Maryland Real Estate Agents DC Realtors Buying Selling Real Estate Agent - Washington DC

PRINCE GEORGES COUNTY MARYLAND REAL ESTATE AGENTS REALTORS

2010-11-02T13:51:00.003-04:00

PRINCE GEORGES PG COUNTY MARYLAND REAL ESTATE

Attn: New Prince Georges County Home Buyers

PRINCE GEORGES COUNTY HOME VALUES REPORT!!

PG COUNTY REAL ESTATE TRENDS & HOMEBUYING INFO

Prince Georges County Maryland PG is rich in history, activities, entertainment, and Real Estate. Luxury Real Estate Properties can be found throughout MD. PG County Realestate offers many New House Communities, New Home Developments, Foreclosures, Single Family Homes, Townhomes and Condominiums to choose from. Prince Georges County Real Estate consists of so many different cities, Townships, Corridors, Village and Communities that there are just too many to name. You can click here for an informational guide on each city within the State of Maryland. Maryland was the seventh state and is very Rich in Historical Contributions. For more historical facts like State history, State Motto, Symbols and more click here.

If you are thinking about living in Prince Georges County, PG Maryland and would like the Assistance of a Local Real Estate Agent that knows the area, please do not hesitate to contact Shataa Whittle. As a licensed Realtor and one who is knowledgeable of the Prince Georges County, PG Maryland Real Estate Market, She can help you to locate your dream home. If you are considering buying a home in Maryland, Shataa Whittle is truly Your Local Realty Partner. If you need help relocating, she also helps many clients who are relocating from around the world. Shataa offers relocation services and she can truly help you find your new property in Prince Georges County, PG Maryland.

Are you thinking about buying a home in PG County Maryland? Are you looking to work with an experienced PG County Home Buying Agent? Are you a Maryland First Time Home Buyer? Shataa helps many First Time Home Buyers purchase real estate in Maryland. Shataa holds monthly 1st Time Home Buyer Seminars to uncover home buying programs that offer down payment assistance to buy Maryland real estate. If you are a New Home Buyer, please feel free to RSVP for her next Home Buying Seminar. Shataa is ready to give you information on Maryland Home Buying Programs! Information is only a phone call away! For more information on her New Home Buyer Seminars, click here….Shataa is always honored to help New Home Buyers experience the American Dream!

Contact her today for a Real Estate Consultation!

Prince Georges County Realtors – PG County Maryland Real Estate

Prince Georges County Real Estate, PG County Realty, Upper Marlboro , Fort Washington Realty, Maryland Realty, Clinton Maryland Real Estate Agents, Hyattsville, Bowie Real Estate, Bowie Realtors, Tantallon Water front real estate agents, Temple Hills Realty, Upper Marlboro Real Estate, estates in Maryland, Woodmore Luxury Realtors, Accokeek Maryland Real Estate Agents, Adelphi, Ardmore, Ardwick, Beltsville Real Estate Agents, Bladensburg Maryland Real Estates, Bowie, Brandywine Maryland Real Estates, Brandywine Camp Springs, Capitol Heights, Carmody Hills, Carole Highlands, Chapel Hill, Chapel Oaks, Cheltenham Md Real Estate, Cherry Hill Maryland Real Estate , Chestnut Hills, Cheverly Maryland Real Estate Agents ,Gardens, Manor Estates, Clinton Maryland Real Estate, Clinton Heights, College Park*, College Park Woods, Collington, Colmar Manor*, Columbia Park, Coral Hills, District Heights, Edmonston, GCAAR Realtor, Fairmount Heights*, Forest Heights Maryland Real Estate,Forest Manor, Forestville Maryland Real Estate, Fort Washington Maryland Real Estate, Glassmanor, Glenarden*, Glendale Heights, Glenn Dale New Homes Realestate, Greater Capitol Heights, Greenbelt*, Hyattsville, Hyattsville Hills, Kent Village, Kentland, Kerby Hill, Kettering,Lake Arbor,Landover,Landover Hills*,Landover Park,Langley Park, Lanham, Largo, Laurel,Marlow Heights, Marlton, Mitchellville Maryland Real Estate, Mount Calvert, Mount Rainier Maryland Real Estate, Muirkirk, New Carrollton*,North Brentwood Maryland Real Estate,North Forestville,North Kenilworth, Oxon Hill Maryland Real Estate, Oxon Run Hills, Palmer Park Peppermill Village Maryland Real Estate, Piscataway, Piscataway Hills Maryland Real Estate,

Search PG County MLS NOW!....

Attention : Home Sellers

Check the Value of Your PG Home NOW!!!

Stay up to date with the value of your

Prince Georges County Home, Click Here…

Attn: Prince Georges County Distressed Home Owners

Do you need to sell your home now? Are you facing foreclosure and would like to obtain a FREE Home Selling Analysis? Do you want to know your Foreclosure Prevention Options or get a FREE Foreclosure Prevention Report? If so, Shataa Whittle can help. She is a CDPE – Certified Distressed Property Expert and she can help you by giving you information on Preforeclosure Alternatives. These Foreclosure Help Alternatives have been put in place by the Federal Government to help distressed home owner who are facing foreclosures. If you live in PG County and need this FREE Foreclosure Prevention Information, Please do not hesitate to contact her. As a CDPE, Shataa has the experience needed to HELP! For more information on how Shataa helps distressed home owners save their house, click here…Everyone does not have to experience a Foreclosure. There is HELP, don’t wait until it’s too late! Get started today!

BALTIMORE MARYLAND REAL ESTATE AGENTS REALTORS

2010-10-17T00:30:00.003-04:00

BALTIMORE MARYLAND REALESTATE

BALTIMORE REAL ESTATE AGENTS

BALT MD REALTORS

Baltimore Home Buying Programs and Down Payment Government Assistance Programs

FREE : Baltimore Maryland Home Values Report !

Attn: New Home Buyers

If you are thinking about living in Baltimore Maryland and would like the Assistance of a Local Real Estate Agent that knows the area, please do not hesitate to contact Shataa Whittle. As a licensed Realtor and one who is knowledgeable of the Baltimore Maryland Real Estate Market, She can help you to locate your dream home. If you are considering buying a home in Maryland, Shataa Whittle is truly Your Local Realty Partner. If you need help relocating, she also helps many clients who are relocating from around the world. Shataa offers relocation services and she can truly help you find your new property in Baltimore Maryland. Read More About Shataa, click here…

Are you thinking about buying a home in Baltimore Maryland? Are you looking to work with an experienced Baltimore Home Buying Agent? Are you a First Time Home Buyer? Shataa helps many Baltimore First Time Home Buyers purchase real estate in Maryland. Shataa holds monthly 1st Time Home Buyers uncover home buying programs that offer down payment assistance to buy Maryland real estate. If you are a New Home Buyer, please feel free to RSVP for her next Home Buying Seminar. Shataa is ready to give you information on Maryland Home Buying Programs! Information is only a phone call away! For more information on her New Home Buyer Seminars, click here. Shataa is always honored to help New Home Buyers experience the American Dream!

Baltimore Maryland County / City Communities

Baldwin, Ballard Gardens, Baltimore Highlands, Beetree, Belfast, Belle Farm Estates

Belltown, Belmont, Brooklandville, Burnbrae, Canterbury Estates, Cape May Beach

Catonsville, Catonsville Heights, Catonsville Manor ,Edmondson Ridge, Eklo, Elmwood, Franklintown, Franklinville, Glen Falls, Glen Morris, Glendale, Glenmar Manor, Glenmont, Greenbrier, Hillendale Farms, Hillendale Park, Hoffmanville Towson, Towson Estates, Towson Park, Trenton, Trenton Mill, Troyer, Turner, Tyler, Upper Falls, Upper co, Valley Crest, Valley Mill, Valley Stream, Vernon,

Verona, Perry Hall Estates, Perry Hall Manor, Phoenix, Pikesville, Pine Ridge,

Pinehurst,Piney Hill, Pleasant Grove, Pleasant Hill, Poplar, Porters Park, Pot Spring

Prettyboy, Priceville, Providence, Putty Hill, Ralston, Ramona Beach, Ranchleigh,

Randallstown, Rayville, Baltimore City, Reservior Hill

Search Baltimore Maryland MLS NOW!....

Baltimore Maryland Certified Distressed Property Experts
Baltimore Maryland Foreclosure Help
Baltimore Maryland Single Family homes
Baltimore Maryland New Home Developments
Baltimore Maryland Foreclosures
Exclusive Baltimore Maryland Realestate Agents
Baltimore Maryland Home Values

It can be really hard to find the right realtor with so many local real estate brokerage firms to choose, however you have certainly found that needle in a haystack and Your local Baltimore Maryland Realty Partner can help you find your dream home, upgrade or downgrade your house. You can rest assure that as a Client of Shataa Whittle, she will consider your best interest in every real estate transaction and will help you understand your contracts so that you can make informed decisions regarding your real estate transactions.

Contact her today for a Real Estate Consultation!

REO MD LISTING AGENTS

2010-10-06T14:01:00.000-04:00

REO LISTING AGENT SERVICES : DC / MARYLAND

PROPERTY PRESERVATION REO MARYLAND COMPANIES DC

Maryland REO Agent Services

Hello, my name is Shataa Whittle and I am a Full Service REO Listing Agent. My Service Areas are Washington DC and Maryland. I offer REO Listing and Property Preservation Services to:

• Banks

• Asset Management Companies

• Financial Institutions

• Corporate Clients

• Investors

Please review a brief snapshot of my REO Listing Services. If you need REO Listing Service, Property Preservation, or BPO services, please do not hesitate to contact me...

FULL SERVICE REO MARKETING SERVICES SNAPSHOT

Day 1 - completed with 24hrs of receipt of the asset
• Receive order from Asset Manager / Investor / Attorney/ Client

• Prepare File (administrative)

• Verify Utilities (Acct Balances / Current Status)

• Occupancy Verification

• Pull Comparables & Market Information

• Set up acct for asset manager 24 / 7 access for asset tracking management

• Set up access for acct manager to get real time market information for the asset – 24 / 7

• Set up 24/7 property dedicated call capture number

Day 2 – completed with 48hrs of receipt of the asset
• Drive By / Enter property (if accessible)

• Take Photos of property / Overall property condition

• (if vacant) Lock Change / Secure Property / Board Up / Put Lock Box on property

• (if occupied) Cash for keys / set up showing times with tenants / comply with state laws regarding eviction proceedings & first right of refusal

• Secure Property

• Submit Complete Marketing & Property Recommendation Analysis Packet to client for review

Day 3 – completed within 72 hours of receipt of the asset
• Implement and set up Marketing Plan in the Marketing & Property Recommendation Analysis Packet

• Implement Property Preservation Recommendations and/or Requests as agreed on with the client

• List property on the MLS & other Real estate marketing channels

• Market property according to the Marketing Plan outlined in the Analysis Packet

Ongoing REO Property Management Services available:
• Recurring lawn maintenance

• Recurring Janitorial Services

• Recurring Property Checks

• Recurring Marketing Analysis and Marketing Information (available 24/7)

MARYLAND REO PROPERTY PRESERVATION TEAM

My Maryland REO Team is committed to the goals of our Asset Management Property Preservation Clients. We understand the challenge and we are ready to provide our professional REO Services to you! As an asset manager, we understand that you have a goal of selling your portfolio with as little risk as possible. Our goal is simple, to accomplish yours! My Team and I understand the challenge and we can help you to liquidate your portfolio by using our professional real estate services. As both, Team Leader and an experienced Realtor, REO agent, Sales and Marketing professional, I know what it takes to sell REO properties. I am ready to add you to my list of satisfied asset managers and real estate partners. I am ready to: offer accurate evaluations, keep your expenses low and maximize your ROI. Funding is available to handle emergency property repairs, and to pay utilities for REO listings, and to handle all aspects of REO property management. Please find my Real Estate Services below. I am ready to get started as soon as you are!

