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Related Flashcards
Related Topics
Cards In This Set
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Amortization
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The rate at which your principal is decreased
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Appraised Value
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Objective Opinion of how much your house is worth-- determined by comparable houses sold in the area
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What does the term Point refer to?
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One Percent of the purchase price
One Percent of the loan amount
...it depends so make sure you know what is being referred to...
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Define Cashflow
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Money left over after the expenses are paid on a monthly basis
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Define CMA
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Comparable Market Analysis
Competitive Market Analysis
This amount is based on similar listings in the area (not sales)
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Contingency
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Agreement between two parties stating that if one thing happens another thing will happen
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Assessed Value
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The value that the government puts on the property for tax purposes
*Property are assessed in the county where the properties are located
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Owner Financing
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A property purchase transaction in which the property seller provides all or part of the financing.
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Define ARV
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After-Repair Value
How much a property cost after all the repairs
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What is a Deed?
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Legal document used to transfer title
*Conveys or transfers ownership
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What is a Title?
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The document that says you own the property
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Define Mortgage
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Document that indicates that the house is the security for the loan
*If I don't pay my loan the bank/lender can take my house
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Define Deed of Trust
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Document indicates that the house is security for the loan in CALIFORNIA
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Define Escrow
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Any document or item being held by a third party
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What does the ARM stand for?
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Adjustable Rate Mortgage- A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index.
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