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by Mark Mathis
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Downpayment - The difference between the sales price and the mortgage amount on a home. The downpayment is usually paid at closing.
Due-on-Sale - A clause in a mortgage contract requiring the borrower to pay the entire outstanding balance upon sale or transfer of the property. A mortgage with a due-on-sale clause is not assumable.
Earnest Money - A sum paid to the seller to show that a potential purchaser is serious about buying.
Easement - Right-of-way granted to a person or company authorizing access to the owner’s land; for example, a utility company may be grated an easement to install pipes or wires. An owner may voluntarily grant an easement, or in some cases, be compelled to grant one by a local jurisdiction.
Equity - The difference between the value of a home and what is owed on it.
Escrow - The handling of funds or documents by a third party on behalf of the buyer and/or seller.
Federal Housing Administration (FHA) - A federal agency which insures mortgages that have lower downpayment requirements than conventional loans.
Fixed Rate Mortgage - A mortgage whose interest rate remains constant over the life of the loan. The payments are not necessarily level. (See Graduated Payment Mortgage and Growing Equity Mortgage).
Fixed Schedule Mortgage - A mortgage whose payment schedule for the life of the loan is established at closing. The payments and interest rate are not necessarily leve |
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