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foreclosure: Tips for consumers considering a bank REO - 04/14/08 01:41 PM
REO is an acronym for real estate owned and is industry jargon for foreclosure property repossessed by banks or lenders. If a bank or lender is the highest bidder at a foreclosure auction — or if no third party bids at the auction — the property reverts back to the lender and becomes an REO. REOs are owned by banks. Lenders go to great lengths to sell REOs. For banks, however, bank-owned homes are a liability. · First-time buyers will need to be pre-approved by one or more lenders.
· Don’t be surprised if the bank that owns the home requires that … (4 comments)

foreclosure: A tad of terminology - 02/01/08 09:49 AM
Acceptance:  The date when both parties, seller and buyer, have agreed to and completed signing and/or initialing the contract.
Adjustable Rate Mortgage:  A mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change.
Amortized Loan:  A loan, which is paid in equal installments during its term.
A.P.R. (Annual Percentage Rate):  A term used in the Truth in Lending Act.  It represents the relationship of the total finance charge (interest, discount points, origination fees, loan broker, commission, etc.) to … (0 comments)

 

Melissa Kiser, a next generation Realtor

Huntington Beach, CA

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