Career Resource Center Archive


Qualification

Saturday, December 15th, 2007
Act of determining a potential buyer's needs, abilities, and urgency to buy and matching these with available properties.


Property tax

Saturday, December 15th, 2007
Assessment levied by city and county governments on real and personal property to generate the bulk of their operating revenues to pay for such public services as schools, libraries, and roads.


Property tax deductions

Saturday, December 15th, 2007
The Internal Revenue Service allows homeowners to claim as itemized personal deductions money paid for state and local realty taxes, as well as interest on debt secured by their homes. It also allows for the deduction of loan prepayment penalties, and the deduction of points on new loans.


Promissory note

Saturday, December 15th, 2007
A written promise to repay a debt on demand or at a stated time in the future.


Private mortgage insurance (PMI)

Saturday, December 15th, 2007
Required by most lenders for conventional loans with a down payment of less than 20 percent. Insurance is paid by the borrower and guarantees the lender will not lose money if the borrower defaults.


Principal

Saturday, December 15th, 2007
The amount of money borrowed; the amount of money still owed.


Prepayment penalty

Saturday, December 15th, 2007
Fee charged by the lender when a borrower repays the loan early.


Point

Saturday, December 15th, 2007
Fee charged by a lender to get additional revenue over the interest rate. A point is equal to one percent of the loan amount.


Plat

Saturday, December 15th, 2007
Map or survey showing the location and boundaries of individual properties and how they have been subdivided into lots and blocks.


Planned Unit Development (PUD)

Saturday, December 15th, 2007
Individually owned houses with community ownership of common areas, such as swimming pools and tennis courts.


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