Loan Terminology
Term | Main definition |
---|---|
Real Estate Agent | A person licensed to negotiate and transact the sale or purchase of real estate property. |
Real Estate Broker | A person or corporation licensed by the state to operate a real estate business. |
Refinancing | The process of taking out a new mortgage loan to replace your existing mortgage loan for the purpose of changing loan terms including interest rate, taking out cash and/or shortening or lengthening the loan period. |
Reserves | Money lenders require you to set aside to pay for unexpected repairs and the mortgage payment. |