Per diem or “per day” fees are charged if a loan isn’t approved by the date the loan was scheduled to be completed. These charges are payable to the lender during closing.
Reports filed weekly or monthly by the listing or buying agent representing the transferee.
(1) A promise-to-pay document used with a contract or an offer to purchase. (2) In addition to your buyer clients signing contracts pertaining to their actual mortgages provided by lenders, they’ll also have to sign a promissory note. This is a declaration that states they will pay back their home loan in its entirety. Once a […]
A state licensing authority that oversees and disciplines licensees.
Additional nonlicensed real estate education completed by a real estate professional.
A special insurance paid by a borrower in monthly installments, typically of loans of more than 80 percent of the value of the property.
(1) The four parts that make up a borrower’s monthly mortgage payment. (2) These are the elements that comprise a monthly mortgage — PITI for short. The principal accounts for the larger portion: the actual loan itself. Interest is paid, as it’s how the lender makes money. Property taxes and homeowners insurance are usually rolled into monthly […]
When the potential seller’s agent goes to the potential listing property to view it for marketing and pricing purposes.
When a buyer’s agent views a property alone to see if it meets his or her buyer’s needs.
Funds paid by the borrower at closing based on the number of days left in the month of closing.