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REAL ESTATE TERMS AND DEFINITIONS
Margin
The difference between the interest rate and the index on an adjustable rate mortgage. The margin remains stable over the life of the loan. It is the index which moves up and down.
Maturity
The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
Merged credit report
A credit report which reports the raw data pulled from two or more of the major credit repositories. Contrast with a Residential Mortgage Credit Report (RMCR) or a standard factual credit report.
Modification
Occasionally, a lender will agree to modify the terms of your mortgage without requiring you t refinance. If any changes are made, it is called a modification.
Mortgage
A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds.
Mortgage banker
For a more complete discussion of mortgage banker, see "Types of Lenders." A mortgage banker is generally assumed to originate and fund their own loans, which are then sold on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. However, firms rather loosely apply this term to themselves, whether they are true mortgage bankers or simply mortgage brokers or correspondents.
Mortgage broker
A mortgage company that originates loans, then places those loans with a variety of other lending institutions with whom they usually have pre-established relationships.
Mortgage insurance (MI)
Insurance that covers the lender against some of the losses incurred as a result of a default on a home loan. Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that have a loan-to-value higher than eighty percent. Mortgages above 80% LTV that call themselves "No MI" are usually a made at a higher interest rate. Instead of the borrower paying the mortgage insurance premiums directly, they pay a higher interest rate to the lender, which then pays the mortgage insurance themselves. Also, FHA loans and certain first-time homebuyer programs require mortgage insurance regardless of the loan-to-value.
Mortgage insurance premium (MIP)
The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.
Mortgage life and disability insurance
A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage payment for a specified amount of time during the disability. Be careful to read the terms of coverage, however, because often the coverage does not start immediately upon the disability, but after a specified period, sometime forty-five days.
Mortgagee
The lender in a mortgage agreement.
Mortgagor
The borrower in a mortgage agreement.
Multidwelling units
Properties that provide separate housing units for more than one family, although they secure only a single mortgage.
 
NATIONAL HOUSING INDICATORS
Homeownership Rate
Release Jan 31, 2017
New Residential Sales
Release Mar 23, 2017
592,000
+6.1%
Rental Vacancy Rate
Release Jan 31, 2017
Homeowner Vacancy Rate
Release Jan 31, 2017
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NEIGHBORHOOD DEMOGRAPHICS
HOUSING STATISTICS
Features the total number of households, homeownership rate, citizenship status, median housing price, median income, education level and poverty level.
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AREA CRIME RATE
The total rate of violent crime for the population, including details on homicide, forcible rape, aggravated assault, burglary robbery, vehicle theft, and murder rates.
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SCHOOL INFORMATION
A school score card reports on individual school performance, student's reading and math ratings, in comparing the county and state averages. Read more >
LOCAL RENTAL STATISTICS
Provides information on the neighborhood rental market, including rental rates, rental price based on number of bedrooms and current rental rate. Read more >
local crime report
NEARBY SALES ANALYSIS
Provides the local sales within price ranges, price per square footage, number of bed(s)/bath(s) and total number of homes sold within each price range.
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local school information
LISTING & TRENDING ANALYSIS
An analysis of the housing market reports on locale as a buyer's or seller's market. Also features a market-trending indicator. Read more >