19 June 2010

Mortgage Rate Chart

Current Mortgage Rates

18 June 2010

Glossary - X


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Glossary - Z


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Zoning
Regulations that control the use of land within a jurisdiction.

Glossary - Y


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Glossary - W


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Glossary - V


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Glossary - U


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Underwriting
The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.

Glossary - T


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Tax deduction
A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.

Title
The actual legal document conferring ownership of a piece of real estate.

Title company
Firms that ensure that the title to a piece of property is clear and provide title insurance.

Title insurance
A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.

Glossary - S


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Second mortgage
Another loan placed upon a piece of property.

Glossary - R


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Real estate investment trusts (REITs)
The trusts are publicly traded companies that own, develop and operate commercial properties.

Refinancing
The process of replacing an older loan with a new mortgage that has better terms.

Glossary - Q


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Glossary - P


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PITI (Principal, Interest, Taxes, Insurance)
When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrower's actual monthly mortgage-related expenses.

Property tax
Property taxes are calculated at about 1.5 percent of the current market value.

Property tax deduction
The U.S. tax code allows homeowners to deduct the amount they have paid in property taxes.

Property value
The value of a piece of property is based on the price a buyer will pay at a certain time.

Purchase agreement
A document which details the purchase price and conditions of the transaction.

Glossary - O


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Open house
A marketing tool in which a listing agent opens a house for view.

Open listing
A property given to a number of brokers to market at the same time.

Origination fee
A fee charged by most lenders--also called points--for processing a loan. A point is 1 percent of the total loan amount.

Owner financing
A transaction in which the seller of a property agrees to finance all or part of the purchase.

Glossary - N


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Net cash flow
Investment property that generates income after expenses such as principal, interest, taxes and insurance are subtracted.

Glossary - M


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Margin
The lender's "retail markup" on the mortgage. For example, if the index rate for an adjustable-rate mortgage is 5 percent but the lender has a 2.5 percentage-point margin, the rate the borrower will pay is 7.5 percent.

Market value
The price that a piece of property sells for at a particular point in time.

Maximum financing
A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.

Mortgage
A legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral.

Glossary - L


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Landscape
A home's surroundings can range from a shrub-studded emerald lawn to a native-plant xeriscape. It is a major component of curb appeal.

Lease
A binding agreement that contains the terms and conditions of a renter's occupancy.

Lease option
A lease that contains the right to purchase the property for a specific price within a certain time frame.

Leverage
The use of a small amount of cash--a 5 percent or 10 percent down payment--to buy a piece of property.

Liabilities
A borrower's debts and financial obligations.

Lien
A claim laid by one person or company on the property of another as security for money owed.

Liquid assets
Cash and all other assets that can be converted to cash relatively quickly. Liquid assets can include money in savings and checking accounts, money-market accounts, and most certificates of deposit.

Loan -to-value ratio
A technical measure used by lenders to assess the relationship of the loan amount to the value of the property

Glossary - K


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Glossary - J


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Glossary - I


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Glossary - H


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HUD-1 Uniform Settlement Statement
A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing.

Home equity loan
A loan that allows owners to borrow against the equity in their homes.

Home inspection
An examination of a home's construction, condition and internal systems by an inspector or contractor prior to purchase.

Homeowners' association
A group that governs a modern subdivision or planned community. An association collects monthly fees from all owners to pay for maintenance of common areas, handle legal and safety issues, and enforce the covenants, conditions and restrictions set by the developer.

Homeowners' insurance
This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage.

Glossary - G


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Guarantee mortgage
A loan guaranteed by a third party, such as a government institution.

Glossary - F


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FHA loans
Mortgages that are insured by the Federal Housing Administration. The FHA's 203(b) loan program provides low-rate mortgages to buyers who make a down payment as small as 3 percent. The agency also operates loan plans for investors and purchasers of rural property.

Fannie Mae
The official name of the Federal National Mortgage Association, it is a congressionally chartered, shareholder-owned company that buys mortgages from lenders and resells them as securities on the secondary mortgage market.

Federal Housing Administration (FHA)
This government agency operates a variety of home-loan programs. Its most popular is the Sec. 203(b), program, which provides low-rate mortgages to buyers who make a down payment as small as 3 percent.

First mortgage
The primary mortgage on a property that has priority over all other voluntary liens.

Fixer-upper
A house that needs refurbishment or remodeling It usually sells at a below-market price.

Freddie Mac
The common name for the Federal Home Loan Mortgage Corporation, a congressionally chartered institution that buys mortgages from lenders and resells them as securities on the secondary mortgage market.

Fully amortized adjustable-rate mortgage
A mortgage that amortizes, or pays down, the balance of a loan.

Glossary - E


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Earnest money
Money a buyer gives with an offer to purchase a property. Also called a deposit.

Equifax
Equifax Credit Information Services, Inc., is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: P.O. Box 740249, Atlanta, GA 30374.

