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Real Estate Glossary
For your convenience, we've compiled a list of words and phrases to help you understand Real Estate better.
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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
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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
ed 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.
earnest money deposit
made by the potential home buyer to show that he or she is serious about buying the house.
An item of value, money, or documents
ed with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money
is put into escrow until delivered to the seller when the transaction is closed.
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