Mortgage Fees

Mortgage fees include all of the costs associated with getting a mortgage loan that lenders and brokers include in the Good Faith Estimate. Lenders and brokers may try to tack on extra costs, so look closely at application and processing fees. When working with a mortgage broker, ask how they calculate a yield spread premium (YSP). […]

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Months of Supply

This number tells you how many months it would take for all the current homes for sale on the market to sell, given a monthly sales volume. Four to five months of supply is average. A lower number means that buyers are dominating the market and there are relatively few sellers; a higher number means […]

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Median

A median is the center value of an ordered set of data. For example, in a set of five homes worth $100,000, $150,000, $200,000, $250,000, and $600,000, the median value would be $200,000, and the average value would be $260,000. When looking at a neighborhood’s home prices, the median price is usually a better reflection […]

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Magnet School

Magnet schools are public elementary and secondary schools open to all students regardless of where they live. Magnet schools typically focus on specific education subjects or themes, such as world languages, STEM (Science, Technology, Engineering, and Mathematics), Performing Arts, International Baccalaureate, or Career and Technical Education (CTE). They are strictly non-profit organizations and are operated […]

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Mutual Acceptance

(1) Though it doesn’t signify the deal is done, mutual acceptance gives agents a reason to smile, as they’re that much closer to finalizing a transaction. This takes place when both a buyer and seller agree to the rough terms and conditions associated with a home sale. Nothing is guaranteed at this point in time, but […]

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Mortgage Rate Lock

Let’s say a prospective borrower gets pre-qualified and -approved by a lender and interest rates at the time are low. They’re ready to secure a loan from the lending institution, but realize it takes time to obtain a mortgage. Therefore, they’ll ask their lender if they can lock in at that low rate so they […]

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Mortgage insurance

(1) If a homebuyer makes a down payment of less than 20% of the purchase price of a home or is the recipient of an FHA or USDA loan, they’ll usually be required to pay mortgage insurance. It lowers the risk of a lender giving you a loan, but it also increases the cost of […]

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Mortgage

is the agreement between a borrower and a lender giving the lender the right to the borrower’s property if the borrower is unable to make loan payments (with interest) within an agreed upon timeline.

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Multiple Offers

More than one buyers broker present an offer on one property where the offers are negotiated at the same time.

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Multiple listing service (MLS)

(1) A service that compiles available properties for sale by member brokers. (2) An MLS is a suite of around 700 regional databases containing their own listings. Each database has its own listings, requires agents to pay dues for access, and allows agents to share listings across regions — without paying dues to each one. It is […]

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