Loss Mitigation

Loss mitigation was quite popular during the recent housing crisis. Many homeowners fell severely underwater on their home loans. To ensure they received at least some return on investment from the mortgages they provided to these owners, banks and lenders hire third-party loss mitigation specialists to act as mediators. In short, these professionals help homeowners come up […]

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Loan Originator

In one form or another, nearly every professional is a salesperson — even if that’s not your title. In the case of mortgage originators, their goal, first and foremost, is to convince potential borrowers their home loan product is the premier one for them. Once they’ve got hopefully home buyers hooked, they can then get the […]

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Listing Presentation

If you’re lucky, sellers will want to hire you by simply looking at your real estate website and deeming you the best local agent. This doesn’t happen often, though. Rather, sellers will look at your site an request an in-person meeting so you can provide you’re the best agent for them. Listing presentations like these […]

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Listing

This may seem like the most basic real estate definition, but it’s nonetheless important to know all about listings: from how they’re added to the Multiple Listing Service to how you can promote homes for sale online. In short, a listing is what you help your buyer clients attempt to purchase (you research the market where they want […]

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List Price

(1) A home’s value is certainly a primary factor when it comes to creating the initial list price, but there are other factors as well — including the listing agent’s gut and intuition. Sales reps need to take into account whether it’s a buyer’s or seller’s market, what other listings have sold for nearby recently, […]

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Lessee and Lessor

Commonly known as a landlord, the lessor is the owner and operator of an investment property. They rent out their unit(s) to renters — or lessees. If you want to ease into your career as a real estate agent, you can work with renters looking to lease. Lessors who operate large-scale properties, like apartment buildings with […]

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Latent Defects

Even your average home inspector is an ace when it comes to unearthing issues with a home for sale — but even these professionals can’t spot everything wrong with a listing. Latent defects, like mold hiding beneath the surface of a floor or wall, can often go unfound by inspectors. This makes it incredibly important for […]

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Lock-in period

The period of time in which a borrower cannot repay their loan in full without incurring a penalty fine by the lender.

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Loan-to-value

(1) The loan-to-value (LTV) ratio is the mortgage loan balance divided by the home’s value. It shows how much you’re borrowing from a lender as a percentage of your home’s appraised value. (2) The higher your LTV, the riskier you’ll appear during the loan underwriting process because a low down payment denotes less equity or ownership […]

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Loan servicing

Loan servicing is a term for the administrative aspects of maintaining your loan, from the dispersal of the loan to the time it’s paid in full. Loan servicing includes sending the borrower monthly statements, maintaining payment and balance records, and paying taxes and insurance. Servicing is usually carried out by the lender of the loan, typically […]

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