Meet Our Maryland REO Property Preservation Team

Our Team Consist of:

• Admin Assistant
Our Admin Assistant offers a broad support base to each member of our team. Our admin assistant assures that everything is set up for processing upon the initial intake of the Property. Calling to check utility status, state tax status and making initial contact with the title company is also a pertinent part of the assistance everyday tasks. Updating client database and verification of complete file paperwork is also an important task for the assistant. The Admin Assistant is responsible for property marketing set up. Ordering winterization and de-winterization and property preparation for buyers home inspection is also an important function of our Admin Assistant.

• Closing Coordinator
Our Closing Coordinator acts as point of contact to assure the file is moving to the initial close date without delay. Our coordinator works closely with the title company, buyers agent, and our team and updates everyone accordingly. Our coordinator also follows up with the buyers home inspection status and appraisal status. This coordinator monitors the closing process from start to finish and resolves any and all issues accordingly.

• Sales & Marketing Assistant
Our Sales & Marketing Assistant is responsible for setting up and implementing the marketing plan in the Property Recommendation Analysis Plan. This Assistant is also responsible for following up on all buyer leads and interest in properties in our portfolio. Our Assistant is also responsible for updating our 24/7 online client portal to keep our Asset Managers, Attorneys, and or investor clients up to date with the marketing status asset. The assistant updates the portal weekly and it is available 24/7.

• Field Runners
Our Field Runners are responsible for weekly property checks to assure that the property is not vandalized or illegally occupied. Our Field Runners are also responsible for all exterior preservation of the property i.e, grass cutting, snow removal etc.

• Listing, Marketing, & Experienced REO Realtor Agents
My Team and I are experience Maryland and DC Listing Agents that work with one mission in mind, to accomplish our client’s real estate goals of selling their property. We have combined a combined experience of over 15 years as a Local Real Estate Agent and providing professional Real Estate Services to clients within the DC and Maryland Real estate Market. As Team Leader, I understand the challenges of todays real estate market and I am ready to help you to accomplish the goals of selling your home. Read more about Your Local Realty Partner, I am ready to work with you in accomplishing your goals.

• Accounting Professional
Our Accounting Profession is responsible for all invoice tracking and submissions for payment. Our Accounting Professional works to assure that everything financial is accounted for and properly submitted to our clients as mutually agreed.

• Staging Assistant
Our Staging Assistant works to make sure that luxury properties are prepared for the market. Our Staging Assistant works with both our REO Properties and our Regular Home Selling Clients to make sure that the properties are appealing and presented to perspective home buyers with an appealing presentation to generate offers for our clients.

To Request Professional REO Listing Services, Please click here…
Contact a REO Listing Agent NOW

Washington DC Realtors Agents Living In District of Columbia

2010-09-22T12:29:00.002-04:00

WASHINGTON DC REAL ESTATE : DC LIVING

Washington DC Real Estate Agents – DC Realtors – DC Realestate Agent – DC MLS Listings –

Buyers Agent in Washington DC – Listing Agents – Short Sale Realtor Agents

Georgetown DC Living, Anacostia ; Adams Morgan; Bloomingdale; Capitol Hill; Cleveland ParkColumbia Heights; Crestwood; Dupont Circle ( Citizens Association ); Foggy BottomFoxhall Community; Georgetown ; Glover Park; Hillcrest SE, Logan Circle; Mount Pleasant ; Petworth ; Shaw / Howard ; Greater U street CorridorSouthwest DC / New Stadium; Takoma Park ; Truxton Circle ; Woodley Park ;Ledroit Park ; Massachusetts Ave ; Mt Vernon ; Sheridian – Kalorama ; Sixteen Street ; Strivers Section ; Archeology in DC , Chinatown, Downtown,

If you are thinking about home buying or home selling in Washington DC, and would like the Assistance of a Local Real Estate Agent that knows the area, please do not hesitate to contact Shataa Whittle. As a DC Realtor and one who is knowledgeable of the Washington DC Real Estate Market, She can help you to locate your dream home. If you are considering buying a home in Washington DC , Shataa Whittle is truly Your Local Realty Partner. If you need help relocating, she also helps many clients who are relocating from around the world. Shataa offers relocation services and she can truly help you find your new property in Washington DC. Read More About Shataa, click here…

Attn: New Home Buyer and/or First Time Home Buyer

Are you thinking about buying a home in Washington DC? Are you looking to work with an experienced Home Buying Agent? Are you a First Time Home Buyer? Shataa helps many First Time Home Buyers purchase real estate in Washington DC. Shataa holds monthly 1st Time Home Buyer Seminars that uncover home buying programs that offer down payment assistance to buy Washington DC real estate. If you are a New Home Buyer, please feel free to RSVP for her next Home Buying Seminar. Shataa is ready to give you information on Washington DC Home Buying Programs! Information is only a phone call away! For more information on her New Home Buyer Seminars, click here. Shataa is always honored to help New Home Buyers experience the American Dream!

Attn: Home Selling Customers

Shataa also helps many home sellers sell their home. She is a Washington DC Listing Agent that knows how to get properties Sold. If you are thinking about home selling in Washington DC and would like to get a professional home selling market analysis or CMA, Shataa can help. Shataa can provide a professional CMA that can help you determine the value of your home. In a Market where Real Estate Values are all over the place, Shataa can provide you with the needed up to date and current market information that can keep you informed regarding real estate values. If you have ever said to your self: What is my homes value? or wondered to your self “ How Much is my House Worth”?, Shataa can give you the information you need to help you determine your house value. Shataa sells real estate throughout Washington DC and she can help you sell your house also. If you are thinking about selling property in the District of Columbia, she invites you to contact her for a FREE No – Obligation Home Selling Consultation at 202-276-2295 or schedule an appoint now…. To get started, she can send you a preliminary CMA to give you an idea about what home values and home selling interest is in your area. Get your FREE CMA Now….
Read more about How Shataa Helps Home Sellers...

Attn: Distressed Home Owners

Do you need to sell your home now? Are you facing foreclosure and would like to obtain a FREE Home Selling Analysis? If so, Shataa Whittle can help. She is a CDPE – Certified Distressed Property Expert and she can help you by giving you information on Preforeclosure Alternatives. These Foreclosure Help Alternatives have been put in place by the Federal Government to help distressed home owner who are facing foreclosures. If you live in Washington DC and need this FREE Foreclosure Prevention Information, Please do not hesitate to contact her. As a CDPE, Shataa has the experience needed to HELP! For more information on how Shataa helps distressed home owners save their house, click here…Everyone does not have to experience a Foreclosure. There is HELP, don’t wait until it’s too late! Get started today

Who is Shataa?

Shataa Whittle is a Realtor that provides real estate services to clients within the DC Metro Area. She is a licensed professional in Washington DC. She incorporates a sophisticated approach, extensive area knowledge, and a clearly focused mind when it comes to working with her clients. This experience has provided her with great insight into how real estate values are formed and how they interact with the dynamics of the Washington DC Real Estate Market. Shataa brings this experience enthusiastically to her clients, as she provides a truly in depth analysis of the market that affects their real estate needs. As a Licensed Professional, she is dedicated to the best interest of her clients. She truly values her client’s time and attention when showing properties. To assure good time management , she incorporates a “Wish List” to make sure that her clients are shown properties that are of interest to them. Shataa serves clients seeking homes of all sizes, from condos, to cottages, to castles, to Luxury Homes. She has successful track record and extensive experience working with first-time home buyers as well as those looking to move up to their dream home. If you are considering buying or selling a home, then she invites you to contact her to learn more about how she can help you to accomplish your real estate goals. Read more about Realtor Shataa Whittle….

It can be really hard to find the right realtor with so many local real estate brokerage firms to choose, however you have certainly found that needle in a haystack and Your Local Realty Partner can help you find your dream home, upgrade or downgrade your house. You can rest assure that as a Client of Shataa Whittle, she will consider your best interest in every real estate transaction and will help you understand your contracts so that you can make informed decisions regarding your real estate transactions. Contact her today for a Real Estate Consultation! Schedule an Appointment NOW!

Exclusive Buyers Agent Real Estate Realtor

2010-09-14T23:10:00.000-04:00

Home Buying with Real Estate Agent Shataa

Shataa Whittle is a Realtor that provides real estate services to clients within the DC Metro Area Realestate Market. She is a licensed professional in Washington DC and Maryland. She incorporates a sophisticated approach, extensive area knowledge, and a clearly focused mind when it comes to working with her clients. This experience has provided her with great insight into how real estate values are formed and how they interact with the dynamics of The Washington D.C. Real Estate Market. Shataa brings this experience enthusiastically to her clients, as she provides a truly in depth analysis of the market that affects their real estate needs. As a Licensed Professional, she is dedicated to the best interest of her clients. She truly values her client’s time and attention when showing properties. To assure good time management, she incorporates a “Wish List” to make sure that her clients are shown properties that are of interest to them. Shataa serves clients seeking homes of all sizes, from condominiums, to cottages, to castles. She has successful record of accomplishment and extensive experience working with first-time homebuyers as well as those looking to move up to their dream home. If you are considering home buying or selling a home, then she invites you to contact her to learn more about how she can help you to accomplish your real estate goals.

For her Buyer clients, her main mission is to assure that their interest is protected at all times. Another goal for her buyer clients is to seek and show the perfect property based on their Wish List. Her extensive experience and area knowledge plays a vital role when assisting her home buying clients. She always seeks to provide information to her home buyer clients to make sure that they are able to make an informed decision while protecting their real estate interest. She provides her clientele with an honest, straightforward education on the intricacies of the transaction process to inspire the soundest investment decisions. Her services are coupled with strong work ethics and organization skills. She is an experienced professional that knows the community and is ready to execute her skills to help her clients meet their goals. Her vision is to provide the best real estate services that she can offer to her clients, one real estate transaction at a time.

In spite of the current challenges within the real estate industry, Shataa still envisions using her real estate skills to help at least 100 families to achieve their realestate goals this year. She enjoys helping clients experience the American Dream of homeownership. She realizes that homeownership is a good foundation to begin climbing the financial latter. She believes that this dream will become an accomplished reality, one real estate transaction at a time. Shataa is a member of the National Association of Realtors and many other local Real Estate Association Boards. She is also an experienced investor. She enjoys swimming, writing poetry, networking, and spending time with family and friends.

Home Buying Programs Experience

• Assisted homebuyers using the HPAP, EHAP, Voucher, DC Bond Programs & more…

• Provide assistance to Homebuyers using the NACA, CDA, & other Maryland Home Buying Programs & DC Home Buying Programs

Notable Achievements / Sales and Marketing Experience

• Listed among the Top 5 Realtors in the office for 2009

• Licensed DC & MD Realtor; Certified Distressed Property Expert (CDPE Certified)

• Manage Maryland & DC Real Estate Team , sales and marketing operations

• Negotiate loan terms and conditions

• Submit and Negotiate offers for home buyers

• Receive, Review, and Negotiate offers for house sellers

• Help home sellers with short sale negotiations

• Draft Contracts

• Work with investors to secure properties

• Provide Full REO Services to asset managers and lawyers

• Host Home Ownership Seminars and Workshops

Professional Affiliations

• GCAAR Realtor Association

• Maryland Association of Realtors

• NAR – National Association of Realtors

• DC Realtor Association

Call her today for a Professional Real Estate Consultation or Real Estate Market Analysis.

A full property search can be conducted at http://www.mylocalrealtypartner.com/

Her Contact information can be found below.

or Dial her direct at : 202-276-2295

Call Shataa Now !!!!

Maryland Real Estate Living In MD

2010-09-09T09:20:00.000-04:00

MARYLAND REAL ESTATE

Maryland Communities, Towns & Cities

Maryland is rich in history, activities, entertainment, and Real Estate. Luxury Real Estate Properties can be found throughout MD. Maryland Realestate offers many New House Communities, New Home Developments, Foreclosures, Single Family Homes, Townhomes and Condominiums to choose from. The State of Maryland consists of so many different cities, Townships, Corridors, Village and Communities that there are just too many to name. You can click here for an informational guide on each city within the State of Maryland. Maryland was the seventh state and is very Rich in Historical Contributions. For more historical facts like State history, State Motto, Symbols and more click here.

