Real Estate Broker

Find a Real Estate Agent Real Estate Agent Home faq contact sitemap Home Buy a Home Sell a Home Directory Glossary FAQ Contact Us Dec 29,2005 Find a Real Estate Agent! -- Whether you're planning on buying or selling a home, choosing the right Real Estate Agent is one of the most important decisions youll make. Let Real Estate Agent.com help. Please enter in your zip code of interest below or browse our city and county directory to find a local real estate agent. Buy a Home Enter Your Zip Code of Interest: Sell a Home Enter Your Zip Code of Interest: You can also browse our Directory to find a Real Estate Agent in your State, County, and/or City. Real Estate Agent .com is one of the fastest growing directories of Real Estate Agents on the Internet, so if you are unable to find an agent in your area, contact us and we will find an agent to contact you shortly! Advanced Search Buy a Home Sell a Home City OR County State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Why Use A Real Estate Agent? When selling a home , a real estate agent can be an indispensable resource. Real estate agents can give you up-to-date information regarding prices, financing, terms and conditions of competing properties, and information about the housing market in general. A real estate agent will market your property to other real estate agents as well as to the public, and will know the best way to go about doing so. A real estate agent can also help you objectively evaluate buyer proposals, and then, finally, help you close the sale. In fact, a 2002 study on Home Sellers reports that the median sales price of an agent-assisted home was 27% higher than one sold "by owner". When buying a home , having the assistance of a real estate agent can be equally as important. Real estate agents have access to resources for assisting you in your home search not available elsewhere. A real estate agent can also provide you objective information about each property, and give you advice based on years of experience. A real estate agent will help you negotiate and also steer you through the closing process to make sure everything goes smoothly. We understand how difficult it can be to buy a home for your family or to sell your home on today's real estate market. We aim to build the bridges between people like you and your local real estate agent professional to ensure that you receive the help you need on a one on one basis. Agent can help you prepare financially to buy a house, has access to house listings, and can help you negotiate and close the deal. 5 Most Popular Questions How big is an acre? Why should I use a real estate agent? What is equity? What is a REALTOR? What is comprehensive homeowners insurance? Mortgage Calculator Real Estate Investment Software Moving Supplies Advertise Link Exchange About Us Testimonials Contact Us Links RealEstateAgent.com 2003 - 2005 Privacy Policy Terms Of Use Client Login Developed by Volico Web Consulting RealEstateAgent.com is a method of advertising for Real Estate Agents and Agencies. In no way is RealEstateAgent.com responsible for the services provided by the advertisers on this site, nor can it be held liable for any damages resulting from the services, contracts, or deals resulting from agents found within this site. Please view our Disclaimer for more details.

Real Estate Loan

Find Real Estate, Rentals, New Houses, Real Estate Agents and Mortgages on Yahoo! Real Estate Find Real Estate, Rentals, New Houses, Real Estate Agents and Mortgages Choose Location Home Homes for Sale Apartments for Rent Home Loans Moving & Insurance Tools My Real Estate Hurricane Katrina Resources Features Classifieds • Sell Your Home • Rent Your Apartment Home Loans • Mortgage Rates • Online Rate Quotes • Refinance Loans & Rates • Home Equity Loans & Rates • Free Credit Reports Resources • Find & Compare REALTORS • Find a Mover Insurance • Homeowner's Insurance • Renter's Insurance Tools • What's My Home Worth? • Research Neighborhoods • Free School Reports • Foreclosure Center • Home Service Center Commercial Real Estate • List Commercial Property National Mortgage Rates Tue Jan 18 Mtg Loan Rate APR 30-yr Fixed: 5.25% 5.38% 15-yr Fixed: 4.74% 4.94% 1-yr ARM: 3.53% 5.20% See Local Mortgage Rates Provided by Bankrate.com Neighborhood Profile Research neighborhoods nationwide! City, State, or Zip: Real Estate Listings Browse by City New! Home Loans Center - Find, Compare, & Graph Rates Find a Home Find a Rental City & State, or Zip: Price Range: $0 $30,000 $50,000 $80,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $650,000 $750,000 $850,000 $1 million $1.25 million $1.5 million $1.75 million $2 million $2.25 million $2.75 million $3 million $3.5 million $4 million $4.5 million $5 million $6 million $8 million $10 million to No limit $30,000 $50,000 $80,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $650,000 $750,000 $850,000 $1 million $1.25 million $1.5 million $1.75 million $2 million $2.25 million $2.75 million $3 million $3.5 million $4 million $4.5 million $5 million $6 million $8 million $10 million Beds: Any 1+ 2+ 3+ 4+ 5+ Baths: Any 1+ 1 1/2+ 2+ 3+ 4+ 5+ Search For: Existing Homes Yahoo! Classifieds New Homes Foreclosures Advanced Search Search Commercial Real Estate Mortgage Payments Calculate your biweekly & monthly payment for different loan amounts, interest rates and amortization terms. Loan Amount: $ Term (years): Interest Rate: % Show table?: Yes No See More Loan Calculators Sponsored Links (Become a Sponsor) Partner Spotlight Featured Sponsor Find a Local REALTOR by HomeGain • Find & Compare REALTORS • Get Home Prices Featured Videos Dream Home Videos by Inman Stories Real Estate News A term every home buyer, real estate agent, homeowner should know Dec 28, 2005, Inman News Rolling Boom Lifts Real Estate Beyond Coastal Cities, States Dec 28, 2005, Realty Times Housing Affordability Hits 14-Year Low Dec 22, 2005, RealEstateJournal.com New home sales tumble but consumers bright Dec 23, 2005, Yahoo! Finance REIT Funds See More Growth In 2006 (Investor's Business Daily) Dec 27, 2005, Yahoo! News New Home Sales for 2006 Look Good Dec 23, 2005, Quicken Loans more real estate news Homes For Sale - Apartments For Rent - Current Mortgage Rates - Real Estate Agents - Local - Yellow Pages

