PITI

PITI – David Reecher Principal, interest, taxes and insurance combined.  When less then 20% is paid as a down payment on a property, most lenders will require that  each monthly payme... Read More

Owner Financing

Owner Financing – David Reecher The seller provides financing so that the buyer does not have to go through a bank or traditional sources to obtain funding to purchase the property. The seller ... Read More

Option

Option – David Reecher The right to purchase or lease property within a pre-determined time at a specific price. There is no obligation to purchase, but the seller is obligated to sell if the o... Read More

Open Listing

Open Listing -David Reecher A listing under which the principal (owner) reserves the right to list his property with other brokers, yet grants the real estate agent the right to advertise and sel... Read More

Open End Loan

Open End Loan – David Reecher A mortgage loan that is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage.... Read More

Note

Note -David Reecher A statement borrowers sign at loan closing that gives the terms of repayment.  This also includes the borrower’s promise to repay.... Read More