Real estate terminology is nothing but words, however, by understanding those words you will be able to communicate in a business like way with other real estate professionals.
It is not only important to know about investing but also to sound like it too.
This is a contractor who carries out work on a property to improve it, they also carry out various contraction tasks and admin jobs.
This is a letter stating a gift of a monetary value which does not need to be paid back.
Good Faith Estimate:
This is a form that needs to be given to the RESPA, it gives a rough idea of charges that the borrower of the money will probably be required to pay.
This is a loan that is covered in all aspects by some form of federal government, they will both insure and guarantee the mortgage.
Government National Mortgage Association (Ginnie Mae):
This is a government department who is required to maintain the security which is used for mortgages, these securities cover both the guarantees and insurances that are stated.
Gross Monthly Income:
This is the total sum of money that is earned in a month before a tax value is deducted from it.
This is a payment which is used to pay the charge that occurs for the use of land, but only when the title owning a specified property is owned as an estate of a leasehold agreement.
Growing Equity Mortgage (GEM):
This is a fixed rate mortgage where the payments, which are made monthly, are increased by agreement which has been pre-defined in the mortgage agreement. The funds which are extra to this kin of mortgage are used to lower the remaining balance of the specified loan / term.
Real Estate Terminology G to Strategies