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Ginnie Mae: Your Path to Homeownership -- -- Glossary of Terms Select the first letter of the word from the list below to jump to the appropriate section of the glossary. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z - A - abstract of title A historical summary provided by a title insurance company of all records affecting the title to a property. acceleration clause A clause that allows a lender to declare the entire outstanding balance of a loan immediately due and payable should a borrower violate specific loan provisions or default on the loan. adjustable rate mortgage (ARM) A variable or flexible rate mortgage with an interest rate that varies according to the financial index it is based upon. To limit the borrower's risk, the ARM may have a payment or rate cap. See also: cap . amenities Features of your home that fit your preferences and can increase the value of your property. Some examples include the number of bedrooms, bathrooms, or vicinity to public transportation. amortization The liquidation of a debt by regular, usually monthly, installments of principal and interest. An amortization schedule is a table showing the payment amount, interest, principal and unpaid balance for the entire term of the loan. annual cap See: cap . annual percentage rate (A.P.R.) The actual interest rate, taking into account points and other finance charges, for the projected life of a mortgage. Disclosure of APR is required by the Truth-in-Lending Law and allows borrowers to compare the actual costs of different mortgage loans. appraisal An estimate of a property's value as of a given date, determined by a qualified professional appraiser. The value may be based on replacement cost, the sales of comparable properties or the property's income-producing ability. appreciation A property's increase in value due to inflation or economic factors. A.P.R. See: annual percentage rate . ARM See: adjustable rate mortgage . assessment Charges levied against a property for tax purposes or to pay for municipal or association improvements such as curbs, sewers, or grounds maintenance. assignment The transfer of a contract or a right to buy property at given rates and terms from a mortgagee to another person. assumption An agreement between a buyer and a seller, requiring lender approval, where the buyer takes over the payments for a mortgage and accepts the liability. Assuming a loan can be advantageous for a buyer because there are no closing costs and the loan's interest rate may be lower than current market rates. Depending on what is in the mortgage or deed of trust, the lender may raise the interest rate, require the buyer to qualify for the mortgage, or not permit the buyer to assume the loan at all. Go to Top - B - balloon mortgage Mortgage with a final lump sum payment that is greater than preceding payments and pays the loan in full. biweekly mortgage A loan requiring payments of principal and interest at two-week intervals. This type of loan amortizes much faster than monthly payment loans. The payment for a biweekly mortgage is half what a monthly payment would be. bond A certificate serving as security for payment of a debt. Bonds backed by mortgage loans are pooled together and sold in the secondary market . bridge loan A loan to "bridge" the gap between the termination of one mortgage and the beginning of another, such as when a borrower purchases a new home before receiving cash proceeds from the sale of a prior home. Also known as a swing loan. broker An intermediary between the borrower and the lender. The broker may represent several lending sources and charges a fee or commission for services. buy-down A type of mortgage which requires the buyer to pay additional discount points or make a substantial down payment in return for a below market interest rate. Another form of a buy-down is one in which the seller offers 3-2-1 interest payment plans or pays closing costs such as the origination fee. During times of high interest rates buy-downs may induce buyers to purchase property they might otherwise not have purchased. Go to Top - C - cap A limit in how much an adjustable rate mortgage's monthly payment or interest rate can increase. A cap is meant to protect the borrower from large increases and may be a payment cap, an interest cap, a life-of-loan cap or an annual cap. A payment cap is a limit on the monthly payment. An interest cap is a limit on the amount of the interest rate. A life-of-loan cap restricts the amount the interest rate can increase over the entire term of the loan. An annual cap limits the amount the interest rate can increase over a twelve-month period. certificate of reasonable value (CRV) A Veterans Administration appraisal that establishes the maximum VA mortgage loan amount for a specified property. certificate of title A document rendering an opinion on the status of a property's title based on public records. closed-end mortgage A