A-D / E-H / I-P / Q-Z
Deposit toward down payment submitted with a purchase agreement as evidence that the
buyers committed. Typically is tax deductible.
This is up to the buyer discretion. It is the portion of the monthly payment that is not
applied to principal or interest, but rather is attached to the loan to pay mortgage insurance,
homeowners insurance and property taxes.
Document prepared by lender which estimates and delineates the various fees and closing
costs associated with the home purchase or refinance.
Home Equity Line of Credit. Second mortgage, generally characterized by interest only
payments and the ability to draw, pay back, and redraw. Based on prime
Amount paid by owner of a townhome or condo to cover various amenities or services provided
by the homeowners association (examples -- common areas, hazard insurance, garbage, mowing,
snow removal)
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