - A loan with a lower interest rate, making it easier to make monthly payments.
Shorter Term Refinancing Loan - Used to make pay off a loan quicker than initially planned.