mortgage principal amount that is fixed and cannot be increased during the life of the loan. See also: open-end mortgage . closing costs Costs payable by both seller and buyer at the time of settlement, when the purchase of a property is finalized. These costs can be up to ten percent of the mortgage amount and usually include but are not limited to the following: Fees Paid to the Lender Fees Paid in Advance Other Charges O rigination fee D iscount points C redit report fee A ppraisal fee A ssumption fee if loan is assumed I nterest from the closing date to the beginning of the 1st payment H azard insurance premium M ortgage insurance premium T itle search and title insurance S ales commissions L egal and recording fees I nspection and survey fees P roperty taxes and other adjustments P rocessing and document preparation fees cloud A claim to the title of a property that, if valid, would prevent a purchaser from obtaining a clear title. collateral Something of value pledged as security for a loan. In mortgage lending the property itself serves as collateral for a mortgage loan. commitment fee A fee charged when a) an agreement is reached between a lender and a borrower for a loan at a specific rate and points and b) the lender guarantees to lock in that rate. co-mortgagor One who is individually and jointly obligated to repay a mortgage loan and shares ownership of the property with one or more borrowers. See also: co-signer . condominium An individually owned unit within a multi-unit building where others or the Condominium Owners Association share ownership of common areas such as grounds, parking facilities and tennis courts. conforming loan A loan that conforms to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. See also: non-conforming loan . construction loan A short-term loan financing improvements to real estate, such as the building of a new home. The lender advances funds to the borrower as needed while construction progresses. Upon completion of the construction the borrower must obtain permanent financing or repay the construction loan in full. consumer handbook on adjustable rate mortgages (C.H.A.R.M.) A disclosure required by the federal government to be given to any borrower applying for an adjustable rate mortgage (ARM). conventional loan A mortgage loan that is not insured, guaranteed or funded by the Veterans Administration (VA), the Federal Housing Administration (FHA) or Rural Economic Community Development (RECD) (formerly Farmers Home Administration). convertible mortgage An adjustable rate mortgage (ARM) that allows a borrower to switch to a fixed-rate mortgage at a specified point in the loan term. co-signer A person who is obligated to repay a mortgage loan should the borrower default but who does not share ownership in the property. See also: co-mortgagor . covenants Rules and restrictions governing the use of property. CRV See: certificate of reasonable value . curtailments The borrower's privilege to make payments on a loan's principal before they are due. Paying off a mortgage before it is due may incur a penalty if so specified in the mortgage's prepayment clause. Go to Top - D - debt Money owed to repay someone. debt-to-income ratio The ratio between a borrower's monthly payment obligations divided by his or her net effective income (FHA or VA loans) or gross monthly income (conventional loans). deed The legal document that transfers the ownership of real property from one party to another. deed of trust A document, used in many states in place of a mortgage , held by a trustee pending repayment of the loan. The advantage of a deed of trust is that the trustee does not have to go to court to proceed with foreclosure should the borrower default on the loan. Department of Housing and Urban Development (HUD) The U.S. government agency that administers FHA, GNMA and other housing programs. discount points A percentage of the loan amount paid to the lender to buy down the interest rate. Each point is one percent of the loan amount; for example, two points on a $100,000 mortgage is $2,000. down payment The difference between the purchase price and mortgage amount. The down payment becomes the property equity. Typically it comes from cash savings, but it can also be a gift that is not to be repaid or a borrowed amount secured by assets. due-on-sale A clause in a mortgage or deed of trust allowing a lender to require immediate payment of the balance of the loan if the property is sold (subject to the terms of the security instrument). duplex A dwelling divided into two units. Go to Top - E - earnest money A deposit in the form of cash or a note given to a seller by a buyer as good faith assurance that the buyer intends to go through with the purchase of a property. easement The right one party has in regard to the property of another, such as the right of a public utility company to lay lines. Equal Credit Opportunity Act A federal law prohibiting lenders and other creditors from discrimination based on race, color, sex, religion, national origin, age, marital status, receipt of public assistance or because an applicant has exercised his or her rights under the Consumer Credit Protection Act. equity The value of a property beyond any liens against it. Also referred to as owner's interest. escape clause A provision allowing one party or more to cancel all or part of the contract if certain events fail to happen, such as the ability of the buyer to obtain financing within a specified period. escrow Money placed with a third party for safekeeping either for final closing on a property or for payment of taxes and insurance throughout the year. Go to Top - F - fair market value The price a property can realistically sell for, based upon comparable selling prices of other properties in the same area. Fannie Mae Nickname for Federal National Mortgage Association (FNMA) . Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) A quasi-governmental, federally-sponsored organization that acts as a secondary market investor to buy and sell mortgage loans. FHLMC sets many of the guidelines for conventional mortgage loans, as does FNMA. Federal Housing Administration (FHA) An agency within the Department of Housing and Urban Development that sets underwriting standards and insures residential mortgage loans made by private lenders. One of FHA's objectives is to help make affordable mortgages available to homeowners with low or moderate income. FHA loans may be high loan-to-value, and they are limited by loan amount. FHA mortgage insurance requires a fee of 1.5 percent of the loan amount to be paid at closing, as well as an annual fee of 0.5 percent of the loan amount added to each monthly payment. Federal National Mortgage Association (FNMA or Fannie Mae) A private corporation that acts as a secondary market investor to buy and sell mortgage loans. FNMA sets many of the guidelines for conventional mortgage loans, as does FHLMC. The major purpose of this organization is to make mortgage money more affordable and more available. fee simple The maximum form of ownership, with the right to occupy a property and sell it to a buyer at any time. Upon the death of the owner, the property goes to the owner's designated heirs. Also known as fee absolute . FHA See: Federal Housing Administration . fifteen-year mortgage A loan with a term of 15 years. Although the monthly payment on a 15-year mortgage is higher than that of a 30-year mortgage, the amount of interest paid over the life of the loan is substantially less. fixed-rate mortgage A mortgage whose rate remains constant throughout the life of the mortgage. flood insurance A form of insurance that protects the owner of the insured property against losses stemming from flood damage. The Federal Flood Disaster Protection Act of 1973 requires that federally-regulated lenders determine if real estate to be used to secure a loan is located in a Specially Flood Hazard Area (SFHA). If the property is located in a SFHA area, the borrower must obtain and maintain flood insurance on the property. Most insurance agents can assist in obtaining flood insurance. FNMA See: Federal National Mortgage Association . Freddie Mac Nickname for Federal Home Loan Mortgage Corporation (FHLMC) . Go to Top - G - gift A sum of money, including amounts from a relative or a grant from the borrower's employer, a municipality, non-profit religious organization, or non-profit community organization that does not have to be repaid. Ginnie Mae Nickname for Government National Mortgage Association (GNMA) . good faith estimate The estimate on closing costs and monthly mortgage payments provided by a lender to the homebuyer within 3 days of applying for a loan. Government National Mortgage Association (GNMA or Ginnie Mae) A government organization that participates in the secondary market , securitizing pools of FHA, VA, and RHS loans. graduated payment mortgage (GPM) A fixed-interest loan with lower payments in the early years than in the later years. The amount of the payment gradually increases over a period of time and then levels off at a payment sufficient to pay off the loan over the remaining amortization period. Go to Top - H - hazard insurance A form of insurance that protects the owner of the insured property against losses from physical damage such as fire and tornadoes. Mortgage lenders often require a borrower to maintain an amount of hazard insurance on the property that is equal at least to the amount of the mortgage loan. home equity loan A mortgage on the borrower's principal residence, usually for the purpose of making home improvements or debt consolidation. home inspection A thorough review of the physical aspects and condition of a home by a professional home inspector. This inspection should be completed prior to closing so that any repairs or changes can be completed before the transfer of the home is completed. homeowners insurance A form of insurance that protects the owner of the insured property against loss from theft, liability and most common disasters. Housing and Urban Development (HUD) The U.S. government agency that administers FHA, GNMA and other housing programs. housing affordability index An index that indicates what proportion of homebuyers can afford to buy an average-priced home in specified areas. The most well known housing affordability index is published by the National Association of Realtors. housing expenses-to-income ratio See: debt-to-income ratio . HUD See: Housing and Urban Development . Go to Top - I - income approach to value A method used by real estate appraisers to predict a property's anticipated future income. Income property includes shopping centers, hotels, motels, restaurants, apartment buildings, office space, etc. income-to-debt ratio See: debt-to-income ratio . index A published interest rate compiled from other indicators such as U.S. Treasury bills or the monthly average interest rate on loans closed by savings and loan organizations. Mortgage lenders use the index figure to establish rates on adjustable rate mortgages (ARMs). insurance As a part of PITI, the amount of the monthly mortgage payment that does not include the principal, interest, and taxes. Also see: homeowners insurance . interest The amount of the entire mortgage loan