Welcome back to RealtyMyths Weekly Word Wizard! Here are the important real estate terms for the week.
Bridge loan – Bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment.
Cash-out refinance – When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use.
Construction loan – A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
Eviction – The lawful expulsion of an occupant from real property.