|
|
|
"Nancy! Thank you so much."
"Thank you so much from both of us for finding us our new mountain home."
Suzie and Chuck Michelson
Read Quote >
View All Quotes >
|
|
|
 |
 |
 |
|
Welcome > Resources > Real Estate Dictionary - A
A B
C D
E F
G H
I J
K L
M N
O P
Q R
S T
U V
W X
Y Z
J, K
|
Joint Ownership Agreement |
An agreement made between two or more owners of
the same property, defining their rights and responsibilities (e.g. recommended
in the case of married owners of property)
See Equity
sharing |
|
Joint tenancy, or Tenants by the
entirety |
Ownership of real estate by two or more parties
held jointly for life; if one of the owners dies, the survivor(s) inherit the
property without reference to the deceased's will |
|
Judgment |
A decision or decree made by a court of
law |
|
Judgment lien |
A claim against the real property of a debtor,
as decreed by the court |
|
Jumbo loan, or Non-conforming
loan |
A loan amount that exceeds the limits set by the
Federal National Mortgage Association and the Federal Home Loan Mortgage
Corporation; because such loan cannot be funded by these two agencies, it
carries a higher interest rate |
|
Junior mortgage, or Secondary
mortgage |
A mortgage whose claim to repayment is of lesser
priority than another, previously recorded mortgage |
A B
C D
E F
G H
I J
K L
M N
O P
Q R
S T
U V
W X
Y Z
Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
Buyers Remorse >First Time Loans
Most first-time buyers can qualify for a mortgage loan, but they may need help from parents to make the down payment or closing costs on their home. There are loan programs that minimize the down payment and closing costs for first-time buyers. These programs usually require that 3 to 5 percent of the purchase price come from the buyers' funds, not from a loan or gift. Most lenders ask for the last three months' bank records. The borrower will be asked to reveal the origin of any large deposits. If the money comes from the homebuyer's parents, the lender may not consider those funds when qualifying the buyers.
Parents who are planning to help their children finance a home should transfer any funds several months before the house-hunting process begins. If it is a loan rather than a gift, a formal re-payment agreement should be drawn up between parents and children to eliminate potential misunderstandings or future complications with either estate.
|
|
| Q |
Which metropolitan area in America currently offers the most affordable market in which to buy new homes?
|
| A |
The housing market in Youngstown, Warren and Boardman, Ohio is currently the most affordable metro area in the U.S. |
 See More Real Estate Trivia > |
|
|
|
 |
|
 |
|
- NUMBER1EXPERT 
