subject: Get Familiar With Real Estate Terminology [print this page] Then we shared a brief glossary of terms frequently heard probably looking for your new home.
Are you preparing to buy a home? How nice! But will have to prepare a number of procedures that may confuse at first, especially if you are going to arrange a mortgage. Then we shared a brief glossary of terms frequently heard probably looking for your new home. REAL ESTATEReal estate or real estate are those goods as opposed to personal property, have a fixed position in space and are not likely to be taken or transported, such as land, buildings and constructions of all kinds adhered to the soil. MORTGAGE Transfer of rights to property (such as a home) usually through a loan. A mortgage is canceled when the loan is paid in full. A mortgage is a loan that is granted to assist with the purchase of a house. The lender gives you a certain amount of money that you must repay within a certain period. While living in the house, you must make monthly payments of principal, interest, taxes and insurance. CAPITAL Capital is the amount of money that is borrowed as the selling price of the house. INTERESTS The interests represent the cost of borrowing money.
TAXES Taxes are paid to the local government and usually are a percentage of the property value. The amount of tax varies depending on where you live. INSURANCE contract by which an insurance company is obliged to compensate damage or pay a sum of money, by paying to be done in a certain amount of money (premium ), if there is a loss (theft, fire, etc.) or a pre-agreed circumstances (death, retirement, etc.). CREDIT HISTORY payment patterns you've shown in the past helps the lender predict how could act in the future. ACCREDITED who receives a loan or a credit. CREDIT BUREAU Agency that provides information on the credit behavior of people who have or have had a credit at banks or companies affiliated with that organization. obligor Person is obligated to pay a debt with the borrower, even without owning any property acquired by it.Investment Units (IDU) units of account used to neutralize the impact of inflation on financial and commercial operations. Its value is constant and its price is adjusted daily according to the National Index of Consumer Prices. SHF SHF (SHF) is a financial institution that promotes through the granting of loans and guarantees, the construction and acquisition of affordable social and securitization of mortgage portfolios generated by financial intermediaries such as commercial banks, insurance companies, trusts SOFOLES and economic development. FOVI FOVI is a public trust established in 1963 by the Federal Government through the Ministry of Finance Public Bank of Mexico, which is administered by the Federal Mortgage Society, SNC from February 26, 2002. COFINANCING conjunction of two or more lines of credit for project implementation.