Prince Georges County Realestate Agents
Maryland PG Real Estate Communities

Upper Marlboro Maryland, Clinton Maryland Real Estate, Riverdale Heights Md., Seabrook Maryland Real Estate, Seabrook Acres Real Estate in Maryland, Seat Pleasant Maryland, Maryland Silver Hill, South Laurel MD. , Suitland Maryland, Tantallon Water front MD, Temple Hills Maryland Realestate, Upper Marlboro Maryland New Developments, Walker Mill Maryland, Woodmore Luxury Real Estate, Woodyard , Accokeek Maryland Real Estate , Adelphi, Ardmore, Ardwick, Beltsville, Berkshire, Berwyn, Berwyn Heights, Bladensburg Maryland Real Estate, Heights, Bowie, Bradbury Heights, Bradbury Park, Brandywine Maryland Real Estate, Brandywine Heights, Brentwood, Brightseat, Camp Springs, Capitol Heights, Carmody Hills, Carole Highlands, Chapel Hill, Chapel Oaks, Cheltenham Md Real Estate, Cherry Hill Maryland Real Estate , Chestnut Hills, Cheverly Maryland Real Estate,Chillum,Chillum Gardens,Chillum Heights, Chillum Manor, Clinton Maryland Real Estate, Clinton Heights, College Park*, College Park Woods, Collington, Colmar Manor*, Columbia Park, Coral Hills, District Heights, Edmonston, Fairmount Heights*, Forest Heights Maryland Real Estate,Forest Manor, Forestville Maryland Real Estate, Fort Washington Maryland Real Estate, Glassmanor, Glenarden*, Glendale Heights, Glenn Dale New Homes Realestate, Greater Capitol Heights, Greenbelt*, Hyattsville, Hyattsville Hills, Kent Village, Kentland, Kerby Hill, Kettering,Lake Arbor,Landover,Landover Hills*,Landover Park,Langley Park, Lanham, Largo, Laurel,Marlow Heights, Marlton, Mitchellville Maryland Real Estate, Mount Calvert, Mount Rainier Maryland Real Estate, Muirkirk, New Carrollton*,North Brentwood Maryland Real Estate,North Forestville,North Kenilworth, Oxon Hill Maryland Real Estate, Oxon Run Hills, Palmer Park , Peppermill Village Maryland Real Estate, Piscataway, Piscataway Hills Maryland Real Estate

Search PG County MLS NOW!....

If you are thinking about living in Maryland and would like the Assistance of a Local Real Estate Agent that knows the area, please do not hesitate to contact Shataa Whittle. As a licensed Realtor and one who is knowledgeable of the Maryland Real Estate Market, She can help you to locate your dream home. If you are considering buying a home in Maryland, Shataa Whittle is truly Your Local Realty Partner. If you need help relocating, she also helps many clients who are relocating from around the world. Shataa offers relocation services and she can truly help you find your new property in Maryland. Read More About Shataa, click here…

Attn: New Home Buyers

Are you thinking about buying a home in Maryland? Are you looking to work with an experienced Home Buying Agent? Are you a First Time Home Buyer? Shataa helps many First Time Home Buyers purchase real estate in Maryland. Shataa holds monthly 1st Time Home Buyers Seminars uncover home buying programs that offer down payment assistance to buy Maryland real estate. If you are a New Home Buyer, please feel free to RSVP for her next Home Buying Seminar. Shataa is ready to give you information on Maryland Home Buying Programs! Information is only a phone call away! For more information on her New Home Buyer Seminars, click here. Shataa is always honored to help New Home Buyers experience the American Dream!

Montgomery County MD. - Maryland Real Estate

Silver Spring Real Estate Agents, Wheaton Maryland Realestate, Wheaton Crest, Wheaton Forest, Wheaton Hills, Wheaton Woods, White Oak, Rock Creek Hills Maryland Realestate, Rock Creek Knolls, Rock Creek Palisades, Rock Creek Village, Rockcrest , Rockland, Rockville Maryland Realestate, Sandy Spring Maryland Realestate, Seven Oaks Realestate , Silver Rock Maryland Realestate, Silver Spring, Silver Spring Park, Sligo Park Hills, Sligo Woods, Spring Hill, Spring Lake Park, Stoney Brook Estates, Takoma Park Maryland Realestate, Valley Stream Estates, Viers Mill Village, Whitehall Manor, Wickford, Wildwood Hills, Wildwood Manor, Potomac Luxury Maryland Realestate , Lake Normandy Estates, Lakewood Estates, Landon Village, Larchmont Knolls Linden, Locust Hill Estates, Lone Oak, Longwood,Mohican Hills,Monterrey Village Montgomery Hills, Montgomery Knolls Maryland Realestate, Montgomery Square Montgomery Village, North Bethesda Maryland Realestate, North Chevy Chase, North Hills Sligo Park Maryland Realestate, North Kensington , North Potomac, North Takoma Park, Northbrook Estates , Northwest Park , Northwest Park Maryland Realestate, Northwood Forest, Norwood Estates, Old Georgetown Estates, Old Germantown, Old Salem Village, Olney, Paint Branch Farms Parkside, Parkview Estates, Parkwood, Potomac Md Realestate, Potomac Falls, Potomac Hunt Acres, Potomac Manors, Potomac Woods, Rock Creek Forest Rock Creek Gardens, Forest Estates, Forest Glen Maryland Realestate, Forest Glen Park, Four Corners Real Etate, Fox Hills, Foxhall Realestate, Franklin Knolls Realestate, Friendship, Friendship Village, Gaithersburg Realestate, Garrett Park Estates, Georgetown Village Realestate, Glen Realestate, Glen Cove,Glen Echo Realestate, Glen Echo Heights Md Realestate, Glen Hills, Realestate in Glenbrook, Great Falls, Green Acres, Huntington Realestate, Jerusalem Realestate, Kemp Mill Estates, Kensington Maryland Realestate, Kensington Estates, Aspen Hill Maryland Realestate,Aspen Hill Park, Aspen Knolls, Bel Pre Farms, Bells Mill, Bethesda Maryland Realestate, Beverly Farms, Bradley Farms Maryland Realestate, Bradley Hills, Bradley Hills Grove, Bradley Woods, Chestnut Hills, Chestnut Ridge, Chevy Chase, Chevy Chase Lake, Chevy Chase Manor, Chevy Chase Section 4, Chevy Chase Section Five, Chevy Chase Section Three, Chevy Chase Terrace , Chevy Chase View, Chevy Chase Village, Colesville , Colesville Park, Columbia Forest, Connecticut Avenue Estates, Connecticut Avenue Hills, Connecticut Avenue Park, Connecticut Gardens, Cresthaven, Crestview, Real Estate In Montgomery County Maryland

Search Montgomery County MLS NOW!....

There are so many New Developments and New Construction Divisions in the state of Maryland. You can choose from Prince Georges County Maryland Single Family House Builders, Montgomery County New Home Builders, Anne Arundel County Maryland Home Builders, Charles County Home Builders, Potomac Md. Luxury Home Builders, Rockville Md. Homebuilders and so many more. There are many New Construction Developments and Home Builder Projects to choose from, it could get overwhelming. New Construction Development Home Builders in companies like Lennar Home Builders, Toll Brothers, Stanley Martin, Bozzuto Maryland Homes, Ryland Maryland Home Builders, Ryan Home Building, Pulte Maryland New Construction Homes, Centex New Development Maryland Home Builders and many many more. There are so many amenities to choose from like Builder Grade, Luxury Grade, Different Upgraded amenities and more. There are so many different Options to consider when looking to purchase a newly built. Whether you are looking for a newly renovated home, newly built home, or you are looking to upgrade from your existing home, the market extends options for your purchase. You may also choose from other well established existing communities both in historical and non historic districts in Maryland. Finding the right house is only difficult without the help of a professional that is experienced in the real estate industry that is able to search and show you homes that otherwise you may not have seen or known about. As a Licensed Professional Maryland Real Estate Agent, Shataa receives great joy when given the opportunity to help client experience the American Dream. When Shataa is able to provide her professional real estate consultation and agent services to her clients and their goals are accomplished, she truly believes that her mission of achieving her client’s goals was accomplished!

Anne Arundel MD.- Maryland Real Estate

Annapolis,Annapolis Roads,Arden on the Severn,Argonne Hills, Arnold

Arundel Beach, Arundel Gardens,Arundel Village,Avalon Shores

Back Bay Beach , Eagle Hill, Earleigh Heights, Eastport, Edgewater

Edgewater Beach, Glen Burnie, Gotts, Green Haven, Greenock

Harbor View, Herald Harbor, Hidden Point, High Point, Highland Beach

Lake Shore, Lakeland, Lands End, Laurel Acres, Leitch, Leon, Linstead-on-the-Severn

Linthicum, Linthicum Heights, Severn, Pasadena

Search Anne Arundel County MLS NOW!....

Shataa also helps many home sellers sell their home. She is a Maryland Listing Agent that knows how to get properties Sold. If you are thinking about home selling in Maryland and would like to get a professional home selling market analysis or CMA, Shataa can help. Shataa can provide a professional CMA that can help you determine the value of your home. In a Market where Real Estate Values are all over the place, Shataa can provide you with the needed up to date and current market information that can keep you informed regarding real estate values. If you have ever said to your self: What is my homes value? or wondered to your self “ How Much is my House Worth”?, Shataa can give you the information you need to help you determine your house value. Shataa sells real estate throughout the state of Maryland and she can help you sell your house also. If you are thinking about selling property in Md., she invites you to contact her for a FREE No – Obligation Home Selling Consultation at 202-276-2295. To get started , she can send you a preliminary CMA to give you an idea about what home values and home selling interest is in your area. Get your FREE CMA Now….

Attn: Distressed Home Owners

Do you need to sell your home now? Are you facing foreclosure and would like to obtain a FREE Home Selling Analysis? If so, Shataa Whittle can help. She is a CDPE – Certified Distressed Property Expert and she can help you by giving you information on Preforeclosure Alternatives. These Foreclosure Help Alternatives have been put in place by the Federal Government to help distressed home owner who are facing foreclosures. If you live in PG County and need this FREE Foreclosure Prevention Information, Please do not hesitate to contact her. As a CDPE, Shataa has the experience needed to HELP! For more information on how Shataa helps distressed home owners save their house, click here…Everyone does not have to experience a Foreclosure. There is HELP, don’t wait until it’s too late! Get started today

Baltimore County MD. Real Estate

Baldwin, Ballard Gardens, Baltimore Highlands, Beetree, Belfast, Belle Farm Estates,

Belltown, Belmont, Brooklandville, Burnbrae, Canterbury Estates, Cape May Beach,

Catonsville, Catonsville Heights, Catonsville Manor ,Edmondson Ridge, Eklo, Elmwood, Franklintown, Franklinville, Glen Falls, Glen Morris, Glendale, Glenmar Manor, Glenmont, Greenbrier, Hillendale Farms, Hillendale Park, Hoffmanville,Towson, Towson Estates, Towson Park, Trenton, Trenton Mill, Troyer, Turner,Tyler, Upper Falls, Upper co, Valley Crest, Valley Mill, Valley Stream, Vernon,Verona, Perry Hall Estates, Perry Hall Manor, Phoenix, Pikesville, Pine Ridge, Pinehurst,Piney Hill, Pleasant Grove, Pleasant Hill, Poplar, Porters Park, Pot Spring,

Prettyboy, Priceville, Providence, Putty Hill, Ralston, Ramona Beach, Ranchleigh,

Randallstown, Rayville, Baltimore City, Reservior Hill

Search Baltimore County MLS NOW!....

