|
Today's Terms
Closing costs
Definition:
Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.
Fixed-rate mortgage
Definition:
A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.
Earnest money
Definition:
Money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.
More Real Estate Terms >
|
Did You Know?