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Welcome back for another week of real estate investment terms for you to peruse. Let us know if you have any questions!
Deed: The legal document that conveys title to a property.
Equal Credit Opportunity Act (ECOA): A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
Equity: The difference between the fair market value of the property and the amount owed on the mortgage and other liens. To the owner, it is essentially the amount of net worth in the home.
First Mortgage: The mortgage that is in the preferential position among all the loans recorded against that property. This is the loan that would get paid first if the house were foreclosed and auctioned off. Normally, this is the loan that is recorded first, which is why it is commonly referred to as a first mortgage.
Fixed-rate Mortgage: A mortgage in which the interest rate is fixed throughout the life of the loan.
Stay tuned for another round of terms later this week!
