Exit Elite Realty

 

4200 Forbes Boulevard, Ste. 121

Lanham, MD 20706

 

Phone:  240-354-4428

Office:  301-277-3948

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Information Deemed Reliable But Not Guaranteed. Neither The Hawkins Group or Exit Elite Realty nor the service providers for Exit Elite Realty are liable for any errors or inaccuracies in the information provided through this website.  Equal Housing Opportunity.

Opportunity.

Glossary

ARM - Adjustable Rate Mortgage— A loan that allows the interest rate to be changed periodically.

 

Agency— A legal relationship in which an owner-principal engages a broker-sales associate in the sale of property or buyer-principal engages a broker-sales associate in the purchase of property.

 

APR - Annual Percentage Rate— The total finance charge (interest, loan fees, points) expressed as a percentage of the loan amount.

 

Amortization— The gradual repayment of a mortgage by periodic installments.

 

Appraisal— An estimate of the value of property.

 

Assessed Value—  The valuation placed on property by a public tax assessor as the basis of property taxes.

 

Assumption of Mortgage— Agreement by the buyer to assume responsibility for a mortgage owned by the seller; the seller remains liable to the lender unless the lender agrees to release him or her.

 

Balloon Loan— A mortgage that has a substantial amount of the principal due at the maturity of the note.

 

Broker— A person licensed by a state real estate commission to act independently in conducting a real estate brokerage business.

 

Buydown— A payment to the lender from the seller, buyer or third party, causing the lender to reduce the interest rate during the early years of the loan.

 

Cap— A maximum amount of interest that can be charged.

 

Closing— The final step in transferring ownership of a property from seller to buyer.

 

Closing Costs—  Fees and expenses, not including the price of the home, payable by the seller and the buyer at the time of closing.

 

Contingency— A condition that must be satisfied before a contract is binding.

 

Conventional Loan— A fixed-rate, fixed term loan that is made without government insurance.

 

Convertible ARM— Loans that give you the opportunity to convert to a fixed-rate mortgage, usually between the 13th to 60th month of the loan.

 

Cooperatives (co-ops) -   A buyer purchases shares in a co-op corporation, made up of the residents in the co-op property.  The buyer owns the shares rather than owning the real property.  In exchange, the buyer has the right to occupy a co-op unit.

 

Deed— A legal document conveying title to a property.

 

Depreciation— Refers to when a property’s value decreases.

 

Earnest Money— A payment given to the seller by a potential buyer indicating the buyer’s intent to complete the purchase of the property.

 

Equity— The owner’s value or interest in a property.

 

Escrow— The placement of money or documents with a third party for safekeeping pending the fulfillment or performance of a specific act or condition.

 

BUYING A HOME

SELLING A HOME

INVESTING IN REAL ESTATE

FINANCING / MORTGAGE CALCULATORS