which does not include the principal. Also, as a part of PITI, the amount of the monthly mortgage payment which does not include the principal, taxes, and insurance. interest cap See: cap interest rate The simple interest rate, stated as a percentage, charged by a lender on the principal amount of borrowed money. See also: Annual Percentage Rate . Go to Top - J - joint tenancy See: tenancy . jumbo loan A nonconforming loan that is larger than the limits set by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Go to Top - K - key lot Real estate deemed highly valuable because of its location. Go to Top - L - lien A claim against a property for the payment of a debt. A mortgage is a lien; other types of liens a property might have include a tax lien for overdue taxes or a mechanic's lien for unpaid debt to a subcontractor. life-of-loan cap See: cap . liquidity The ease with which an asset can be converted into cash. loan discount See: points . loan origination fee See: origination fee . loan-to-value ratio (LTV) The relationship, expressed as a percentage, between the amount of the proposed loan and a property's appraised value. For example, a $75,000 loan on a property appraised at $100,000 is a 75% loan-to-value ratio. lock-in The guaranty of a specific interest rate and/or points for a specific period of time. Some lenders will charge a fee for locking in an interest rate. Go to Top - M - maintenance costs The cost of the upkeep of the house. These costs may be minor in cost and nature (replacing washers in the faucets) or major in cost and nature (new heating system or a new roof) and can apply to either the interior or exterior of the house. margin The amount a lender adds to the index of an adjustable rate mortgage to establish an adjusted interest rate. For example, a margin of 1.50 added to a 7 percent index establishes an adjusted interest rate of 8.50 percent. market value The price a property can realistically sell for, based upon comparable selling prices of other properties in the same geographical area. modification A change in the terms of the mortgage note, such as a reduction in the interest rate or a change in maturity date. mortgage A legal instrument in which property serves as security for the repayment of a loan. In some states, a deed of trust is used rather than a mortgage. mortgage banker A lender that originates, closes, services and sells mortgage loans to the secondary market . mortgage broker An intermediary between a borrower and a lender. A mortgage broker's expertise lies in helping borrowers find financing that they might not otherwise find themselves. mortgage insurance Money paid to insure the lender against loss due to foreclosure or loan default. Mortgage insurance is required on conventional loans with less than a 20 percent down payment. FHA mortgage insurance requires a payment of 1.5 percent of the loan amount to be paid at closing, as well as an annual fee of 0.5 percent of the loan amount added to each monthly payment. mortgage interest The interest rate charge for borrowing the money for the mortgage. It is used to calculate the interest payment on the mortgage each month. mortgage term The length of time that a mortgage is scheduled to exist. Example: a 30-year mortgage term is for 30 years. mortgagee The lender. mortgagor The borrower. Go to Top - N - negative amortization A situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage. non-assumption clause In a mortgage contract, a statement that prohibits a new buyer from assuming a mortgage loan without the approval of the lender. non-conforming loan A loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Jumbo loans are nonconforming. See also: conforming loan . note A signed document that acknowledges a debt and shows the borrower is obligated to pay it. Go to Top - O - open-end mortgage A mortgage allowing the borrower to receive advances of principal from the lender during the life of the loan. See also: closed-end mortgage . origination fee The amount charged by a lender to originate and close a mortgage loan. Origination fees are usually expressed in points . Go to Top - P - payment cap See: cap . P&I Abbreviation for principal and interest. PITI Abbreviation for p rincipal, i nterest, t axes and i nsurance. PITIO Abbreviation for p rincipal, i nterest, t axes, i nsurance and o ther monthly non-housing costs. points Charges levied by the lender based on the loan amount. Each point equals one percent of the loan amount; for example, two points on a $100,000 mortgage equals $2,000. Discount points are used to buy down the interest rate. Points can also include a loan origination fee, which is usually one point. pre-qualification Tentative establishment of a borrower's qualification for a mortgage loan amount of a specific range, based on the borrower's assets, debts, income, employment status and credit history. prime rate The interest rate commercial banks charge their most creditworthy customers. principal The amount of the entire mortgage loan, not counting interest. Also, as a part of PITI, the amount of the monthly mortgage payment which does not include the interest, insurance, and taxes. private mortgage insurance (PMI) See: mortgage insurance . property appraisal See: appraisal . property tax The amount which the state and/or locality assesses as a tax on a piece of property. prorate To proportionally divide amounts owed by the buyer and the seller at closing. Go to Top - Q - qualification As determined by a lender, the ability of the borrower to repay a mortgage loan based on the borrower's credit history, employment status, assets, debts and income. Go