20 Terms
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Relocation
Referring to any service that assists a family to move house or a business to move from one establishment to another.
Industry: Business services
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Relocation
Closing date
Business services; Relocation
The date on which ownership of a property is transferred to a buyer and closing costs are paid.
Closing costs
Business services; Relocation
Any fees or charges paid by the borrowers or sellers during the closing of a real estate sale. Typical buyer's expenses- documentary stamps on notes, recording deed and mortgage, escrow fees, ...
Mortgage interest differential allowance
Business services; Relocation
Payment of some or all of the difference between the interest rate on the employee's mortgage in the origin location and the rate on their mortgage in the new location. Payments are generally made ...
Mortgage interest
Business services; Relocation
The cost of borrowing mortgage money. Mortgage interest rates vary with the terms and type of loan required.
Mortgage insurance premium
Business services; Relocation
Paid monthly by the borrower to HUD to set up a reserve account for protection of the lender against loss in the government insured loans or to a private mortgage insurer for conventional loans.
Mortgage insurance
Business services; Relocation
A contract that insures the lender against loss caused by a mortgagor's default on a government or conventional mortgage. Mortgage insurance can be issued by a private company or by a government ...
Mortgage commitment
Business services; Relocation
A formal document provided by a lender agreeing to make a mortgage loan on a specific property, stipulating the amount, length of time, and conditions of loan.
