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2022-01-14T00:24:49-05:00January 14, 2022||

A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

Non-assumption Clause

2022-01-14T00:24:38-05:00January 14, 2022||

A statement in a mortgage contract forbidding the assumption of the mortgage without the prior approval of the lender.

Net Listing

2022-01-14T00:24:27-05:00January 14, 2022||

A listing agreement in which the broker’s commission consists of the amount above a net price set by the owner. If the net price is not met, a commission is not earned.

Negative Amortization

2022-01-14T00:24:06-05:00January 14, 2022||

Occurs when monthly payments are not large enough to pay all the interest due on the loan. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is [...]

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