More Realty terms..
Home Equity Loan A loan that provides a way for homeowners to borrow against the equity in their home. It is a line of credit that creates a second mortgage on your property.
Homeowners Association (HOA) An HOA is organization that enforce covenants, conditions, and/or restrictions for the homes in a subdivision or community. They usually collect fees and ensure guidelines are met for upkeep, installation, or changes made to the exterior of a home or the land.
Housing and Urban Development (HUD) Homes FHA homes that have been foreclosed on. The U.S. Department of Housing and Urban Development sells these homes in an attempt to recoup funds lost when the property was initially foreclosed on.
Interest Rates The cost to the buyer of borrowing money from a lender. Rates vary based on economic factors and your credit score.
Internet Data Exchange (IDX) IDX provides consumers the ability to access real estate property information from a real estate site on homes in the immediate area. The information is maintained in a Multiple Listing Service (see below).
Jumbo Loan A loan that exceeds the conforming loan limit as administered under Fannie Mae regulations. They usually have higher interest rates and more strict underwriting guidelines.
Landmark A designation given to a building for the purpose of preservation.
Lien They are filed with the county and are a claim against a borrower for failure to pay a debt or perform an obligation or as security in-case there is a future default.
Listing A written contract between a seller and real estate broker authorizing the broker (or their agents) to market and sell the owner’s home. The home is the listing.
Listing Broker They represent the sellers interests in the sale of the sellers property.
Loan Commitment A written obligation from a lender stating their intent to provide a mortgage and the conditions set for loan approval.
Loan Origination Fee The charge initiated by lenders to create a mortgage. It is basically commission for helping get you a loan.
Lock-In Rate An agreement by the lender to provide a loan at a specific interest rate as long as the loan closes in a specific time-frame.
Lock box A device that affixes to a door (or other external location) that has the keys to open the home. It allows real estate professionals to enter a property without having to obtain their own key. They are common and allow agents to show their buyers local homes for sale without having to acquire a key of their own..
Lot A lot is a tract of land with finite boundaries.