Glossary of Real Estate Terms

There are 125 entries in this glossary.
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Term Definition
Home Equity Line of Credit

Home equity line of credit is a mortgage loan. This, usually happens in second position, and allows the borrower to get cash drawn against the equity of his home, up to a predetermined amount

Home Inspection

Home Inspection is a thorough inspection by a professional which evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.

Homeowner's Insurance

This is an insurance policy which combines personal liability insurance and hazard insurance coverage for a residence and its inhabitant.

Income property

The Real estate which is owned or operated to produce revenue is called Income property.

Inflation

Inflation is the annual rate on which consumer prices increase.

Inspection Report

This is a kind of examination of a homes exterior, foundation, framing, plumbing, Interior, roofing, electrical system, heating, air conditioning, fireplace, kitchen, and bathroom.

Joint Tenancy

This is a form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. If one party dies, then the survivor owns the property in its entirety.

Judgment

Judgment is a decision which is made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.

Jumbo loan

Jumbo loan means a loan that exceeds Fannie Maes and Freddie Mac's loan limits, which is currently at $227,150. This is also known as a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.

Lease

This is a written agreement between the property owner and a tenant. This stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.

Leasehold Estate

This is a way of holding title to a property. Here, the mortgagor does not actually own the property but he has rather a recorded long-term lease on it.

Legal Description

This is a property description, which is recognized by law. This is sufficient to locate and identify the property without any oral testimony.

Lender

This term can refer to the institution making the loan and also to the individual who represents the firm. For instance, loan officers are often referred to as "lenders."

Liabilities

A persons financial obligations are called Liabilities, which include long-term and short-term debt, as well as any other amounts which are owed to others.

Line of Credit

Line of Credit means an agreement, which is made by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.

Margin

The difference between the interest rate and the index on an adjustable rate mortgage is called Margin. This remains stable over the life of the loan. It is the index that moves up and down.

Maturity

The principal balance of a loan, bond, or other financial instrument becomes due and payable on a specific date. That date is known as Maturity.

Merged credit report

This is a kind of credit report that reports the raw data pulled from two or more of the major credit repositories.

Modification

Sometimes, a lender agrees to modify the terms of the mortgage without requiring you to refinance. If any changes are made in it, then it is called a modification.

No cash-out refinance

This is a kind of a refinance transaction that is not intended to put cash in the hand of the borrower. Instead of that, the new balance is calculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage.

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