to Top - R - rate cap See: cap . RESPA Abbreviation for the Real Estate Settlement Procedures Act. This act allows consumers to review settlement costs at application and once again prior to closing. reverse annuity mortgage A type of mortgage loan in which the lender makes periodic payments to the borrower. The borrower's equity in the home is used as security for the loan. RHCDS Rural Housing and Community Service right of first refusal The right to purchase a property under conditions and terms made by another buyer and accepted by the seller. right of rescission The right to back out of a transaction, given automatically by law to the borrower in a real estate purchase transaction. When a borrower's principal dwelling is going to secure a loan, the borrower has three business days following signing of the loan documents to rescind or cancel the transaction. Any and all money paid by the borrower must be refunded upon rescission. The right to rescind does not apply to loans to purchase real estate or to refinance a loan under the same terms and conditions where no additional funds will be added to the existing loan. rollover The process by which a construction loan becomes a mortgage. At the end of the construction loan period, the borrower's file is delivered to Bank One Mortgage Loan Servicing Dept. Prior to delivery, CLD contacts the borrower and obtains funds for the tax and insurance escrows, a final title policy and homeowner's policy. This process is called a rollover. Rural Housing and Community Development Service A federal agency that administers mortgage loans for buyers in rural areas. Go to Top - S - second mortgage A loan that is junior to a primary or first mortgage and often has a higher interest rate and a shorter term. secondary market A market comprising investors like GNMA, FHLMC and FNMA, who buy large numbers of mortgages from the primary lenders and resell them to other investors. servicing The responsibility of collecting monthly mortgage payments and properly crediting them to the principal, taxes and insurance, as well as keeping the borrower informed of any changes in the status of the loan. settlement costs See: closing costs . survey A physical measurement of property done by a registered professional showing the dimensions and location of any buildings as well as easements, rights of way, roads, etc. Go to Top - T - tax deed A written document conveying title to property repossessed by the government due to default on tax payments. tax savings The deduction a taxpayer can take on their tax form for interest paid on a home mortgage. The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home. taxes As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance. tenancy joint tenancy - equal ownership of property by two or more parties, each with the right of survivorship. tenancy by the entireties - ownership of property only between husband and wife in which neither can sell without the consent of the other and the property is owned by the survivor in the event of death of either party. tenancy in common - equal ownership of property by two or more parties without the right of survivorship. tenancy in severalty - ownership of property by one legal entity or a sole party. tenancy at will - a license to use or occupy a property at the will of the owner. title A formal document establishing ownership of property. title insurance A policy issued by a title insurance company insuring the purchaser against any losses resulting from errors in the title search. The cost of title insurance may be paid for by the buyer, the seller or both. trust deed See: deed of trust . Truth In Lending Act The Truth In Lending Act requires lenders to disclose the Annual Percentage Rate and other associated costs to homebuyers within three working days of the loan application. Go to Top - U - underwriter A professional who approves or denies a loan to a potential homebuyer based on the homebuyer's credit history, employment status, assets, debts and other factors such as loan guidelines. Uniform Settlement Statement A standard document prescribed by the Real Estate Settlement Procedures Act containing information for closing which must be supplied to both buyer and seller. utility costs Periodic housing costs for water, electricity, natural gas, heating oil, etc. Go to Top - V - VA loan See: Veterans Administration . variable rate mortgage (VRM) See: adjustable rate mortgage . Veterans Administration (VA) The federal agency responsible for the VA loan guaranty program as well as other services for eligible veterans. In general, qualified veterans can apply for home loans with no down payment and a funding fee of 1 percent of the loan amount. Go to Top - W - walk-through An inspection of a property by the prospective buyer prior to closing on a mortgage. warranty deed A document protecting a homebuyer against any and all claims to the property. Go to Top - X - No entries for "X". Go to Top - Y - yield The rate of earnings from an investment. Go to Top - Z - zoning The ability of local governments to specify the use of private property in order to control development within designated areas of land. For example, some areas of a neighborhood may be designated only for residential use and others for commercial use such as stores, gas stations, etc. Go to Top -- PRIVACY POLICY HOME | ABOUT GINNIE MAE | FOR ISSUERS | FOR INVESTORS HOMEOWNERSHIP GUIDE AND CALCULATORS | HOMEZONE (KIDS' SITE)

