131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023
The Close
DECEMBER 29, 2022
Construction loan. This is when a homeowner turns a deed over to the mortgaging bank to avoid going into foreclosure. This is the amount of a property that a person (not the bank) actually owns. Some states have laws on the books requiring escrow account holders to pay interest on these funds, though banks are often exempt.
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