Purchase agreement : A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell understated terms and conditions. Also called a sales contract, earnest money contract or agreement for sale
Rate gap : The difference between the current rate and the ratio to which it could adjust on an ARM
Refinance : A new loan with new terms, interest rates and monthly payments that completely replaces your current mortgage
Short sale : The sale of a home for less than the balance remaining on the homeowners mortgage
Tenancy in common : A type of joint ownership of property by two or more persons with no right of survivorship
Title : The rights of ownership recognized and protected by law. It is a combination of all elements that constitute the highest legal right to own, possess, use, control, enjoy, transfer and dispose of.
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