Real Estate Terms:
Loan-to-value ratio:
The relationship between the amount of a home mortgage and the total value of the property. Lenders may limit their maximum mortgage to 80-95 percent of value.
Lock-in-rate:
A commitment made by lenders on a mortgage loan to “lock in” a civilian rate pending mortgage approval. Lock-in periods vary.
Market value:
The highest price a buyer will pay for a property and the lowest price the seller will accept.
Mortgage:
One type of document used to make property the security for the payment of a loan.
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