Buying Down Home No Payment
Buying Down Home No Payment
Buying Down Home No Payment

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Real Estate Terms of the Day for Buying Down Home No Payment



NOTE
A document signed by the borrower of a loan, stating the loan amount, the interest rate, the time and method of repayment and the obligation to repay. The note is the evidence of the debt. When secured by a mortgage, it is called a mortgage note.

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC, OR FREDDIE MAC)
This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.

REMAINDER ESTATE
A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate.

NET WORTH
The value remaining after deducting liabilities from assets.

FIXED-RATE LOANS
Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal and interest are also fixed for the life of the loan. Fixed-rate loans typically have 15-year or 30-year terms. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.

POSSESSION
The act of either actually or constructively possessing or occupying property.

TERM
The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due.

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