The date when both parties, seller and buyer, have agreed to and completed signing and/or initialing the contract.
A mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change.
A loan, which is paid in equal installments during its term.
A term used in the Truth in Lending Act. It represents the relationship of the total finance charge (interest, discount points, origination fees, loan broker, commission, etc.) to the amount of the loan.
An estimate of real estate value, usually issued to standards of FHA, VA, and FHMA. Recent comparable sales in the neighborhood is the most important factor in determining value. This should be contrasted against the home inspection.
An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.
Sonny’s passion for real estate is apparent to all who know him, but not all know that this passion lured him away from a successful career in Merchandising and product development.