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 ...
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 ...
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 ...
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 ...
Posted by Paula Henry on January 16, 2008 in Real Estate Terms