Discount points are an optional prepayment of mortgage interest, paid at closing, that lowers a home buyer's mortgage…
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A condominium, often shortened to "condo," is a type of residential property in a larger building or complex where each unit is individually owned,…
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A warrantable condominium is a condo unit or building that meets specific financing and operations standards required for a government-backed…
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A non-warrantable condominium is a condo unit or building that fails to meet the minimum financing standards of government-backed mortgage groups.…
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Existing Home Inventory is the total number of previously owned homes available for sale at a given…
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Existing Home Supply measures the months it would take to sell the complete inventory of existing homes at the current pace of…
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Existing Home Sales is a monthly report that counts the number of previously constructed homes, condos, and co-ops sold in the United…
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A multi-unit home is a residential building divided into multiple housing units, each with a living space, kitchen, and…
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Due on sale is a mortgage contract clause that requires the full loan balance to be paid when the property is…
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For Sale By Owner (FSBO) is a method of property sale where a homeowner sell their home directly, without the services of a real estate agent or…
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Flood insurance is a specific type of homeowners insurance that covers losses and damage due to overflowing bodies of…
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Household income is the combined gross income of all members of a household who are 15 years or older, regardless of whether they are…
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A contingency clause is an addition to a real estate contract to let parties back out without penaltyunder certain…
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Listing price refers to the amount of money a seller sets as the asking price for their property when it is put up for…
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A mortgage rate lock is a mortgage lender's commitment to honor a quoted mortgage through closing to a home…
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PITI is an acronym in mortgage lending that stands for Principal, Interest, Taxes, and Insurance, the four components of a monthly mortgage…
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Personal liability insurance is a component of homeowners insurance that provides coverage for legal responsibility for bodily injury or property…
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Dual agency is when the same real estate agent represents the buyer and the seller in the same home purchase…
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