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National Association of Realtors
(NAR) |
A real estate trade organization that sets the
standards for integrity and honesty within the real estate profession
nationwide |
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Negative amortization |
A gradual increase in the balance of a loan or
mortgage which occurs because the monthly payments made are too small to cover
the entire principal and interest charges; this shortfall amount is added to
the remaining balance, resulting in negative amortization |
|
Net listing |
The advertisement of the price of property for
sale in terms of the net price the seller will receive, once the property is
sold, a type of listing which is illegal in many states |
|
Net worth |
The total value of all of an individual's
assets, minus all liabilities or debts |
|
No cash-out refinance |
A transaction for refinancing a mortgage in
which the new mortgage amount is limited to the sum total of the remaining
balance of the first mortgage, points, closing costs, whatever is required to
satisfy any liens that are more than one year old and other funds for the
borrower's use (as long as the amount is one percent or less of the principal
amount of the new mortgage) |
|
Notary |
An individual authorized by law to certify
documents and signatures |
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Note |
A legal document that obligates a borrower to
repay a loan or owed sum of money at a stated interest rate over a designated
period of time |
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Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
| Q |
What is the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
|
| A |
One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million. |
 See More Real Estate Trivia > |
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Patricia Modica
Howard Hanna Smythe Cramer
6240 Som Center Rd.
Solon, OH. 44139
Phone: 440-248-7313
Fax: 440-248-7540
Email: Pat@PatModica.com
Pat specializes in the communities and counties which make up the east side of Cleveland, including the Chagrin Valley area. In addition, Pat’s relocation connections allow her to link clients moving out of northeast Ohio with professional real estate assistance in their new location, as well as assist homebuyers moving into our area find a new community to call home.
Pat has a team of professionals behind her, including her daughter, Jamie Mehl. The team’s number one priority is client satisfaction. They are always just a phone call away and ready to help, removing unnecessary stress from the transaction and making it a smooth and enjoyable process.   
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