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Negative amortization
A gradual increase in the balance of a loan or
mortgage which occurs because the monthly payments made are too small to cover
the entire principal and interest charges; this shortfall amount is added to
the remaining balance, resulting in negative amortization
Net listing
The advertisement of the price of property for
sale in terms of the net price the seller will receive, once the property is
sold, a type of listing which is illegal in many states
Net worth
The total value of all of an individual's
assets, minus all liabilities or debts
No cash-out refinance
A transaction for refinancing a mortgage in
which the new mortgage amount is limited to the sum total of the remaining
balance of the first mortgage, points, closing costs, whatever is required to
satisfy any liens that are more than one year old and other funds for the
borrower's use (as long as the amount is one percent or less of the principal
amount of the new mortgage)
Notary
An individual authorized by law to certify
documents and signatures
Note
A legal document that obligates a borrower to
repay a loan or owed sum of money at a stated interest rate over a designated
period of time
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Standard real estate purchase agreements usually contain language that releases the purchaser from an agreement if they are unable to get financing within a specified period of time. This contingency includes a full return of the earnest money deposit. If you are buying a home, you should read the financing clause carefully and be sure that you fully understand the terms of the agreement.
You are usually required to apply for your loan promptly and to comply with requests from the lender for any documentation needed to complete the loan application. The contract will also set a time limit by which you must have loan approval. If your lender cannot meet the financing deadline and needs additional time to complete the loan, you must ask the sellers for a written extension.
Charlie & Barbara Kaylor RE/MAX Communities The Dream Team 730 Hopmeadow Street Simsbury, CT 06070 Direct Telephone: (860) 392-9280 Office Telephone: (860) 651-6100 Direct Fax: (888) 392-9281 Email: TheDreamTeam@NUMBER1EXPERT.com
Charlie and Barbara Kaylor, The Dream Team, have over 24 years combined residential real estate experience. Charlie, Broker Associate, has been awarded the RE/MAX International Platinum Club status for outstanding sales volume and is ranked the #5 RE/MAX Agent in Connecticut. Barbara’s marketing and promotional material has been recognized as the best in the area. The Dream Team is an enthusiastic, knowledgeable and dedicated team of professionals with a genuine love for The Farmington Valley and West Hartford. Partners in business and in life, The Dream Team can’t be beat! Please visit our website www.CTDreamTeam.com to read over 25 testimonials from our clients!
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