Shataa Whittle is a Realtor that provides real estate services to clients within the DC Metro Area. She is a licensed professional in Washington DC and Maryland. She incorporates a sophisticated approach, extensive area knowledge, and a clearly focused mind when it comes to working with her clients. This experience has provided her with great insight into how real estate values are formed and how they interact with the dynamics of the Maryland Real Estate Market. Shataa brings this experience enthusiastically to her clients, as she provides a truly in depth analysis of the market that affects their real estate needs. As a Licensed Professional, she is dedicated to the best interest of her clients. She truly values her client’s time and attention when showing properties. To assure good time management , she incorporates a “Wish List” to make sure that her clients are shown properties that are of interest to them. Shataa serves clients seeking homes of all sizes, from condos, to cottages, to castles, to Luxury Homes. She has successful track record and extensive experience working with first-time home buyers as well as those looking to move up to their dream home. If you are considering buying a house or selling a home, then she invites you to contact her to learn more about how she can help you to accomplish your real estate goals. Read more about Realtor Shataa Whittle….

Charles County Md.- Maryland Real Estate

Waldorf Md. Real Estate , St Charles Maryland Realestate

Search Charles County MLS NOW!....

It can be really hard to find the right realtor with so many local real estate brokerage firms to choose, however you have certainly found that needle in a haystack and "Your local Realty Partner" can help you find your dream home, upgrade or downgrade your house. You can rest assure that as a client of Shataa Whittle, she will consider your best interest in every real estate transaction and will help you understand your contracts so that you can make informed decisions regarding your real estate transactions. Contact her today for a Real Estate Consultation!

Schedule a FREE Consultation Now!

MD Real Estate Agent services, Licensed Realty Professionals, Maryland Property Management Agents, Agents in Maryland, Md. Realtor, Metro Area Licensed Professional Agent, Maryland Luxury Condos, Apartments in Maryland, Historic Brownstone, New Developments, Md. New Construction, Luxury Apartment Homes, Rental Property Listing Agents, Housing Complex, FSBO, Maryland Loan Officer, MD For Sale By Owner on Craig’s List, New Md. Lofts, Single Family Brick Homes, Multi Family Properties, Maryland Commercial Property Sales Agents, Maryland Historic Brownstone Districts, City of Maryland Property Manager, Md. Property Management Company, Md Home Buyers Seminar, Co-op Development, Md Investment properties, Maryland Luxurious Apartment Homes, Water Front, Residential Properties, Washington Metro Area Bank owned REO properties, Foreclosures, Loans and Mortgages, HOA, Condo Association Board, Bethesda, Real Estate Glossary -Lease Abstract Glossary, Maryland Property Management Services, Maryland Official Home Page, PG County Official Home Page, PG County Schools , Montgomery County Public Schools, Entertainment in Maryland, All Maryland Cities & Townships Guide, Maryland Realtors, Maryland Real Estate Agents

Georgetown DC Real Estate - Living in Georgetown Washington

2010-09-02T10:30:00.000-04:00

About Georgetown D.C.
Washington DC Real Estate

Georgetown Washington DC Real Estate is a Historic Area in the District of Columbia. Georgetown was designated a National Historic Landmark in 1967, the Georgetown Historic District is included in the DC Inventory of Historic places and the National Register of Historic Place There are so many landmark and tourist attractions throughout Georgetown. Georgetown Real Estate is bounded by the Potomac River on the south, Rock Creek to the east, Burleith and Glover Park to the north. Georgetown University is located on the west end of the neighborhood. If you are thinking about buying a home in Georgetown, one thing you can count on is the vast parkland and green space that helps to provide recreation. Georgetown Realtors understand the important and historical contributions that this Historic District has made to the District of Columbia. The primary corridors in Georgetown are M St and Wisconsin Ave. These streets are very popular as it relates to shopping as well as dining. Georgetown Cafes and Georgetown Restaurants are all along these streets and located throughout Washington DC Georgetown. As a Realtor and native Washingtonian, Shataa is certainly knowledgeable about the area and she can help you to Buy or Sell your property in Georgetown!

A quick greeting From Shataa, Click here…

How Shataa works with Georgetown Home Sellers

Shataa's Home Selling Clients receives the latest and current market information in real time. When selling Georgetown Real Estate, or Real Estate DC, Shataa believes in delivering the most up to date real estate information on her clients surrounding up to a 1 mile radius of her clients property. Her marketing plan lays out in detail how the property will be marketed and how she will be different from other Georgetown Real Estate Professional Agents. She incorporates the latest technology in her marketing plans. She anticipates the needs of her home selling clients and develops a marketing strategy that will aim to achieve her client's goals. Her marketing strategies aim to assure that each listing receives maximum exposure. She believes in pricing the property at the right price which is very important to her strategy. Her "Lets Get It $old" attitude is what she is best known for. This attitude is her main driving factor when working with her seller clients. She believes in working with the seller and reaching their goals. Her mission is to take her clients real estate from Selling to $old! Her techniques and marketing strategies include effective web marketing. Shataa consistently works her area knowledge, qualified buyer contact database, and professional real estate skills to meet the goals of her clients. Shataa truly exemplifies professional real estate services and consultancy at its best. Shataa is also a Certified Distressed Property Expert (CDPE). This training has given her a good foundation of information to help distressed home owners by providing timely Preforeclosure Information & Alternatives. This education has also helped to provide Shataa with the education and training on how to professionally package short sales and help clients thru the difficult challenges that may arise while Short Selling a property.

Georgetown DC Home Buying:

How Shataa works with Homebuyers

Shataa Whittle is a Realtor that provides real estate services to clients within the DC Metro Area. She is a licensed professional in Washington DC and Maryland. She incorporates a sophisticated approach, extensive area knowledge, and a clearly focused mind when it comes to working with her clients. This experience has provided her with great insight into how real estate values are formed and how they interact with the dynamics of The Washington D.C. Real Estate Market. Shataa brings this experience enthusiastically to her clients, as she provides a truly in depth analysis of the market that affects their real estate needs. As a Licensed Real Estate Agent in DC and Maryland, she is dedicated to the best interest of her clients. She truly values her client’s time and attention when showing properties. To assure good time management, she incorporates a “Wish List” to make sure that her clients are shown properties that are of interest to them. Shataa serves clients seeking homes of all sizes, from Georgetown Condos / Condominiums, to Georgetown DC Single Family Town Homes / Row houses, to Georgetown Luxury Real Estate. She has a successful record of accomplishment and extensive experience working with first-time homebuyers as well as those looking to move up to their dream home. If you are considering home buying or selling a house, then she invites you to contact her to learn more about how she can help you to accomplish your real estate goals.

Search Georgetown Real Estate NOW!

Renovated Properties in Washington DC

Regardless of her client’s price range, the process is the same. This process begins with an initial goal-setting meeting. Topics discussed are client's needs in a new home, timing, style & location preferences, and lifestyle & wish list of features. This initial meeting streamlines the home search process and allows Shataa to find a perfect fit for her clients. She strives to make her clients' experience enjoyable and rewarding by listening carefully to their needs from the start and always understanding their goals. Thereafter, she provides attentive service throughout the process to ensure a seamless transaction.

For her Home Buying clients, her main mission is to assure that their interest is protected at all times. Another goal for her Home buying clients is to seek and show the perfect property based on their Wish List. Her extensive experience and area knowledge plays a vital role when assisting her home buying clients. She always seeks to provide information to home buyer clients to make sure that they are able to make an informed decision while protecting their real estate interest. She provides her clientele with an honest and straightforward education on the intricacies of the transaction process to inspire the soundest investment decisions. Her services are coupled with strong work ethics and organization skills. She is an experienced professional that knows the community and is ready to execute her skills to help her clients meet their goals. Her vision is to provide the best real estate services that she can offer to her clients, one real estate transaction at a time. To read more about Georgetown DC Realtor - Shataa Whittle, Click here…..

Click here to Search More Georgetown Properties....

Hotels, Entertainment, Restaurants in Georgetown DC

• Savoy Hotel

• 5 Star Hotels in Georgetown

• Georgetown Restaurant Directory

• Georgetown DC Entertainment

• Georgetown Shops

• Georgetown Bars / Clubs / Nightlife

• Georgetown DC Property Values

• Georgetown Home Evaluations

• Georgetown DC Area Comps

• Georgetown DC Home Selling

• My House is Worth….

• Sold Comps in Georgetown DC

• Georgetown Listing Agents

• DC Georgetown Realtors

• Washington Georgetown Real Estate Agents

Click here....

Georgetown Main Streets & Attractions

M Street NW

Reservior Rd ./ Road NW

37th St NW

Wisconsin Ave NW

Georgetown Water Front Park

Theordore Roosevelt Island

Embassy of Indonesia

Rock Creek Potomac Pkwy NW

Connecticut Ave NW

Canal Road NW

O St NW

Fox Hall Road NW

Maryland Home Selling Realtors DC Real Estate Listing Agents

2010-08-27T11:12:00.000-04:00

Shataa Sells Real Estate : DC and Maryland Real Estate Listing Agent

Do you need to sell your house? Have you said to your self " I need to sell my home Fast? Are you facing Foreclosure? Do you need Preforeclosure Alternatives? Have you ever heard of a Short Sale? Have you ever heard of HAFA? What about HAMP, have you ever heard of these Preforeclosure Governement Programs that are in place to help home owners? Are you trying to pay 2 Mortgages and running into difficulties? Have you lost your job and now home selling is your only option? Help is only a phone call away. I can help you to Sell your home!

Selling your home is possible in either a Seller’s market or Buyer’s market and I can show you how. As a licensed real estate professional agent , I am experienced in the home selling process. I can show you what to do and how to do it to maximize your return on your investment. As your REALTOR, I will assist with staging your home, holding open houses and various other marketing methods that will help sell your house. I aim to help my Seller Client’s receive and review as many offers as possible. If you want to know your options or get a FREE CMA, I can offer you a professional home selling consultation and provide you with daily status reports as to how properties in your area are performing. This tool will help you to see with your own eyes, your current market condition. I aim to make sure that my Home Selling Clients are informed that they may make a good decision when accepting offers. My “Let’s Get It Sold” attitude is what challenges me to perform at a higher standard and to make sure that buyers are drawn to the property in every way possible. Home Buyers are looking for certain things and mentally checking off items as they attend open houses. As a Professional Listing Agent serving Washington DC and Maryland, I have gained the area experience and know what is appealing to home buyers and how to prepare the property to meet the current market expectations of the perspective home buyer. My professional real estate services gives off a sweet aroma that attract offers!

WHAT HOME SELLER’S CAN EXPECT: Breif Overview

As my Home Selling Client, you can expect professional real estate services to include: Client Loyalty, Client Confidentiality, Listening and responding to your requests, Disclosure of pertinent real estate information so that you would be able to maximize your earning potential and minimize any risks or profit loss. All of my Home Selling Clients can also expect to have their real estate transaction handled with the utmost care and respect. With the many DC and Maryland real estate professionals to choose from, you can rest assure that you have found the one that is able to help you execute your real estate transaction. All of my House Selling Clients can rest in the peace of my professional real estates services and be assured that I will always keep your best interest in mind. As always, I aim to provide professional real estate services that are tailored to help you achieve your goals.

The Home Selling Process at a Glimpse / A Marketing Snapshot

• Detailed Market Inspection of your Property - This is the process in which your property is inspected to see how your property varies from the current housing trends. In this inspection, I would simply walk thru and check out the overall condition of the property. At this level I would provide an internal and external anaylsis of your home to include:

Walk thru of Property / Feature Assessment & Analysis
Exterior Condition / Curb Appeal Inspection
Recommend Repairs / Upgrades / Advise on current home selling trends

• Competative Market Analysis (CMA) - After reviewing the overall external and internal condition of the property, I would then make a recommendation of a suggested price based on your property comparing it to others that are on the market.

• Stagging for TOP DOLLAR - This is usually done as a method to broaden the appeal to a larger body of potential home buyers for your property. Staging your home could be the determining factor as to How Long and How Many Offers you receive on your property. This is always available to my clients and depend solely on budget provided by the selling party.

