Tuesday, August 6, 2013

Real Estate Terms & It's Meaning (I)

Kalpesh Shah
Kalpesh Shah 

Insured Mortgage
A mortgage that is protected by private mortgage insurance. If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

The fee charged for borrowing money.

Interest Only Loan
A loan where only the interest is repaid throughout the course of the loan. The original amount is repaid at the end of the term of the loan, rolled over by the same bank or the owner re-mortgages.

Interest Rate
The rate of interest in effect for the monthly payment due.

Introductory Loan
A loan offered at a reduced rate for an introductory period to new borrowers.

Investment Property
A property that is not occupied by the owner, but provides a return to the owner through letting or leasing to a tenant.

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