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Home Mortgage Loan Quote
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Real Estate Terms of the Day for Home Mortgage Loan Quote
RENTAL AGREEMENT
An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property.
LOAN COMMITMENT
A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms.
LESSEE
The person to whom property is rented or leased; called a "tenant" in most residential leases.
NET WORTH
The value remaining after deducting liabilities from assets.
ARM
See Adjustable Rate Mortgage Loans.
EXTENSION
An agreement to continue the period of performance beyond the specified period.
LIFE ESTATE
Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person.
APPRECIATION
An increase in the worth or value of property due to economic or related causes, which may prove to be either temporary or permanent.
AMORTIZATION
Repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan at the end of a fixed period of time.
AGENCY
A relationship created when one person, the "principal," delegates to another, the "agent," the right to act on the principal's behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations and high standards of good faith and loyalty.
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