• Complete Customized Marketing Plan Executed – At this level, I present to you a customized marketing plan that concentrates on modern real estate marketing techniques and implementation of modern technology. This would include:

Concentration on Internet Marketing
1 mile radius of the property mailer marketing concentration
Virtual Tour Set Up
Private Property Phone Line Set up
Set up for Daily Market Status Real Estate Alerts
Publication Marketing Plan Implementation (published and internet based ) & more. During our initial appointment, a detailed plan will be presented to the Home Seller for review.
Set up Open House and Showing Schedule

• Set up Internet Portal for Seller Client Log-In – I set up a private portal for my house selling clients which is updated weekly on Friday. This portal provides a marketing update on the activity that has taken place on your property throughout the week. All updates are accessible with a simple password and user name that you choose. Once this is set up, my clients can log in 24hrs a day to verify and see what took place during the week as it releates to showings and property selling activity.

• Begin to Receive / Review Offers – At this level, I assist you with understanding the terms and conditions being offered so that you may be able to make an informed decision. This part can be a little challenging if you do not understand the real estate industry language, however, with a Professional Licensed Real Estate Agent working with you, I will certainly provide you with any information that would result in your best interest, as my home selling client.

• The Closing – This is the day that we all come to realize the meaning of group effort and the reward that it pays off. This is the day when you are set to realize the capital on your investment and hard work. As your Licensed Real Estate Agent, I will accompany you to make sure that you understand your terms and conditions of the settlement. I will make sure that you have understanding in every aspect of the transaction that you are able to make informed decisions at all times. The closing / settlement transaction is the ending of one venture and the beginning of another. At closing, I present to you your FREE "Thank You" Gift.

It can be really hard to find the right realtor with so many local real estate brokerage firms to choose from like: Exit, Weichert , Long & Foster, Remax, Century 21, Coldwell Banker/CB Move, Prudential, WGL, Keller Williams, Realty Executives, Fair Fax Realty, Diplomat Realty, Exit Realty, however you have certainly found that needle in a haystack and Your local Realty Partner can help you find your dream home. You can rest assure that as my Client, I will consider your best interest in every real estate transaction and will help you understand your contracts so that you can make an informed decision.

SERVICE REWARD - “THANK YOU” GIFTS

I have decided that as a way to say "Thank You" for allowing me to serve as your Realtor, I am providing all of my Clients ( Home Buyers and Home Sellers) with a FREE Gift at settlement. This complimentary gift will be provided at settlement and further explained during our initial real estate consultation. This is a Gift from me to all of my clients just to say “Thank You” for allowing me to assist you with your selling or buying real estate transaction. All “Thank You Gifts” are given at settlement and are NOT redeemable for cash. There are also different thank you gifts provided for referrals. I am really glad that you have decided to either buy or sell your house, and I am looking forward to helping you to achieve your real estate goals. DO NOT DELAY! Schedule your real estate consultation by clicking on the link below and be on your way to financial real estate wealth!

Schedule Your Real Estate Consultation Now! Click here....

sell my house fast

2010-08-25T16:44:00.000-04:00

Realtor Shataa Whittle - Real Estate Sales Listing Agent in DC - MD

Hello, this is Shataa, "Your Local Realty Partner" and I have listed some tips to help you Sell Your Home! Whether you are trying to move up or you just need to sale your home, home selling in this market is still possible. Home Sales throughout Maryland vary. It would be my pleasure to provide you a FREE CMA Report specifically customized for your property. Selling a house in today's real estate market, takes a special type of dedication and experience My customized marketing plan can help you to sell your house. I do not leave any detail unturned. I work to make sure that my clients that are selling a home, receive the best real estate attention possible! If you want to sell property in DC or in Maryland, I can help. As a Local Realtor, I can provide you with the information, confidence, preparation, and endurance to help to meet your real estate goals. If you want to get a Quick No-Obligation Preliminary CMA Report for your property, click here...

Sell that home quicker! Tips for agents & sellers to bump up that curb appeal!

In a slow market, sellers need to do everything possible to help get their home looked at. Here are some basic tips.

1. Beware of grand gestures: Exterior improvements should be in keeping with the scale and proportion of your house and fit in with the neighborhood. So as lovely as a formal colonnade might look on the front of your boxy Colonial Revival, it may seem over the top when viewed in context with the simple salt box next door.

2. Don't stand out like a sore thumb: When picking paint colors, it's best to match the intensity of your neighbors' shades. If pale blues are the norm, try a creamy yellow. Contrast that with a more saturated accent color for shutters and doors, and a lighter one for windows and trim.

3. Be a tree hugger: If an old maple is obscuring the front of your home, don't cut it down. Hire professional to trim it instead. Eighty-three percent of Realtors say that mature trees enhance the value of a home.

4. Plant for all seasons: Your landscape should be eye-catching year-round, even in the dead of winter. So choose a mix of plants to provide four seasons of interest-spring and summer flowers, bright fall foliage, and colorful berries or showy bark in winter.

5. You can have too much of a good thing: Over-improving your facade can mean recouping less of the cost when it comes time to sell. Gauge how much to spend on renovations by checking home values to see what gussied-up homes are going for in your community, and stay under their bar.

6. Do sweat the small stuff: New house numbers, a special light fixture, and potted plants are inexpensive and go a long way toward dressing up an entry.

7. Preservation pays: Before you apply stucco over those weathered clapboards for a clean, low-maintenance look, consider that restoring architectural details may offer more bang from your renovation dollar. In some areas, the value of homes in historic districts where preservation is required has risen up more than in non- historic areas.

So if you are planning on selling your home, please keep in mind the information noted above as this will help you to get that home sold. If you would like a Professional Real Estate Analysis, please feel free to contact me, It would be my pleasure to help you accomplish your goal. I welcome your response.

HOME BUYING PROCESS AT A GLIMPSE...

2008-12-30T22:34:00.000-05:00

MORTGAGE GLOSSARY: HELPFUL TERMINOLOGY

2008-12-28T23:40:00.000-05:00

Hello, I’m Shataa Whittle, “Your Local Realty Partner”and thank you for visiting my real estate blog. I am a Licensed Professional Listing, Buyer and Sales Agent in the District of Columbia -DC & Maryland- MD. I am a Licensed Real Estate Agent / Realtor and a Native Washingtonian. Finding the perfect house, condo or housing complex does not have to be difficult. As a Licensed Real Estate Professional, I can assist you with locating your Dream Home. Luxury Condo, Apartments in DC / MD, New Development Projects, Newly Constructed Developments, and Luxury Apartment Homes are also accessible to me thru the MLS. If you are in the market and looking to find that perfect Loft, Single Family Homes, Multi Family Properties, Commercial Rental and For Sale Property, Co-op Developments, Investment properties I can assist you with locating any one of these properties also. Foreclosures, REO Bank Owned Properties, Luxurious Town homes, Water Front Properties, and / or finding land to build your new dream house, then I am your agent. As a Licensed Realtor, It does not matter if you are looking for city life / urban communities, suburban / country areas, or Historic Locations, I can help you find it. Our office have been called by many of our clients, “A One Stop Real Estate Shop”, and I am dedicated to taking a stand for the best interests of my clients.

You have truly found a professional Real Estate Agent that is going to consider you a client and work in your best interest, rather than just another commission check. With all the different local brokerage companies to choose from ( i.e.GRM , Remax, Long & Foster, Exit, Keller Williams, Century 21, Fairfax Realty, Coldwell Banker, Prudential etc…) and all the different factors to choose you are truly in good professional care when you allow me to represent you as my client. You can rest assure that as your Licensed Real Estate Professional, I will work in your best interest, in which it is very important during any real estate transaction. My mission is to provide sound and educated advice that will lead to a successful purchase and or sale of your home. I am looking forward to meeting with you and discussing the sale and or purchase of your new home or investment property. Click on the link below, and allow me to put to work my real estate experience for you!

Schedule a Real Estate Consultation

Please fee free to review the most commonly used terminology within the mortgage industry. This is just another step that I have taken to provide information to clients and provide helpful resources. If you have any additional questions or would like to take advantage of my Free Property Analysis and CMA, Listing Services, or if you need Buyer Representation, Please feel free to Contact Me , and I will be happy to render my professional real estate services to you. If you are a new home buyer, you may want to consider attending my New Home Buyer Seminar .

