The amount of money leftover from the sale of your home after subtracting the outstanding loan balance plus transaction costs, which may include sales commissions, fees, closing costs, repairs and prorated taxes.
The value of all of a person's assets, including cash, minus all liabilities.
A loan in which the borrower(s) are not required to pay cash out-of-pocket at closing for the normal closing costs. The lender typically includes the closing costs in the principal balance or charges a higher interest rate than for a loan with closing costs to cover the advance of closing costs.
Property in which the owner does not reside. Also known as investment property.
An act by a notary public who witnesses the signing of documents, authenticating the identity of the signer.
A written agreement in which the signer promises to pay to a named person or company a specific sum of money at a specified date or on demand.
The interest rate stated in a mortgage note.
A formal written notice to a borrower that a default has occurred and that legal action may be taken.
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