Glossary

The rate of interest on a loan, expressed as a percentage.
A person who is typically licensed and who, for a commission or a fee, assists in negotiating a real estate transaction.
Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits and inherent rights thereof.
To take the remaining balance of a mortgage loan and establish a new period of amortization after which the principal balance will be zero. Typically used after the end of the term of an interest-only loan.
The public official who keeps records of transactions that affect real property in the area. Sometimes known as a Registrar of Deeds.
The noting in a book of public record of the terms of a legal document affecting title to real property, such as a deed, a security instrument, a satisfaction of mortgage, or an extension of mortgage.
A charge for recording a deed or security instrument.
Pay off of your existing loan with the proceeds from a new loan secured by the same property, in order to take advantage of lower monthly payments, lower interest rates or a shorter term loan.
The process of moving one's residence from one location to another, often having to do with a change of employment.
The amount of principal that has not yet been repaid.
The original amortization term minus the number of payments that has been applied.
A written agreement between a borrower and a lender outlining how to handle missed payments.
A recorded document that obligates the holder of the first mortgage lien to notify subordinate lien holders in the event of default by the borrower.
The Requested Term is the number of months requested that it will take to pay off a loan. The loan term is used to determine the payment amount, repayment schedule and total interest paid over the life of the loan.
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
The right to enter or leave designated premises.
Entitlement to ownership of property by reason of having survived another owner, for example, joint tenants with right of survivorship.
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