A- Z

Acceleration Clause-
A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.
Adjustable-rate mortgage (ARM)A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.
Adjustment DateThe date the interest rate changes on an adjustable-rate mortgage
AmortizationThe loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.
Amortization ScheduleA table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero.
Annual Percentage Rate (APR)This is not the note rate on your loan. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your actual loan amount. You will come up with a number close to the APR. Because you are using the same payment on a smaller amount, the APR is always higher than the actual not rate on your loan.
ApplicationThe form used to apply for a mortgage loan, containing information about a borrower’s income, savings, assets, debts, and more.
AppraisalA written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
Appraised ValueAn opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.
AppraiserAn individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent.
AppreciationThe increase in the value of a property due to changes in market conditions, inflation, or other causes.
Assessed ValueThe valuation placed on property by a public tax assessor for purposes of taxation.
AssessmentThe placing of a value on property for the purpose of taxation.
AssessorA public official who establishes the value of a property for taxation purposes.
AssetItems of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others.
AssignmentWhen ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.
Assumable MortgageA mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.
AssumptionThe term applied when a buyer assumes the seller’s mortgage.
Balloon MortgageA mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.
Balloon PaymentThe final lump sum payment that is due at the termination of a balloon mortgage.
BankruptcyBy filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishment of an ability to repay debt.
Bill of SaleA written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds.
Biweekly MortgageA mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty year mortgage. They charge a set-up fee and a transfer fee for every payment. Your funds are deposited into a trust account from which your monthly payment is then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce your principle. You could save money by doing the same thing yourself, plus you have to have faith that once you transfer money to them that they will actually transfer your funds to your lender.
Bond MarketUsually refers to the daily buying and selling of thirty year treasury bonds. Lenders follow this market intensely because as the yields of bonds go up and down, fixed rate mortgages do approximately the same thing. The same factors that affect the Treasury Bond market also affect mortgage rates at the same time. That is why rates change daily, and in a volatile market can and do change during the day as well.
Bridge LoanNot used much anymore, bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment. One reason for their fall from favor is that there are more and more second mortgage lenders now that will lend at a high loan to value. In addition, sellers often prefer to accept offers from buyers who have already sold their property.
brokerBroker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. (See the Home Loan Library that discusses the different types of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.
BuydownUsually refers to a fixed rate mortgage where the interest rate is "bought down" for a temporary period, usually one to three years. After that time and for the remainder of the term, the borrower’s payment is calculated at the note rate. In order to buy down the initial rate for the temporary payment, a lump sum is paid and held in an account used to supplement the borrower’s monthly payment. These funds usually come from the seller (or some other source) as a financial incentive to induce someone to buy their property. A "lender funded buydown" is when the lender pays the initial lump sum. They can accomplish this because the note rate on the loan (after the buydown adjustments) will be higher than the current market rate. One reason for doing this is because the borrower may get to "qualify" at the start rate and can qualify for a higher loan amount. Another reason is that a borrower may expect his earnings to go up substantially in the near future, but wants a lower payment right now.
Call OptionSimilar to the acceleration clause.
CapAdjustable Rate Mortgages have fluctuating interest rates, but those fluctuations are usually limited to a certain amount. Those limitations may apply to how much the loan may adjust over a six month period, an annual period, and over the life of the loan, and are referred to as "caps." Some ARMs, although they may have a life cap, allow the interest rate to fluctuate freely, but require a certain minimum payment which can change once a year. There is a limit on how much that payment can change each year, and that limit is also referred to as a cap.
Cash-out RefinanceWhen a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as a "cash out refinance."
Certificate of DepositA time deposit held in a bank which pays a certain amount of interest to the depositor.
Certificate of Deposit IndexOne of the indexes used for determining interest rate changes on some adjustable rate mortgages. It is an average of what banks are paying on certificates of deposit.
Certificate of EligibilityA document issued by the Veterans Administration that certifies a veteran’s eligibility for a VA loan.
Certificate of Reasonable Value (CRV)Once the appraisal has been performed on a property being bought with a VA loan, the Veterans Administration issues a CRV.
Chain of TitleAn analysis of the transfers of title to a piece of property over the years.
Clear TitleA title that is free of liens or legal questions as to ownership of the property.
ClosingThis has different meanings in different states. In some states a real estate transaction is not consider "closed" until the documents record at the local recorders office. In others, the "closing" is a meeting where all of the documents are signed and money changes hands.
Closing CostsClosing costs are separated into what are called "non-recurring closing costs" and "pre-paid items." Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. "Pre-paids" are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application.
Closing StatementSee Settlement Statement.
Cloud on TitleAny conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by deed, release, or court action.
Co-borrowerAn additional individual who is both obligated on the loan and is on title to the property.
CollateralIn a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.
collectionWhen a borrower falls behind, the lender contacts them in an effort to bring the loan current. The loan goes to "collection." As part of the collection effort, the lender must mail and record certain documents in case they are eventually required to foreclose on the property.
CommissionMost salespeople earn commissions for the work that they do and there are many sales professionals involved in each transaction, including Realtors, loan officers, title representatives, attorneys, escrow representative, and representatives for pest companies, home warranty companies, home inspection companies, insurance agents, and more. The commissions are paid out of the charges paid by the seller or buyer in the purchase transaction. Realtors generally earn the largest commissions, followed by lenders, then the others.
Common Area AssessmentsIn some areas they are called Homeowners Association Fees. They are charges paid to the Homeowners Association by the owners of the individual units in a condominium or planned unit development (PUD) and are generally used to maintain the property and common areas.
Common AreasThose portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.
Common LawAn unwritten body of law based on general custom in England and used to an extent in some states.
Community PropertyIn some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumstances. This is an outgrowth of the Spanish and Mexican heritage of the area.
Comparable SalesRecent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."
CondominiumA type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.
Condominium ConversionChanging the ownership of an existing building (usually a rental project) to the condominium form of ownership.
Condominium HotelA condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned. These are often found in resort areas like Hawaii.
Construction LoanA short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
ContingencyA condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.
ContractAn oral or written agreement to do or not to do a certain thing.
Conventional MortgageRefers to home loans other than government loans (VA and FHA).
convertible ARMAn adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time.
cooperative (co-op)A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
Cost of Funds Index (COFI)One of the indexes that is used to determine interest rate changes for certain adjustable-rate mortgages. It represents the weighted-average cost of savings, borrowings, and advances of the financial institutions such as banks and savings & loans, in the 11th District of the Federal Home Loan Bank.
creditAn agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
Credit HistoryA record of an individual's repayment of debt. Credit histories are reviewed my mortgage lenders as one of the underwriting criteria in determining credit risk.
CreditorA person to whom money is owed.
Credit ReportA report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.
Credit RepositoryAn organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.
DebtAn amount owed to another.
DeedThe legal document conveying title to a property.
Deed-in-lieuShort for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.
Deed of TrustSome states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing.
DefaultFailure to make the mortgage payment within a specified period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of the due date, the loan is considered to be in default.
DelinquencyFailure to make mortgage payments when mortgage payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit bureaus.
DepositA sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit."
DepreciationA decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining monetary value of an asset and is used as an expense to reduce taxable income. Since this is not a true expense where money is actually paid, lenders will add back depreciation expense for self-employed borrowers and count it as income.
Discount PointsIn the mortgage industry, this term is usually used in only in reference to government loans, meaning FHA and VA loans. Discount points refer to any "points" paid in addition to the one percent loan origination fee. A "point" is one percent of the loan amount.
Down PaymentThe part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
Due-on-sale ProvisionA provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.
Earnest Money DepositA deposit made by the potential home buyer to show that he or she is serious about buying the house.
EasementA right of way giving persons other than the owner access to or over a property.
Effective AgeAn appraiser’s estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
Eminent DomainThe right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.
EncroachmentAn improvement that intrudes illegally on another’s property.
EncumbranceAnything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.
Equal Credit Opportunity Act (ECOA)A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
EquityA homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.
EscrowAn item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.
Escrow AccountOnce you close your purchase transaction, you may have an escrow account or impound account with your lender. This means the amount you pay each month includes an amount above what would be required if you were only paying your principal and interest. The extra money is held in your impound account (escrow account) for the payment of items like property taxes and homeowner’s insurance when they come due. The lender pays them with your money instead of you paying them yourself.
Escrow AnalysisOnce each year your lender will perform an "escrow analysis" to make sure they are collecting the correct amount of money for the anticipated expenditures.
Escrow DisbursementsThe use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.
EstateThe ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.
EvictionThe lawful expulsion of an occupant from real property.
Examination of TitleThe report on the title of a property from the public records or an abstract of the title.
Exclusive ListingA written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
ExecutorA person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form.
Fair Credit Reporting ActA consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.
fair market valueThe highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.
Fannie Mae (FNMA)The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds. For a discussion of the roles of Fannie Mae, Freddie Mac (FHLMC), and Ginnie Mae (GNMA), see the Library.
Federal Housing Administration (FHA)An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.
Fee SimpleThe greatest possible interest a person can have in real estate.
Fee Simple EstateAn unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property.
FHA MortgageA mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.
Firm CommitmentA lender's agreement to make a loan to a specific borrower on a specific property.
First MortgageThe mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions.
Fixed-rate MortgageA mortgage in which the interest rate does not change during the entire term of the loan.
FixturePersonal property that becomes real property when attached in a permanent manner to real estate.
Flood InsuranceInsurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.
ForeclosureThe legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
401(k)/403(b)An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 401(k) plans are provided by employers that are private corporations. 403(b) plans are provided by employers that are not for profit organizations.
401(k)/403(b) loanSome administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Loans against 401K plans are an acceptable source of down payment for most types of loans.

G-L

Government Loan (mortgage)A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are classified as conventional loans.
Government National Mortgage Association (Ginnie Mae)A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA)
GranteeThe person to whom an interest in real property is conveyed.
GrantorThe person conveying an interest in real property.
Hazard InsuranceInsurance coverage that in the event of physical damage to a property from fire, wind, vandalism, or other hazards.
Home Equity Conversion Mortgage (HECM)Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you. It enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property.
Home Equity Line of CreditA mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.
Home InspectionA thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.
Homeowners' AssociationA nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.
Homeowner's InsuranceAn insurance policy that combines personal liability insurance and hazard. insurance coverage for a dwelling and its contents.
Homeowner's WarrantyA type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.
HUD Median IncomeMedian family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).
HUD-1 Settlement StatementA document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."
Joint TenancyA form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.
JudgmentA decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.
Judicial ForeclosureA type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure.
Jumbo LoanA loan that exceeds Fannie Mae’s and Freddie Mac’s loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.
Late ChargeThe penalty a borrower must pay when a payment is made a stated number of days. On a first trust deed or mortgage, this is usually fifteen days.
LeaseA written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.
Leasehold EstateA way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.
Lease OptionAn alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price.
Legal DescriptionA property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.
LenderA term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."
LiabilitiesA person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.
Liability InsuranceInsurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner’s insurance policy.
LienA legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.
Life CapFor an adjustable-rate mortgage (ARM), a limit on the amount that the enterest rate can increase or decrease over the life of the mortgage.
Line of CreditAn agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.
Liquid AssetA cash asset or an asset that is easily converted into cash.
LoanA sum of borrowed money (principal) that is generally repaid with interest.
Loan OfficerAlso referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution.
Loan OriginationHow a lender refers to the process of obtaining new loans.
Loan ServicingAfter you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, and provide a variety of other services.
Loan-to-value (LTV)The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).
Lock-inAn agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.
Lock-in PeriodThe time period during which the lender has guaranteed an interest rate to a borrower.

M-R

MarginThe difference between the interest rate and the index on an adjustable rate mortgage. The margin remains stable over the life of the loan. It is the index which moves up and down.
MaturityThe date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
Merged Credit ReportA credit report which reports the raw data pulled from two or more of the major credit repositories. Contrast with a Residential Mortgage Credit Report (RMCR) or a standard factual credit report.
ModificationOccasionally, a lender will agree to modify the terms of your mortgage without requiring you t refinance. If any changes are made, it is called a modification.
MortgageA legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds.
Mortgage BankerFor a more complete discussion of mortgage banker, see "Types of Lenders." A mortgage banker is generally assumed to originate and fund their own loans, which are then sold on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. However, firms rather loosely apply this term to themselves, whether they are true mortgage bankers or simply mortgage brokers or correspondents.
Mortgage BrokerA mortgage company that originates loans, then places those loans with a variety of other lending institutions with whom they usually have pre-established relationships.
MortgageeThe lender in a mortgage agreement.
Mortgage Insurance (MI)Insurance that covers the lender against some of the losses incurred as a result of a default on a home loan. Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that have a loan-to-value higher than eighty percent. Mortgages above 80% LTV that call themselves "No MI" are usually a made at a higher interest rate. Instead of the borrower paying the mortgage insurance premiums directly, they pay a higher interest rate to the lender, which then pays the mortgage insurance themselves. Also, FHA loans and certain first-time homebuyer programs require mortgage insurance regardless of the loan-to-value.
Mortgage Insurance Premium (MIP)The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.
Mortgage Life and Disability InsuranceA type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage payment for a specified amount of time during the disability. Be careful to read the terms of coverage, however, because often the coverage does not start immediately upon the disability, but after a specified period, sometime forty-five days.
MortgagorThe borrower in a mortgage agreement.
Multidwelling UnitsProperties that provide separate housing units for more than one family, although they secure only a single mortgage.
Negative AmortizationSome adjustable rate mortgages allow the interest rate to fluctuate independently of a required minimum payment. If a borrower makes the minimum payment it may not cover all of the interest that would normally be due at the current interest rate. In essence, the borrower is deferring the interest payment, which is why this is called "deferred interest." The deferred interest is added to the balance of the loan and the loan balance grows larger instead of smaller, which is called negative amortization.
No cash-out RefinanceA refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is caculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Often referred to as a "rate and term refinance."
No-cost LoanMany lenders offer loans that you can obtain at "no cost." You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a "no-point" loan, the interest rate will be higher than if you obtain a loan that has costs associated with it.
NoteA legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
Note RateThe interest rate stated on a mortgage note.
Notice of DefaultA formal written notice to a borrower that a default has occurred and that legal action may be taken.
Original Principal BalanceThe total amount of principal owed on a mortgage before any payments are made.
Origination FeeOn a government loan the loan origination fee is one percent of the loan amount, but additional points may be charged which are called "discount points." One point equals one percent of the loan amount. On a conventional loan, the loan origination fee refers to the total number of points a borrower pays.
Owner FinancingA property purchase transaction in which the property seller provides all or part of the financing.
Partial PaymentA payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan. Normally, a lender will not accept a partial payment, but in times of hardship you can make this request of the loan servicing collection department.
Payment Change DateThe date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the interest rate adjustment date.
Periodic Payment Cap br> For an adjustable-rate mortgage where the interest rate and the minimum payment amount fluctuate independently of one another, this is a limit on the amount that payments can increase or decrease during any one adjustment period.
Periodic Rate Cap For an adjustable-rate mortgage, a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be.
Personal PropertyAny property that is not real property.
PITIThis stands for principal, interest, taxes and insurance. If you have an "impounded" loan, then your monthly payment to the lender includes all of these and probably includes mortgage insurance as well. If you do not have an impounded account, then the lender still calculates this amount and uses it as part of determining your debt-to-income ratio.
PITI ReservesA cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months.
Planned Unit Development (PUD) >A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. Contrast with condominium, where an individual actually owns the airspace of his unit, but the buildings and common areas are owned jointly with the others in the development or association.
PointA point is 1 percent of the amount of the mortgage.
Power of AttorneyA legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.
Pre-approvalA loosely used term which is generally taken to mean that a borrower has completed a loan application and provided debt, income, and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and making assumptions about what the interest rate will actually be at the time the loan is actually made, as well as estimates for the amount that will be paid for property taxes, insurance and others. A pre-approval applies only to the borrower. Once a property is chosen, it must also meet the underwriting guidelines of the lender. Contrast with pre-qualification.
Prepayment Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case, prepayment means payment occurs before the loan has been fully amortized.
Prepayment PenaltyA fee that may be charged to a borrower who pays off a loan before it is due.
Pre-qualification This usually refers to the loan officer’s written opinion of the ability of a borrower to qualify for a home loan, after the loan officer has made inquiries about debt, income, and savings. The information provided to the loan officer may have been presented verbally or in the form of documentation, and the loan officer may or may not have reviewed a credit report on the borrower.
Prime RateThe interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit. Changes in the prime rate do not directly affect other types of mortgages, but the same factors that influence the prime rate also affect the interest rates of mortgage loans.
PrincipalThe amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage.
Principal Balance The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining balance.
Principal,interest, taxes, and insurance (PITI) The four components of a monthly mortgage payment on impounded loans. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.
Private mortgage insurance (MI) Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.
Promissory NoteA written promise to repay a specified amount over a specified period of time.
Public AuctionA meeting in an announced public location to sell property to repay a mortgage that is in default.
Planned Unit Development (PUD)A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual PUD unit owners.
Purchase AgreementA written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
Purchase Money TransactionThe acquisition of property through the payment of money or its equivalent.
Qualifying RatiosCalculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower's monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner's association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt.
Quitclaim DeedA deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.
Rate LockA commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.
Real Estate AgentA person licensed to negotiate and transact the sale of real estate.
Real Estate Settlement Procedures Act (RESPA)A consumer protection law that requires lenders to give borrowers advance notice of closing costs.
Real PropertyLand and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.
Realtor¬A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.
RecorderThe public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."
RecordingThe noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.
Refinance TransactionThe process of paying off one loan with the proceeds from a new loan using the same property as security.
Remaining BalanceThe amount of principal that has not yet been repaid. See principal balance.
Remaining TermThe original amortization term minus the number of payments that have been applied.
Rent Loss InsuranceInsurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.
Repayment PlanAn arrangement made to repay delinquent installments or advances.
Replacement Reserve FundA fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.
Revolving Debtcredit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
Right of First RefusalA provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
Right of Ingress or EgressThe right to enter or leave designated premises.
Right of SurvivorshipIn joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.

