"I joined the program on line February 7, 2008. I did not wait to receive the packet, I went to the web site and printed out possibilities for our new home. We looked at several properties. In less than two weeks we found what would become our new home. The foreclosed property was already scheduled to go up for bid over the internet. We had to obtain financing and obtain a letter of guaranty and submit an offer to the seller. We offered $131,000.00 and the seller paid 4% of the closing cost. Our new home required some cosmetic work to be done before we could move in. We moved into our new home May 2, 2008 and are very happy with our find. We intend to remain members of Consumer Resource Network for possible investment properties. THANK YOU CONSUMER RESOURCE NETWORK FOR OUR NEW HOME!"

- Steve and Carolyn M.

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Glossary of Terms


We have compiled a list of the most common real estate terms and definitions to assist you in your search for a home. Whether you are a buyer or seller of real estate it is easy to get confused by the language used in real estate transactions. With our comprehensive real estate glossary you can easily navigate through the complicated world of buying and selling a home.

Click in the letter below to see the glossary

A:B:C:D:E:F:G:H:I:J:K:L:M:N:O:P:Q:R:S:T:U:V:W:X:Y:Z


M


mortgage
A loan that is secured by real estate. The mortgagor (the buyer) promises to repay principal and interest, to keep the home insured, to pay all taxes and keep the property in good condition.
mortgage amortization
Repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period (for example, 15 or 30 years).
mortgage banker
A specialized lending institution that lends money solely with respect to real estate and secures its loans with mortgages on the real estate.
mortgage broker
A person or company that buys and sells mortgages for another on commission or who arranges for and negotiates mortgage contracts.
mortgage closing costs
All the expenses incurred by buyers and sellers in closing a real estate transaction. (Not to be confused with prepaid items).
mortgage insurance
Also known as 'Private Mortgage Insurance' (PMI). Insurance that protects mortgage lenders against loss in the event of default by the borrower.
mortgage interest rate
The rate that lenders charge their borrowers for the privilege of borrowing money.
mortgage lender
A Bank, Credit Union, Trust Company, life insurance company or private company that lends money on the security of land, houses, and real estate.
mortgage refinancing
The process of replacing an older loan with a new mortgage that has better terms.
multiple listing service
A computer-based resource used by real estate agents that lists and contains descriptions of houses that are for sale in a particular area.