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RM Reports / RM Warehouse

Weekly Word Wizard – RealtyMyths

Weekly Word Wizard - RealtyMyths

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.

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