S-Z

Sale-LeasebackA technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.
Second MortgageA mortgage that has a lien position subordinate to the first mortgage.
Secondary MarketThe buying and selling of existing mortgages, usually as part of a "pool" of mortgages.
Secured LoanA loan that is backed by collateral.
SecurityThe property that will be pledged as collateral for a loan.
Seller Carry-backAn agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.
ServicerAn organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
ServicingThe collection of mortgage payments from borrowers and related responsibilities of a loan servicer.
Settlement StatementSee HUD1 Settlement Statement
SubdivisionA housing development that is created by dividing a tract of land into individual lots for sale or lease.
Subordinate FinancingAny mortgage or other lien that has a priority that is lower than that of the first mortgage.
SurveyA drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
Sweat EquityContribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.
Tenancy in CommonAs opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.
Third-party OriginationA process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
TitleA legal document evidencing a person's right to or ownership of a property.
Title CompanyA company that specializes in examining and insuring titles to real estate.
Title InsuranceInsurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.
Title SearchA check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.
Transfer of OwnershipAny means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.
Transfer TaxState or local tax payable when title passes from one owner to another.
Treasury IndexAn index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market.
Truth-in-LendingA federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
Two-step MortgageAn adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.
Two- to Four-family PropertyA property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.
TrusteeA fiduciary who holds or controls property for the benefit of another.
VA MortgageA mortgage that is guaranteed by the Department of Veterans Affairs (VA).
VestedHaving the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.
Veterans Administration (VA)An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

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Realtors

WHEN BUYING A HOME, HOME BUYERS NEED TO CONSIDER THEIR...

2008-12-26T23:48:00.000-05:00

ATTN:HOME BUYERS: TERMS YOU NEED TO KNOW...

2008-12-26T23:42:00.000-05:00

REAL PROPERTY GLOSSARY(PART2)

2008-12-25T00:47:00.000-05:00

Hello its me again , Shataa Whittle, “Your Local Realty Partner”. Thanks for visiting my real estate blog again. I am a Licensed Professional Listing, Buyer and Sales Agent in the District of Columbia -DC & Maryland- MD. I am a Licensed Real Estate Agent / Realtor and a Native Washingtonian. Finding the perfect house, condo or housing complex does not have to be difficult. As a Licensed Real Estate Professional, I can assist you with locating your Dream Home. Luxury Condo, Apartments in DC / MD, New Development Projects, Newly Constructed Developments, and Luxury Apartment Homes are also accessible to me thru the MLS. If you are in the market and looking to find that perfect Loft, Single Family Homes, Multi Family Properties, Commercial Rental and For Sale Property, Co-op Developments, Investment properties I can assist you with locating any one of these properties also. Foreclosures, REO Bank Owned Properties, Luxurious Town homes, Water Front Properties, and / or finding land to build your new dream house, then I am your agent. As a Licensed Realtor, It does not matter if you are looking for city life / urban communities, suburban / country areas, or Historic Locations, I can help you find it. Our office have been called by many of our clients, “A One Stop Real Estate Shop”, and I am dedicated to taking a stand for the best interests of my clients.

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Please fee free to review the most commonly used terminology within the real estate industry. This is just another step that I have taken to provide information to clients and provide helpful resources. If you have any additional questions or would like to take advantage of my Free Property Analysis and CMA, Listing Services, or if you need Buyer Representation, Please feel free to Contact Me , and I will be happy to render my professional real estate services to you. If you are a new home buyer, you may want to consider attending my New Home Buyer Seminar .

M

margin
The difference between the interest rate and the index on an adjustable rate mortgage. The margin remains stable over the life of the loan. It is the index which moves up and down.

maturity
The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.

merged credit report
A credit report which reports the raw data pulled from two or more of the major credit repositories. Contrast with a Residential Mortgage Credit Report (RMCR) or a standard factual credit report.

modification
Occasionally, a lender will agree to modify the terms of your mortgage without requiring you t refinance. If any changes are made, it is called a modification.

mortgage
A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds.

mortgage banker
For a more complete discussion of mortgage banker, see "Types of Lenders." A mortgage banker is generally assumed to originate and fund their own loans, which are then sold on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. However, firms rather loosely apply this term to themselves, whether they are true mortgage bankers or simply mortgage brokers or correspondents.

mortgage broker
A mortgage company that originates loans, then places those loans with a variety of other lending institutions with whom they usually have pre-established relationships.

mortgagee
The lender in a mortgage agreement.

mortgage insurance (MI)
Insurance that covers the lender against some of the losses incurred as a result of a default on a home loan. Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that have a loan-to-value higher than eighty percent. Mortgages above 80% LTV that call themselves "No MI" are usually a made at a higher interest rate. Instead of the borrower paying the mortgage insurance premiums directly, they pay a higher interest rate to the lender, which then pays the mortgage insurance themselves. Also, FHA loans and certain first-time homebuyer programs require mortgage insurance regardless of the loan-to-value.

mortgage insurance premium (MIP)
The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.

mortgage life and disability insurance
A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage payment for a specified amount of time during the disability. Be careful to read the terms of coverage, however, because often the coverage does not start immediately upon the disability, but after a specified period, sometime forty-five days.

mortgagor
The borrower in a mortgage agreement.

multidwelling units
Properties that provide separate housing units for more than one family, although they secure only a single mortgage.

N

negative amortization
Some adjustable rate mortgages allow the interest rate to fluctuate independently of a required minimum payment. If a borrower makes the minimum payment it may not cover all of the interest that would normally be due at the current interest rate. In essence, the borrower is deferring the interest payment, which is why this is called "deferred interest." The deferred interest is added to the balance of the loan and the loan balance grows larger instead of smaller, which is called negative amortization.

no cash-out refinance
A refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is caculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Often referred to as a "rate and term refinance."

no-cost loan
Many lenders offer loans that you can obtain at "no cost." You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a "no-point" loan, the interest rate will be higher than if you obtain a loan that has costs associated with it.

note
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

note rate
The interest rate stated on a mortgage note.

notice of default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.

O

original principal balance
The total amount of principal owed on a mortgage before any payments are made.

origination fee
On a government loan the loan origination fee is one percent of the loan amount, but additional points may be charged which are called "discount points." One point equals one percent of the loan amount. On a conventional loan, the loan origination fee refers to the total number of points a borrower pays.

owner financing
A property purchase transaction in which the property seller provides all or part of the financing.

P

partial payment
A payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan. Normally, a lender will not accept a partial payment, but in times of hardship you can make this request of the loan servicing collection department.

payment change date
The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the interest rate adjustment date.

periodic payment cap
For an adjustable-rate mortgage where the interest rate and the minimum payment amount fluctuate independently of one another, this is a limit on the amount that payments can increase or decrease during any one adjustment period.

periodic rate cap
For an adjustable-rate mortgage, a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be.

personal property
Any property that is not real property.

PITI
This stands for principal, interest, taxes and insurance. If you have an "impounded" loan, then your monthly payment to the lender includes all of these and probably includes mortgage insurance as well. If you do not have an impounded account, then the lender still calculates this amount and uses it as part of determining your debt-to-income ratio.

PITI reserves
A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months.

planned unit development (PUD)
A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. Contrast with condominium, where an individual actually owns the airspace of his unit, but the buildings and common areas are owned jointly with the others in the development or association.

point
A point is 1 percent of the amount of the mortgage.

power of attorney
A legal document that authorizes another person to act on one's behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.

pre-approval
A loosely used term which is generally taken to mean that a borrower has completed a loan application and provided debt, income, and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and making assumptions about what the interest rate will actually be at the time the loan is actually made, as well as estimates for the amount that will be paid for property taxes, insurance and others. A pre-approval applies only to the borrower. Once a property is chosen, it must also meet the underwriting guidelines of the lender. Contrast with pre-qualification

prepayment
Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case, prepayment means payment occurs before the loan has been fully amortized.

prepayment penalty
A fee that may be charged to a borrower who pays off a loan before it is due.

pre-qualification
This usually refers to the loan officer's written opinion of the ability of a borrower to qualify for a home loan, after the loan officer has made inquiries about debt, income, and savings. The information provided to the loan officer may have been presented verbally or in the form of documentation, and the loan officer may or may not have reviewed a credit report on the borrower.

prime rate
The interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit. Changes in the prime rate do not directly affect other types of mortgages, but the same factors that influence the prime rate also affect the interest rates of mortgage loans.

principal
The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage.

principal balance
The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining balance.

principal, interest, taxes, and insurance (PITI)
The four components of a monthly mortgage payment on impounded loans. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.

private mortgage insurance (MI)
Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.

promissory note
A written promise to repay a specified amount over a specified period of time.

public auction
A meeting in an announced public location to sell property to repay a mortgage that is in default.

Planned Unit Development (PUD)
A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual PUD unit owners.

purchase agreement
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

purchase money transaction
The acquisition of property through the payment of money or its equivalent.

Q

qualifying ratios
Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower's monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner's association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt.

quitclaim deed
A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.

R

rate lock
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.
real estate agent
A person licensed to negotiate and transact the sale of real estate.

Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

real property
Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

Realtor®
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.

recorder
The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."

recording
The noting in the registrar's office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.

refinance transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.

remaining balance
The amount of principal that has not yet been repaid. See principal balance.

remaining term
The original amortization term minus the number of payments that have been applied.

rent loss insurance
Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.

repayment plan
An arrangement made to repay delinquent installments or advances.

replacement reserve fund
A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.

revolving debt
A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.

right of first refusal
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

right of ingress or egress
The right to enter or leave designated premises.

right of survivorship
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.

