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  2. Closing (real estate) - Wikipedia

    en.wikipedia.org/wiki/Closing_(real_estate)

    The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. [1] On the closing day, ownership of the property is transferred from the seller to the buyer.

  3. Balloon payment mortgage - Wikipedia

    en.wikipedia.org/wiki/Balloon_payment_mortgage

    The final payment is called a balloon payment because of its large size. [2] Balloon payment mortgages are more common in commercial real estate than in residential real estate today due to the prevalence of mortgages with longer periods of amortization, in particular, the 30-year fixed-rate mortgages. [3]

  4. Mortgage seasoning: What is it and what are the requirements?

    www.aol.com/finance/mortgage-seasoning...

    Down payment seasoning. When getting a mortgage, most lenders have a minimum down payment requirement that can depend on your credit score and the kind of loan you’re after. Over the last ...

  5. Land contract - Wikipedia

    en.wikipedia.org/wiki/Land_contract

    An initial down payment from the buyer to the seller is usually also required. The legal status of land contracts varies between jurisdictions. [vague] Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more ...

  6. I’m a Real Estate Agent: Here’s What Happens When ... - AOL

    www.aol.com/m-real-estate-agent-happens...

    Losing the ability to keep up with your mortgage payments due to a job loss, illness or other misfortune can put you into foreclosure on your mortgage. If that has happened to you -- or you are ...

  7. Amortization schedule - Wikipedia

    en.wikipedia.org/wiki/Amortization_schedule

    The first payment is assumed to take place one full payment period after the loan was taken out, not on the first day (the origination date) of the loan. The last payment completely pays off the remainder of the loan. Often, the last payment will be a slightly different amount than all earlier payments.

  8. Fixed-rate mortgage - Wikipedia

    en.wikipedia.org/wiki/Fixed-rate_mortgage

    Because of the large payment at the end of the older, balloon-payment loan, refinancing risk resulted in widespread foreclosures. The fixed-rate mortgage was the first mortgage loan that was fully amortized (fully paid at the end of the loan) precluding successive loans, and had fixed interest rates and payments.

  9. Real Estate Settlement Procedures Act - Wikipedia

    en.wikipedia.org/wiki/Real_Estate_Settlement...

    A payment to a cooperative brokerage and referral arrangements between real estate agents and real estate brokers. (The statutory exemption stated in this paragraph refers only to fee divisions within real estate brokerage arrangements when all parties are acting in a real estate brokerage capacity.