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

A calculation used to analyze real estate investments, representing the property’s income after all necessary operating expenses have been paid.

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.

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

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

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

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

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.

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

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

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

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.

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

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 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.

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

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

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