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Bulgaria property portal, buying property in bulgaria, buy bulgarian properties, bulgarian properties - imoti.net Property in Bulgaria Bulgarian Regions About Bulgaria Buying information bg Bulgaria 's biggest property portal - Search for any real estate for sale or for rent ( imoti = real estate in bulgarian) Sales Rents Off plan property Agents Home Agent login Articles Real estate forums Search for sale for rent investment email alert saved list email alert Get ads that match your criteria sent straight to your inbox. Create email alert Agencies Find a Real Estate agent News Real estate news Expo and forums Tourism Region info Sites international properties Buying information Having in mind that in two years Bulgaria will be joining the European Union, the Bulgarian property market presents very good possibilities for potential investments which can be quite profitable in the long-term. There are diverse offers on the market which can meet different requirements and have considerably better value for money than in other European destinations. Most of the people looking for property in Bulgaria usually want to find holiday home but the number of investors who buy property in order to profit in the long term is also increasing. If you start to consider buying a property in Bulgaria you have to take into consideration the following points: 1. First of all, you have to identify a property which corresponds to your requirements. 2. If you want to buy land as well, take into consideration that you’ll have to register a company as the law still doesn’t allow the purchase of land by foreigners. 3. If you do not want to acquire the land, then you directly move to the next step, i.e. negotiate the price of the property. 4. Then you can sign a preliminary contract and the property will be removed from the market. 5. The next step is to carefully check the title deed documents, licences and permissions, debts on the title and terms of contract. 6. From there you proceed to signing of the contract of purchase and confirming in front of a notary public the buying of the property. 7. If you have completed all the previous steps, it means that you are already an owner of property in Bulgaria. 8. Do not forget to insure you property after the purchase. 9. Remember to register your new property with the local authorities within 60 days following completion of the deal. What can be found on the market? The prices for a villa close to the sea are about £30,000 and for the ones in rural areas they can be even around £5,000. In many cases though, you will have to make some refirbishments in order to have the usual standards of living. In all cases, it is advisable to personally visit the property and not to buy it after judging only the photos. You can also consider the purchase of a new development under construction, which is now wide spread practice, especially in the capital, in ski resorts and on the coast. Properties may be purchased 'off plan' either directly from the developer or via brokers. Law on foreigners owning property in Bulgaria According to the Bulgarian Constitution, foreign individuals can buy buildings but not land. Therefore, the most common method for foreigners buying property in Bulgaria where they also wish to own the land is to set up a company which then owns the land and the buildings. The law is expected to change on this within the short to medium term with the expected entry of Bulgaria into the European Union (2007). This historic restriction is one of the reasons why property in Bulgaria is so competitively priced compared to Western and Central Europe. Current amendments to the constitution will allow citizens of countries with which Bulgaria has agreements on land sales to buy land in 2007 when the amendments would come into effect, while EU citizens will have the right to buy land in 2014. In the meantime a company is still required for land ownership. If your purchase includes land a Limited Liability Company (OOD) will need to be formed. Who can form a Limited Liability Company & how? A foreign or Bulgarian person (judicial or physical). The company owners will be liable for the company's obligations to the value of his/hers share in the company's registered capital. Articles of Incorporation are prepared & signed by all shareholders. A company bank account is opened to collect all share capital. The minimum share capital required is 5,000 leva. Shareholders at time of registration must have paid up at least one third of their respective shares. It is required that at least 70% (3,500 leva) of the capital is raised at time of registration. The company exists from the moment it is added to the Commercial Register of the district court of where the company will be based. The entry is made upon issue of a district court decision for the incorporation. The following documents must be available at the time of the submission of the application to the district court: 1. Articles of incorporation; 2. Memorandum for appointment of Directors; 3. Proof that each shareholder has paid at least one third of its interest, but not less than 10 leva; 4. Proof that at least 70 per cent of the registered capital has been paid. The Bulgarian State Gazette is the official paper within which all Bulgarian legislation is published. Publication of the company entry in the Commercial Register does not complete your company formation, it announces to the general public the act of formation. The process of forming your company can take anywhere between a few days to a few weeks. Finally, your new company will need to register immediately with the National Tax Register Authority. The costs involved are: 3,500 leva = 70% share capital. Administrative costs (payable to the state & registration