All > Business > Real Estate
Abbreviation for principal and interest.
- Browse Related Terms: Additional Principal Payment, Annual Mortgagor Statement, Annuity, Charge-off, interest, Interest rate, Interest Rate Swap, Nonperforming Asset, Notional Principal Amount, open-end mortgage, Original Principal Balance, P&I, PITI Reserves, Premium, Remaining Balance, Right of rescission, Self-amortizing mortgage, taxes
All > Business > Real Estate
A three-part window opening with a tall, round-arched center window flanked by smaller rectangular windows and separated by posts or pilasters.
- Browse Related Terms: Color, Drip molding, Enframement, Fanlight, French door or French window, Head, Hood, member, Mullion, Oriel, Palladian Window, Reveal, Sill, Stile, Stoop, Surround, Transom, Transom bar
All > Business > Real Estate
A portion of a flat surface recessed, or raised from the surrounding area, distinctly set off by molding or some other decorative device.
- Browse Related Terms: Coping, Decorative Masonry, Detached house, Header, key, panel, Paver, Pointing, Rock-faced, Rubble stone, Rustication, Spalling, Stretcher, Stringcourse, Sugaring
Also listed in:
- All > Law > Common Legal Terms
All > Business > Real Estate
An applied material, usually metal, that covers the front (exterior) surface of an existing window frame or mullion
- Browse Related Terms: Awning, Bulkhead, Display Window, Jamb, panning, Security gate, Security gate tracks, Sign band, Spandrel, Spandrel Area, Storefront Bay, Storefront Infill, Storefront Opening, Subframe
Also listed in:
All > Business > Real Estate
A low wall that serves as a vertical barrier at the edge of a roof, terrace, or other raised area; in an exterior wall, the part entirely above the roof.
- Browse Related Terms: Balustrade, Bay Window, Clapboard Wood, Cornice, Cresting, Cupola, Eave, Finial, Parapet, Portico, Shingle, Terra cotta
All > Business > Real Estate
A loss mitigation option offered by the FHA that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage payments up to date.
- Browse Related Terms: Buydown, Credit Enhancement, Credit Risk, Lease-Purchase Option, Lender Option Commitments, Mandatory Delivery Commitment, Mortgage Modification, Partial Claim, Risk Based Capital, Special Forbearance
All > Business > Real Estate
A payment that is less than the scheduled monthly payment on a mortgage loan.
A payment that is less than the total amount owed on a monthly mortgage payment. Normally, lenders do not accept partial payments. The lender may make exceptions during times of difficulty. Contact your lender prior to the due date if a partial payment is needed.
- Browse Related Terms: amortization, balloon mortgage, Balloon note, Balloon Payment, biweekly mortgage, Biweekly Payment Mortgage, curtailments, fifteen-year mortgage, Flexible payment mortgage (FPM), Installment Debt, Interest-only loan, Level payment mortgage, Mortgage Life and Disability Insurance, Negative amortization, Partial Payment, Prepayment, Prepayment penalty, Prepayment Penalty Mortgage (PPM), Principal and interest payment (P & I), Remaining Term, Reverse annuity, term
All > Business > Real Estate
Lender involvement in a development for a percentage of the gross sales or profit, as well as interest on the loan. Usually occurs when money is difficult to obtain.
- Browse Related Terms: Cash, Cash-Out Refinance, Cushion, Financing, Gift, Housing Expense Ratio, LTV (loan-to-value), Mortgage Rate, Mutual Funds, Net Income, Net Monthly Income, Participation, Reinstatement Period
All > Business > Real Estate
The small member, usually wood and usually removable, that separates the upper and lower sash pockets in the jamb of a double-hung window
- Browse Related Terms: Casement, Details, Double hung, Frame, Glazing Bar, Gothic Sash, Meeting rail, operation, Parting strip, Rail, Sash, Segmental or Curved-Head Window, Tracery
All > Business > Real Estate
An agreement between two or more entities to go into business or invest. See also "general partnership;" "limited partnership;" "joint venture."
- Browse Related Terms: First Time Home Buyer, Home Equity Loan, Joint venture, Lease, Owner Occupied Property, Partnership, Primary residence/second home, Second home
Also listed in:
All > Business > Real Estate
A block of stone used in sidewalk or areaway paving.
- Browse Related Terms: Coping, Decorative Masonry, Detached house, Header, key, panel, Paver, Pointing, Rock-faced, Rubble stone, Rustication, Spalling, Stretcher, Stringcourse, Sugaring
All > Business > Real Estate
A limit on the amount that your monthly mortgage payment on a loan may change, usually a percentage of the loan. The limit can be applied each time the payment changes or during the life of the mortgage. Payment caps may lead to negative amortization because they do not limit the amount of interest the lender is earning.
