Southwest Florida Real Estate
Real Estate and Mortgage Terms Glossary
Real Estate and Mortgage transactions have languages all their own. Since most people don't use these terms on any type of a regular basis, we are providing this real estate and mortgage term glossary as a quick and easy reference for you to use. Rather than being unsure about a terms meaning, you can check here first. Of course, if you need a more in-depth understanding, please contact us directly and we'll be happy to assist you.
Terms - Letters I to K
Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.
Any item added to vacant land with the intent of increasing its value or usability.
The comparative value of an improved piece of land to its natural, unaltered state.
The process of estimating the value of property by considering the present value of a stream of income generated by the property.
A piece of property whose highest and best use is the generation of income through rents or other sources.
An estimation of value created by a professional, certified appraiser with no vested interest in the value of the property.
The rate in which interest on an adjustable-rate mortgage is tied; a number or an indicator of value used to set interest rates. (i.e. 1 Year Treasury Note).
An increase in prices; two consecutive quarters of GDP growth.
A request for a copy of your credit report. An inquiry occurs every time you fill out a credit application and/or request more credit. Too many inquiries on a credit report can hurt your credit score.
The examination of a piece of property, its buildings or other amenities. See Home Inspections.
The title to property which has been sufficiently reviewed by a title insurance company, such that they are willing to insure it as free and clear. See Title Insurance.
INTANGIBLE TAX ON MORTGAGE, STATE
Tax required prior to a mortgage being recorded. The cost is based on the face value of the mortgage and is currently 0.002 of the mortgage amount in Florida. See our Before Buying in Florida page.
A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning the funds. For a quote, see Interest Rates.
INTEREST RATE LOCK
A interest rate that is guaranteed for a specific period of time. See Locking Interest Rates.
The amount of time it would take to sell all current listings at the current sales pace if no new listings became available.
Any piece of property that is expected to generate a financial return. This may come as the result of periodic rents or through appreciation of the property value over time.
The side of a door frame.
A situation where two or more parties own a piece of property together. Each of the owners has an equal share, and may not dispose of or alter that share without the consent of the other owners.
Horizontal beams laid on edge to support flooring or a ceiling.
An official court decision. If the judgment requires payment from one party to another, the court may put a lien against the payee's property as collateral.
A type of foreclosure conducted as a civil suit in a court of law.
A mortgage loan for an amount greater than the limits set by Fannie Mae and Freddie Mac. Often called non-conforming loans.
A payment or receipt of money or other thing of value, for referring customers rather than for performance of a service.
Metal plate that covers the bottom portion of the door to protect it against damage.