A document showing the financial situation-assets, liabilities and net worth of a person at a specific point in time.
See cashier’s check.
Proclamation by a court of an individual’s (or organization’s) state of insolvency, or inability, to pay debts. Petition may be brought by an individual or his creditors, with a goal of orderly and equitable settlement of obligations.
A unit of measure: 1/100th of one percent. For example, the difference between a 9.0 percent loan and a 9.5 percent loan is 50 basis points.
The legal owner of a piece of property.
A gift of personal property by will.
Bill of sale
A document that transfers ownership of goods from one person to another.
A payment plan under which one pays one-half of a monthly payment every two weeks, saving interest substantially over the life of the loan.
In good faith.
A document representing a right to certain payments on underlying collateral.
An individual who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full.
An individual who assists in arranging funding or negotiating contracts for a client, but does not loan money himself.
A situation in which the seller contributes money that allows the lender to give the buyer a lower rate and payment, usually in exchange for an increase in sales price. With a refinance, this could be paid by the borrower.
An agent hired by a buyer to locate a property for purchase and to represent the buyer in negotiations with the seller’s broker for the best possible deal for the buyer.
Market conditions that favor buyers. With more sellers than buyers in the market, buyers have ample choice of properties and can negotiate lower prices.