court) are 250 leva (just over £70). This is the minimum capital that you need to raise for registration. Once the entire share capital has been paid up these funds can be accessed and withdrawn. Allow betwen EUR 500 - 700 for charges relating to the formation and registration of your company. Real Estate Tax According to the Bulgarian tax legislation the buyer has to pay notary and municipal fees. The notary fees are paid on the higher of the market price or the book value of the property at varying rates, with the maximum being BGN 3,500. In addition, 2% of the market value of the property is paid to the municipality where the property is situated upon completion of the purchase. Local taxes and rates The owner of a building or land in Bulgaria has to pay a property tax. The tax is equal to 0.15% of the book value of the property. There are no local taxes for arable land. The owners also have to pay waste-collection fees which are determined when the ownership is registered with the municipality, which should be done within 60 days of completion. Value Added Tax Transactions with land and lease of property for residential purposes are exempt from VAT (Value Added Tax), all other real estate transactions are subject to VAT of 20% if the seller is VAT registered. The buyer is entitled to a VAT refund, provided that it is registered for VAT purposes. Real Estate Agencies The Real Estate Agencies have varying charges for their services - from 3% of the purchase price to about 10%! Some agencies can also set up a “minimum” commission which does not depend on purchase price. Some agents may also charge for the viewing of the properties. 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Veteran Home Loans from the VA Mortgage Center 800-405-6682 Contact Why a VA Loan? Pre-Qualify VA Loan SHOULD I GET A VETERAN HOME LOAN? The two main reasons for using your eligibility to obtain a VA home loan are because it can save you a great deal of money and it is much easier for you to qualify for one of these loans at a low rate. Pre-qualify now for a VA Loan A VA Home Loan can save you money by giving you an excellent rate, with no monthly mortgage insurance. And since it is easier to qualify for a VA military loan as compared to a conventional mortgage, individuals with poor credit are given a large advantage by using their eligibility for a VA Loan. BENEFITS OF VETERAN HOME LOANS There is zero down payment required when purchasing a home. If you have bad credit, you are likely to get a much lower rate with a VA loan compared to a conventional loan (and if you have been improving your credit history for the past year, you may be able to get the same low interest rates that are available to those with good credit. Even with a Loan-to-Value of 100%, there is no monthly Mortgage Insurance required for a VA home loan. The VA mortgage loan is guaranteed with no money down for any loan up to $359,650. VA mortgage loans are often assumable. VA has released a hybrid ARM product. Veterans now have a choice of a Fixed rate or an Adjustable rate VA mortgage. Individuals with poor credit are more likely to qualify for a loan and, most of the time, you will see significant savings as a result of a lower rate on your loan (the VA also offers extra benefits for disabled veterans). Find out how much you can save with a VA Loan. ARE THERE ANY FEES FOR A VA MORTGAGE LOAN? There is a Funding Fee required by the Department of Veteran Affairs that varies between 0-3.3% of the amount of the military loan depending on your current Veteran Status. The funding fee is added into the total loan amount, so the borrower is not required to pay this out of pocket. To determine the exact funding fee, see the funding fee chart . Benefits for disabled veterans dictate that if you are 10% or more disabled due to active military service, you will not be required to pay a funding fee. Those which are required to have a funding fee may lower their fee by putting money down on their VA home purchase. WHAT YOU WILL NEED TO GET A VA LOAN You will need a certificate of eligibility to qualify. Whether you are a first time user or you have used your eligibility in the past, you must have your certificate. A certificate can be mailed directly to you if you fill out this short form . If you have your Certificate of Eligibility, you can Pre-qualify for a VA home purchase VA LOAN SPECIALIST If you have questions or if you want to determine if a Veteran Home Loan is actually the best financial decision for you, you may get advice from a VA mortgage specialist online or call 800-405-6682 . Read more about the Veterans Benefit Act of 2004 . "This was our first home purchase, but Nathan and the other folks at VA Mortgage Center helped eliminate any concerns we had from day one. They answered all our questions, and qualified us for a home that fit perfectly within our budget. Thank you for helping us take a step towards achieving our financial goals!" Jesse Jacobs- E-2- Private First Class MCB Camp Lejeune- North Carolina Read More Testimonials about VA Mortgage Center VA Loan Information VA Loan FAQs VA Loan VA Loan Qualification Home Purchase VA Refinance Cash-Out Refinance Contact Us Privacy Policy The VA Mortgage Center is a private lender specializing in Veteran Home loans , we are NOT affiliated with any government agency. We originate loans in most states . But in order for us to best serve our customers, the VA Mortgage Center may share customer information with trusted affiliates. We aim to provide you with the best financial advice possible as well as help you determine how you can get the best rates on your loan.