Per Diem

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.

Read More

Promissory note

(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 […]

Read More

Principal, interest, taxes, and insurance (PITI)

(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 […]

Read More

Pricing

When the potential seller’s agent goes to the potential listing property to view it for marketing and pricing purposes.

Read More