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average price
average price determining the cost of a home by totaling the cost of all houses sold in one area and dividing by the number of homes
bank
: a bank organized to hold depositors' funds in interest-bearing accounts and to make long-term investments (as in home mortgage loans) state bank : a bank operating under state charter and law bank·er [ba-kər] n
cash-out refinance
to get additional money. Usually this occurs when the property has appreciated in value. For example, if a home has a current value of $100,000 and an outstanding mortgage of $60,000, the owner could refinance $80,000 and
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closing costs
common estimate of a Buyer's closing costs is 2 to 4 percent of the purchase price of the home. A common estimate for Seller's closing costs is 3 to 9 percent. Source: U.S. Department of Housing and
construction loan
construction loan a short-term, to finance the cost of building a new home. The lender pays the builder based on milestones accomplished during the building process. For example, once a sub-contractor
constructive desertion
constructive desertion : the act of one spouse forcing the other (as by violence) to abandon the home or relationship NOTE: Constructive desertion, like desertion, is a ground for divorce.
consumer credit
consumer credit : credit extended by merchants or banks to finance the purchase of consumer goods (as home appliances) or services (as travel or hotel accommodations) compare consumer debt at debt
curtilage
garden, from cortil garden, ultimately from Latin cohort- cohors farmyard] : the area surrounding and associated with a home NOTE: The curtilage of a house is included in the Fourth Amendment prohibition on unreasonable searches and seizures.
deposit (earnest money)
(earnest money) money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is
down payment
down payment the portion of a home's purchase price that is paid in cash and is not part of the mortgage loan. This amount varies
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