Equity
A determination of the value of a property after existing liens are deducted.

Escrow
A neutral third party holds the documents and money involved in a real estate transaction and ensures that all conditions of a sale are met.. Escrow also refers to a special account that a lender establishes to hold monthly installments from the borrower to cover property taxes and insurance.

Glossary - D


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Deed
The legal document that transfers ownership of a piece of property.

Deposit
Money given by the buyer with an offer to purchase property. Also called earnest money.

Down payment
The amount of money a buyer agrees to give the seller when a sales agreement is signed. Complete financing is later secured with a lender.

Duplex
A structure that consists of two separate family units.

Glossary - C


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Cash flow
The amount of cash a rental property investor receives after deducting operating expenses and loan payments from gross income.

Closing
The final procedure in which documents are signed and recorded, and the property is transferred.

Closing costs
Expenses incidental to the sale of real estate, including loan, title and appraisal fees.

Commission
The negotiable percentage of the sales price of a home that is paid to the agents of the buyer and seller.

Compound interest
The interest paid on the principal balance in a mortgage and on the accrued and unpaid interest of the loan.

Contingency
A condition specified in a purchase contract, such as a satisfactory home inspection.

Credit report
A credit bureau report that shows a loan applicant's history of payments made on previous debts. Several companies issue credit reports, but the three largest are Trans Union Corp., Equifax and Experian (formerly TRW).

17 June 2010

Glossary - B


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Balance sheet
A statement that shows the assets, liabilities and net worth of an individual.

Balloon loan
A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.

Bankruptcy
A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.

Bargain sale
The sale of a piece of property for less than market value.

Glossary - A


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Agreement of sale
A document the buyer initiates and the seller approves that details the price and terms of the transaction.

Amortization
The process of paying the principal and interest on a loan through regularly scheduled installments.

Amortization tables
Mathematical tables that lenders use to calculate a borrower's monthly payment.

Annual Percentage Rate (APR)
The cost of the loan expressed as a yearly rate on the balance of the loan.

Annuity
The payment of a fixed sum to an investor at regular intervals.

Appraisal
An opinion of the value of a property at a given point in time.

Appreciation
An increase in the value of a home or other property.

16 June 2010

Resources

City and Neighborhood Data
Comp Sales
Credit Information
Financial Calculators and Spreadsheets
Foreclosures and Repos
Home Improvement
Home Inspection
Homes for Sale
Insurance Information
Law Information
Mortgage Applications
Mortgage Information
Mortgage Providers (Underwriters)
Real Estate Information
School Data

City and Neighborhood Data

stats.bls.gov
usacitylink.com
venus.census.gov
census.gov
crime.org
bjs.ojp.usdoj.gov

Comp Sales

dataquick.com
latimes.com
propertyview.com
[your tax appraiser/assessor web site]

Credit Information

creditaccuracy.com
credit411.com
creditscoring.com
econsumer.equifax.com
experian.com
ftc.gov
myfico.com
qspace.com
trasunion.com

Financial Calculators and Spreadsheets

hsh.com
loan-wolf.com
moneyweb.com
mortgage-minder.com

Foreclosures and Repos

all-foreclosure.com
bankhomes.net
bankofamerica.com
bankreo.com
brucebates.com
fanniemae.com
4close.com
homesteps.com
hud.gov
premierereo.com
treas.gov
va.gov

Home Improvement

askthebuilder.com
bhglive.com
hardware.com
hometime.com
housenet.com
michaelholigan.com

Home Inspection

ashi.org
creia.com

Homes for Sale

buyowner.com
cyberhomes.com
fsbo.com
houseandhome.msn.com
homes.com
homeseekers.com
ipix.com
owners.com
realtor.com

Insurance Information

cpcu.com
statefarm.com
insure.com

Law Information

lectlaw.com
lexis.com
nolo.com
municode.com

Mortgage Applications

eloan.com
fhatoday.com
interest.com
loanweb.com
mortgageauction.com
mortgage101.com
mortgagequotes.com

Mortgage Information

hsh.com
loan-wolf.com
mortgageprofessor.com

Mortgage Providers (Underwriters)

fanniemae.com
homesteps.com
hud.gov
va.gov

Real Estate Information

trumpuniversity.com
arello.org
inman.com/bruss
ired.com
johntreed.com
ourfamilyplace.com
realtor.com
rebooksandseminars.com
stoprentingnow.com

School Data

schooolmatch.com
schoolreport.com

14 June 2010

Formulas

Value = NOI (net operating income) / R (capitalization rate)

ROI (return on investment) = NOI / Cash Investment

Total ROI = (NOI + Appreciation) / Cash Investment

Annual mortgage payment = NOI / DCR (debt coverage ratio)

Mortgage Loan Calculator

About

Forty Acres Real Estate (FARE) provides information about real estate investing, mortgages, properties, tax benefits, and more.

12 June 2010

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