Same as "cap." See also "cap."
See: cap.
A limit on how much an ARM's payment may increase, regardless of how much the interest rate increases.
For an adjustable-rate mortgage (ARM) or other variable rate loan, a limit on the amount that payments can increase or decrease during any one adjustment period.
- Browse Related Terms: Adjustable-Rate Mortgage (ARM), annual cap, ARM, CAP, interest cap, Life Cap, life-of-loan cap, Lifetime Cap, Payment Cap, Rate Cap
Also listed in:
- All > Business > Finance > Personal Finance > Mortgage
All > Business > Real Estate
The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the interest rate adjustment date.
The date on which a new monthly payment amount takes effect, for example, on an adjustable-rate mortgage (ARM) loan.
- Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Adjustment Index, Adjustment Interval, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Cost of Funds Index (COFI), Fixed-Period Adjustable-Rate Mortgage, index, Inflation Coverage, Initial Interest Rate, Interest Rate Cap, Interest Rate Ceiling, Interest Rate Floor, LIBOR-Index, Margin, Mitigation, Payment Change Date, Prime rate, Treasury Index, Truth in lending, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
All > Business > Real Estate
Contract language specifying when payments are due on money borrowed. The due date is always indicated and means that the payment must be received on or before the specified date. Grace periods prior to assessing a late fee or additional interest do not eliminate the responsibility of making payments on time.
- Browse Related Terms: Chapter 13 Bankruptcy, Default, Delinquency, Forbearance, Fully Amortized Mortgage, Holder, Installment, Late Charge, Late Payment Charges, Payment Due Date, Prepayment penalty clause, Repayment Plan, reverse annuity mortgage, Terms
Also listed in:
All > Business > Real Estate
1. The triangular space forming the gable end of a roof above the horizontal cornice. 2. An ornamental gable, usually triangular, above a door or window.
Also listed in:
- All > Science > Energy > Renewable Energy > Solar Energy
All > Business > Real Estate
For homeowner's insurance, an event that can damage the property. Homeowner's insurance may cover the property for a wide variety of perils caused by accidents, nature, or people.
- Browse Related Terms: Average Price, Credit Loss Ratio, Deductible, flood insurance, Hazard Insurance, Home Warranty, Homeowner's insurance, Indemnification, insurance, Median Price, Mortgage servicing, Perils, Property insurance, Tax and insurance escrow, Taxes and Insurance
All > Business > Real Estate
A mortgage for a long period of time (over 10 years) in contrast to an interim loan or a construction loan. A permanent mortgage commitment is often needed before a construction loan can be arranged.
- Browse Related Terms: All-inclusive deed of trust, End loan, Interim loan, Junior mortgage, Permanent mortgage, Piggyback loan, second mortgage, Third mortgage, Underlying mortgage, Wraparound mortgage
All > Business > Real Estate
Any permit other than a Notice to Proceed issued by the Landmarks Preservation Commission in accordance with the Landmarks Law: (a) "PMW shall mean Permit for Minor Work as defined by Section 25-310 of the Landmarks Law. (b) "CNE shall mean Certificate of no Effect as defined by Section 25-306 of the Landmarks Law. (c) "CofA shall mean Certificate of Appropriateness as defined by Section 25-307 of the Landmarks Law.
Also listed in:
- All > Science > Energy > Renewable Energy > Solar Energy
All > Business > Real Estate
Any property that is not real property or attached to real property. For example furniture is not attached however a new light fixture would be considered attached and part of the real property.
Any property that is not real property.
- Browse Related Terms: Condominium, Home ownership, Housing unit, Loggia, Personal property, Property, Rowhouse, Single-family house, Two- to Four- Family Property, Zoning
Also listed in:
- All > Business > Finance > Insurance > Homeowners Insurance
- All > Law > Common Legal Terms
All > Business > Real Estate
1. A column designed to support concentrated load. 2. A member, usually in the form of a thickened section, which forms an integral part of a wall; usually placed at intervals along the wall to provide lateral support or to take concentrated vertical loads. 3. A vertical supporting member or element (usually of brick, stone, or metal) placed at intervals along a wall, which typically separate each storefront opening from the adjacent storefront opening.
- Browse Related Terms: Armature, Bracket, Canopy, console, Corbel, Dentil, Joist, Modillion, Pier, Shouldered Arch, Turret