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An open day is a scheduled period of time during which a house is available for viewing by potential buyers. Open houses can attract interested buyers and lead to an offer or alert the realtor to problems with a space that could be pointed to. On the other hand, open days may require significant organizational efforts. Some realtors may offer light snacks during the open house or even cocktails during the evening open house. An open house is a great stress-free way to show your home to potential buyers. Home Affordable Refinance Program (HARP)
September 25, 2022 The Affordable Home Refinancing Program (HARP) was a program offered by the Federal Housing Finance Agency to homeowners who own homes that cost less than their outstanding loan balance. Home Inspection
September 25, 2022 A home inspection investigates the security of the property and current condition. Lease Option
September 25, 2022 A lease option is an agreement that gives the lessee the right to choose whether to purchase the leased property during or at the end of the lease period. Open Listing
September 25, 2022 Home sellers may be able to offer the real estate agent an exclusive or public listing. Restrictive Covenant
September 25, 2022 Restrictive conditions are provisions that prevent, prohibit, restrict or restrict the actions of the person or entity named in the contract. Title Search
September 25, 2022 A title search is a process in which the title and ownership of real estate is assessed prior to the completion of a real estate transaction. 125% Loan
September 25, 2022 A loan at 125% is a mortgage loan equal to 1.25 times the value of the property securing the loan. 2-1 Buydown
September 25, 2022 A 2-1 buyout is a type of financing that lowers the mortgage interest rate for the first two years before it rises to a regular, constant rate. 2/28 Adjustable-Rate Mortgage (2/28 ARM)
September 25, 2022 2/28 adjustable rate mortgages (ARM) offer an initial fixed rate for two years, after which the interest rate is adjusted semi-annually for another 28 years. 3-2-1 Buydown Mortgage
September 25, 2022 With a 3-2-1 buyout mortgage, the borrower pays a lower interest rate for the first three years in exchange for an upfront payment to the lender. 3/27 Adjustable-Rate Mortgage (ARM)
September 25, 2022 The 3/27 Adjustable Rate Mortgage (ARM) is a 30-year mortgage with a three-year fixed rate period. 5-6 Hybrid Adjustable-Rate Mortgage (5-6 Hybrid ARM)
September 25, 2022 A 5/6 Adjustable Rate Hybrid Mortgage (ARM 5/6 Hybrid) is a fixed rate mortgage for the first five years and then adjusted every six months thereafter. 5/1 Hybrid Adjustable-Rate Mortgage (5/1 Hybrid ARM)
September 25, 2022 Adjustable Rate Hybrid Mortgages (ARM) 5/1 offer an initial fixed rate for five years, after which the interest rate is adjusted annually. 60-Plus Delinquencies
September 25, 2022 An arrears rate of more than 60 is a metric commonly used to measure the number of mortgages that are more than 60 days overdue on monthly payments. 80-10-10 Mortgage
September 25, 2022 An 80-10-10 mortgage consists of two mortgages: the first is a fixed-rate loan of 80% of the value of the home; the second - 10% as a loan secured by equity capital; and the remaining 10% as a down payment in cash. Adjustable-Rate Mortgage (ARM)
September 25, 2022 An adjustable rate mortgage (ARM) is a home loan with an interest rate that may fluctuate from time to time based on a certain benchmark. Adverse Possession
September 25, 2022 Illegal possession is a legal process whereby a person who is not the owner of a piece of land acquires title and ownership of that land after a certain period of time. Appraisal
September 25, 2022 An appraisal is an estimate of the fair market value of a property, business, antique, or even a collectible. Assessed Value
September 25, 2022 An appraised value is the dollar value assigned to a home or other piece of real estate for property tax purposes. Assumable Mortgage
September 25, 2022 A prospective mortgage is an agreement whereby the outstanding mortgage and its terms can be transferred from the current owner to the buyer. Bungalow
September 25, 2022 A bungalow is a type of house or cottage that is usually either a single story or a second, half or partial floor built into a sloping roof. Cash-Out Refinance
September 25, 2022 In a cash refinance, a new mortgage is taken on for more than your previous mortgage balance and the difference is paid to you in cash. Chattel Mortgage
September 25, 2022 A movable property loan is secured by a movable item or movable property that is used to purchase the loan. The creditor has the right of ownership of the movable property. Comparative Market Analysis
September 25, 2022 Comparative Market Analysis (CMA) is a home price assessment used to help sellers set listing prices and help buyers make competitive offers. Conventional Mortgage
September 25, 2022 A conventional mortgage or conventional loan is a homebuyer’s loan that is not offered or secured by a government agency.