Real estate

Real estate

Of or pertaining to property of land and the buildings on it. This also includes any minerals, crops, or any other natural resource. The business of real estate is the buying, selling, or renting property.

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Real estate > Mortgage

fee simple

Banking; Mortgage

The greatest possible interest a person can have in real estate, including the right to dispose of the property or pass it on to one's heirs.

first adjusted payment

Banking; Mortgage

The estimated monthly payment due when the interest rate on an adjustable-rate mortgage is reset. After the initial fixed-rate period, the interest rate can increase or decrease ...

first mortgage

Banking; Mortgage

A real estate loan that has priority over any subsequently recorded mortgages.

fixed interest rate

Banking; Mortgage

An interest rate that does not change during the loan term.

gift letter

Banking; Mortgage

A written explanation signed by the individual giving the gift stating, "This is a bona fide gift, and there is no obligation expressed or implied to repay this sum at any time."

high-ratio loan

Banking; Mortgage

Mortgage loan with a loan- to-value higher than 80 percent. Calculated using the loan amount divided by the lower of the sales price or appraised value.