FIN 110 Lecture Notes - Lecture 3: Real Estate Broker, Lenders Mortgage Insurance
Document Summary
4 application of funds non-sufficient fund fees tenant cause billing past-due utilities attorney fees. Real estate agent: 5-12% of sales price --> seller. Conventional: fixed rate money the lender gives you is secured only by the value of property + financial integrity of borrower. Adjustable-rate: money the lender gives you is secured only by the value of property + financial integrity of borrower. Graduated-payment mortgage: allows borrower to tailor their monthly payments to income over time money the lender gives you is secured only by the value of property + financial integrity of borrower. Rollover mortgage: interest rate and size of monthly payments are fixed whole loan is negotiated. Fha mortgage: first time home buyers minimal financial criteria. Appraisal: separate from a house inspection. this is where a professional will evaluate your house comparable to other houses in the neighborhood and housing market to make sure the selling price is what the house is worth.