A no-cost mortgage is a type of refinancing in which the lender pays the borrower’s loan settlement costs and extends a new loan, usually in exchange for the borrower paying higher interest rates. The mortgage lender then sells the mortgage to a secondary mortgage market for a higher price because of the high interest rate.
The note rate is the interest rate stated on a mortgage note. It is also commonly referred to as the nominal rate or face interest rate.
The total number of pending homes in San Diego that went under contract within two weeks of their listing date.
The original principal balance is the amount owed on a mortgage before the first payment has been made.
The fee a borrower pays a lender to cover the costs of processing their loan application.
Owner financing, also known as seller financing, takes place when a borrower finances the purchase of a home through the seller – bypassing conventional mortgage lenders and financial institutions.
The total number of homes that went pending in San Diego following the contingency period. A sales is considered “pending” if all contingencies have been met and the buyer and seller are moving toward closing.
Per diem or “per day” fees are charged if a loan isn’t approved by the date the loan was scheduled to be completed. These charges are payable to the lender during closing.
The share of active listings in San Diego that were pulled off the market during a given time period.
The share of active listings, expressed as a midpoint, that dropped their price within a given time period.
The share of total active listings that dropped their price in a given time period.
The share of homes sold in San Diego with a sale date where the sale price is less than the latest listing price, over a given time period.