Real Estate Terms - FICO
The basis of most mortgage lending is credit scoring. In general, the higher a person's credit score, the lower his offered mortgage interest rate. Despite the many credit scoring models in use today, however, just 3 are relevant to ...
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Posted by Paula Henry on March 11, 2009 in Real Estate Terms
Simple Real Estate Definitions : PITI
Most homeowners make four housing-related payments each month:
Principal on a mortgage
Interest on a mortgage
Taxes on the real estate owned
Insurance for the real estate owned
Collectively, these payments are known by the acronym PITI but ...
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Posted by Paula Henry on June 11, 2008 in Real Estate Terms
Simple Real Estate Definitions: Average Days On Market
In the world of real estate, Days On Market is the number of days between when a home lists for sale and when it goes under contract.
It is often abbreviated as DOM.
Average Days on Market is a similar statistic but instead of applying to one home ...
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Posted by Paula Henry on February 12, 2008 in Real Estate Terms
Real Estate Term: Earnest Money
When a buyer and seller reach agreement on a home sale, the buyer typically puts a small amount of money into a trust account.
This up-front deposit is more commonly known as 'earnest money'.
A sales contract's earnest money requirement ...
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Posted by Paula Henry on January 16, 2008 in Real Estate Terms