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The process of spreading out a loan into a series of fixed payments over time where payments go towards both principal and interest.

An account held by a third party on behalf of the two principal parties in a transaction, often used for holding funds or property until the deal is completed.

The use of borrowed capital to purchase and/or increase the potential return of an investment property.

A financial term used by lenders to express the ratio of a loan to the value of an asset purchased, important in determining the amount of down payment needed.

A rate of return on a real estate investment property based on the income that the property is expected to generate.

A measurement of a property's cash flow available to pay current debt obligations; the ratio between net operating income and total debt service.

The difference between the current market value of a property and the amount the owner still owes on the mortgage; the owner's interest in the property.

A type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan, typically based on a reference interest rate.

A mortgage that has a fixed interest rate for the entire term of the loan, giving the borrower predictable payment amounts.

A lender's preliminary assessment of a buyer's financial status to determine how much they can borrow before they apply for a mortgage.

The process of replacing an existing mortgage with a new loan, typically to secure a lower interest rate or different loan term.

Fees and expenses, over and above the price of the property, incurred by buyers and sellers in the process of transferring real estate property.

Fees paid directly to the lender at closing in exchange for a reduced interest rate, also known as discount points.

A professional assessment of a property's market value, typically conducted for the purpose of obtaining a mortgage.

The dollar value assigned to a property by a public tax assessor for the purposes of taxation.

An income tax deduction that allows a taxpayer to recover the cost of property wear and tear over time for income-producing real estate.

A form of indemnity insurance that protects lenders and homebuyers from financial loss sustained from defects in a title to a property.

The process by which a lender evaluates the risk of a loan application, analyzing the borrower's creditworthiness and property details.

The legal process by which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the asset used as the collateral for the loan.

A company that owns, operates, or finances income-producing real estate, allowing investors to buy shares in commercial real estate portfolios.

The process by which a borrower applies for a new loan, and a lender processes that application, which includes the establishment of terms and conditions.

A numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of an individual, crucial in the loan approval process.

A short-term loan used until a person or company secures permanent financing or removes an existing obligation, often used in real estate to finance a new property before the old one is sold.

A line of credit available to homeowners using the equity of their home as collateral, which can be drawn upon when needed.