S

sale-leaseback
A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.

second mortgage
A mortgage that has a lien position subordinate to the first mortgage.

secondary market
The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.

secured loan
A loan that is backed by collateral.

security
The property that will be pledged as collateral for a loan.

seller carry-back
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.

servicer
An organization that collects principal and interest payments from borrowers and manages borrowers' escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.

servicing
The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

settlement statement
See HUD1 Settlement Statement

subdivision
A housing development that is created by dividing a tract of land into individual lots for sale or lease.

subordinate financing
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.

survey
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

sweat equity
Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.

T - Z

tenancy in common
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.

third-party origination
A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.

title
A legal document evidencing a person's right to or ownership of a property.

title company
A company that specializes in examining and insuring titles to real estate.

title insurance
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.

title search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

transfer of ownership
Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.

transfer tax
State or local tax payable when title passes from one owner to another.

Treasury index
An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market.

Truth-in-Lending
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

two-step mortgage
An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.

two- to four-family property
A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.

trustee
A fiduciary who holds or controls property for the benefit of another.

V

VA mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA).

vested
Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.

Veterans Administration (VA)
An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

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REAL ESTATE GLOSSARY TERMS: (A-L)

2008-12-24T23:53:00.000-05:00

adjustable-rate mortgage (ARM)
A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.

adjustment date
The date the interest rate changes on an adjustable-rate mortgage.

amortization
The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.

amortization schedule
A table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero.

annual percentage rate (APR)
This is not the note rate on your loan. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your actual loan amount. You will come up with a number close to the APR. Because you are using the same payment on a smaller amount, the APR is always higher than the actual note rate on your loan.

application
The form used to apply for a mortgage loan, containing information about a borrower's income, savings, assets, debts, and more.

appraisal
A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.

appraised value
An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.

appraiser
An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent.

appreciation
The increase in the value of a property due to changes in market conditions, inflation, or other causes.

assessed value
The valuation placed on property by a public tax assessor for purposes of taxation.

assessment
The placing of a value on property for the purpose of taxation.

assessor
A public official who establishes the value of a property for taxation purposes.

asset
Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others.

assignment
When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.

assumable mortgage
A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.

assumption

The term applied when a buyer assumes the seller's mortgage.

B

balloon mortgage
A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.

balloon payment
The final lump sum payment that is due at the termination of a balloon mortgage.

bankruptcy
By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishment of an ability to repay debt.

bill of sale
A written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds.

biweekly mortgage
A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty year mortgage. They charge a set-up fee and a transfer fee for every payment. Your funds are deposited into a trust account from which your monthly payment is then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce your principle. You could save money by doing the same thing yourself, plus you have to have faith that once you transfer money to them that they will actually transfer your funds to your lender.

bond market
Usually refers to the daily buying and selling of thirty year treasury bonds. Lenders follow this market intensely because as the yields of bonds go up and down, fixed rate mortgages do approximately the same thing. The same factors that affect the Treasury Bond market also affect mortgage rates at the same time. That is why rates change daily, and in a volatile market can and do change during the day as well.

bridge loan
Not used much anymore, bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment. One reason for their fall from favor is that there are more and more second mortgage lenders now that will lend at a high loan to value. In addition, sellers often prefer to accept offers from buyers who have already sold their property.

broker
Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. (See the Home Loan Library that discusses the different types of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.

buydown
Usually refers to a fixed rate mortgage where the interest rate is "bought down" for a temporary period, usually one to three years. After that time and for the remainder of the term, the borrower's payment is calculated at the note rate. In order to buy down the initial rate for the temporary payment, a lump sum is paid and held in an account used to supplement the borrower's monthly payment. These funds usually come from the seller (or some other source) as a financial incentive to induce someone to buy their property. A "lender funded buydown" is when the lender pays the initial lump sum. They can accomplish this because the note rate on the loan (after the buydown adjustments) will be higher than the current market rate. One reason for doing this is because the borrower may get to "qualify" at the start rate and can qualify for a higher loan amount. Another reason is that a borrower may expect his earnings to go up substantially in the near future, but wants a lower payment right now.

C

call option
Similar to the acceleration clause.

cap
Adjustable Rate Mortgages have fluctuating interest rates, but those fluctuations are usually limited to a certain amount. Those limitations may apply to how much the loan may adjust over a six month period, an annual period, and over the life of the loan, and are referred to as "caps." Some ARMs, although they may have a life cap, allow the interest rate to fluctuate freely, but require a certain minimum payment which can change once a year. There is a limit on how much that payment can change each year, and that limit is also referred to as a cap.

cash-out refinance
When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as a "cash out refinance."

certificate of deposit
A time deposit held in a bank which pays a certain amount of interest to the depositor.
certificate of deposit index
One of the indexes used for determining interest rate changes on some adjustable rate mortgages. It is an average of what banks are paying on certificates of deposit.

Certificate of Eligibility
A document issued by the Veterans Administration that certifies a veteran's eligibility for a VA loan.

Certificate of Reasonable Value (CRV)
Once the appraisal has been performed on a property being bought with a VA loan, the Veterans Administration issues a CRV.

chain of title
An analysis of the transfers of title to a piece of property over the years.

clear title
A title that is free of liens or legal questions as to ownership of the property.

closing

This has different meanings in different states. In some states a real estate transaction is not consider "closed" until the documents record at the local recorders office. In others, the "closing" is a meeting where all of the documents are signed and money changes hands.

closing costs
Closing costs are separated into what are called "non-recurring closing costs" and "pre-paid items." Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. "Pre-paids" are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application.

closing statement
See Settlement Statement.

cloud on title
Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by deed, release, or court action.

co-borrower
IAn additional individual who is both obligated on the loan and is on title to the property.

collateral
In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.

collection
When a borrower falls behind, the lender contacts them in an effort to bring the loan current. The loan goes to "collection." As part of the collection effort, the lender must mail and record certain documents in case they are eventually required to foreclose on the property.

commission
Most salespeople earn commissions for the work that they do and there are many sales professionals involved in each transaction, including Realtors, loan officers, title representatives, attorneys, escrow representative, and representatives for pest companies, home warranty companies, home inspection companies, insurance agents, and more. The commissions are paid out of the charges paid by the seller or buyer in the purchase transaction. Realtors generally earn the largest commissions, followed by lenders, then the others.

common area assessments
In some areas they are called Homeowners Association Fees. They are charges paid to the Homeowners Association by the owners of the individual units in a condominium or planned unit development (PUD) and are generally used to maintain the property and common areas.

common areas
Those portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.

common law
An unwritten body of law based on general custom in England and used to an extent in some states.

community property
In some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumstances. This is an outgrowth of the Spanish and Mexican heritage of the area.

comparable sales
Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."

condominium
A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.

condominium conversion
Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership.

condominium hotel
A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned. These are often found in resort areas like Hawaii.

construction loan
A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.

contingency
A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.

contract
An oral or written agreement to do or not to do a certain thing.

conventional mortgage
Refers to home loans other than government loans (VA and FHA).

convertible ARM
An adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time.

cooperative (co-op)
A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.

cost of funds index (COFI)
One of the indexes that is used to determine interest rate changes for certain adjustable-rate mortgages. It represents the weighted-average cost of savings, borrowings, and advances of the financial institutions such as banks and savings & loans, in the 11th District of the Federal Home Loan Bank.

credit
An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.

credit history
A record of an individual's repayment of debt. Credit histories are reviewed my mortgage lenders as one of the underwriting criteria in determining credit risk.

creditor
A person to whom money is owed.

credit report
A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.

credit repository
An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.

D

debt
An amount owed to another.

deed
The legal document conveying title to a property.

deed-in-lieu
Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.

deed of trust
Some states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing.

default
Failure to make the mortgage payment within a specified period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of the due date, the loan is considered to be in default.

delinquency
Failure to make mortgage payments when mortgage payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit bureaus.

deposit
A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit."

depreciation
A decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining monetary value of an asset and is used as an expense to reduce taxable income. Since this is not a true expense where money is actually paid, lenders will add back depreciation expense for self-employed borrowers and count it as income.

discount points
In the mortgage industry, this term is usually used in only in reference to government loans, meaning FHA and VA loans. Discount points refer to any "points" paid in addition to the one percent loan origination fee. A "point" is one percent of the loan amount.

down payment
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

due-on-sale provision
A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.

E

earnest money deposit
A deposit made by the potential home buyer to show that he or she is serious about buying the house.

easement
A right of way giving persons other than the owner access to or over a property.

effective age
An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.

eminent domain
The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.

encroachment
An improvement that intrudes illegally on another's property.

encumbrance
Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.

Equal Credit Opportunity Act (ECOA)
A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

equity
A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.

escrow
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.

escrow account
Once you close your purchase transaction, you may have an escrow account or impound account with your lender. This means the amount you pay each month includes an amount above what would be required if you were only paying your principal and interest. The extra money is held in your impound account (escrow account) for the payment of items like property taxes and homeowner's insurance when they come due. The lender pays them with your money instead of you paying them yourself.

escrow analysis
Once each year your lender will perform an "escrow analysis" to make sure they are collecting the correct amount of money for the anticipated expenditures.

escrow disbursements
The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.

estate
The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.

eviction
The lawful expulsion of an occupant from real property.

examination of title
The report on the title of a property from the public records or an abstract of the title.

exclusive listing
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.

executor
A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form.

F

Fair Credit Reporting Act
A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.

fair market value
The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

Fannie Mae (FNMA)
The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds. For a discussion of the roles of Fannie Mae, Freddie Mac (FHLMC), and Ginnie Mae (GNMA), see the Library.

Fannie Mae's Community Home Buyer's Program
An income-based community lending model, under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low- or moderate-income family's buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase home-buyer education sessions.

Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.

fee simple
The greatest possible interest a person can have in real estate.

fee simple estate
An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property.

FHA mortgage
A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.

firm commitment
A lender's agreement to make a loan to a specific borrower on a specific property.

first mortgage
The mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions.

fixed-rate mortgage
A mortgage in which the interest rate does not change during the entire term of the loan.

fixture
Personal property that becomes real property when attached in a permanent manner to real estate.

flood insurance
Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.

foreclosure
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

401(k)/403(b)
An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 401(k) plans are provided by employers that are private corporations. 403(b) plans are provided by employers that are not for profit organizations.

401(k)/403(b) loan
Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Loans against 401K plans are an acceptable source of down payment for most types of loans.

G

government loan (mortgage)
A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are classified as conventional loans.

Government National Mortgage Association (Ginnie Mae)
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA)

grantee
The person to whom an interest in real property is conveyed.

grantor
The person conveying an interest in real property.

H

hazard insurance
Insurance coverage that in the event of physical damage to a property from fire, wind, vandalism, or other hazards.

Home Equity Conversion Mortgage (HECM)
Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you. It enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property.

home equity line of credit
A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.

home inspection
A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.

homeowners' association
A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.

homeowner's insurance
An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.

homeowner's warranty
A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.

HUD median income
Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).

HUD-1 settlement statement
A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."

J

joint tenancy
A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.

judgment
A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.

judicial foreclosure
A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure.

jumbo loan
A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.

L

late charge
The penalty a borrower must pay when a payment is made a stated number of days. On a first trust deed or mortgage, this is usually fifteen days.

lease
A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.

leasehold estate
A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.

lease option
An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price.

legal description
A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.

lender
A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."

liabilities
A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.

liability insurance
Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner's insurance policy.

lien
A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.

life cap
For an adjustable-rate mortgage (ARM), a limit on the amount that the enterest rate can increase or decrease over the life of the mortgage.

line of credit
An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.

liquid asset
A cash asset or an asset that is easily converted into cash.

loan
A sum of borrowed money (principal) that is generally repaid with interest.

loan officer
Also referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution.

loan origination
How a lender refers to the process of obtaining new loans.

loan servicing
After you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, and provide a variety of other services.

loan-to-value (LTV)
The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).

lock-in
An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.

lock-in period
The time period during which the lender has guaranteed an interest rate to a borrower.

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