Seattle Washington Real Estate

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JavatownHomes.com will coordinate the setup of your dream home search with a "Neighborhood Specialist" from a mainstream real estate office. We are not affiliated with any specific vendor so we can ensure the perfect realtor is picked for you. Searching for Seattle Washington Real Estate can be daunting, there are so many homes to choose from. So many neighborhoods and school districts. Submitting this form will make your search for Seattle Washington Real Estate much easier with a daily email showing you any new Seattle homes for sale or price reductions.

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City Links

Take the Seattle Washington Virtual Tour at

http://www.cityofseattle.net/tour/attractions.htm

BALLARD LOCKS The Hiram M. Chittenden Locks provide a link for boats between the saltwater of the Puget Sound and the fresh water of the Ship Canal connecting to Lake Union and Lake Washington.

 

BENAROYA HALL BenaroyaHall is Seattle's premiere concert hall and the downtown home of the Seattle Symphony.

 

PIKE PLACE MARKET A popular attraction located in the heart of downtown Seattle. The oldest continually operating farmers market in the country, it is a place where farmers, craftspeople, and artists display their goods.

 

PIONEER SQUARE The cultural heart of Seattle featuring over twenty city blocks of historic buildings, more than thirty galleries, a vibrant retail sector, and Seattle’s most exciting nightlife.

 

PORT OF SEATTLE The Port of Seattle manages 1,400 acres of port and airplane facilities, including the Seattle-Tacoma International Airport.

 

SEATTLE AQUARIUM The Seattle Aquarium is a nationally recognized aquatic educational center built in 1977 by the City of Seattle on Pier 59, at the edge of Puget Sound's Elliott Bay. The Aquarium is open daily and serves more than half a million visitors annually.

 

SEATTLE CENTER Seattle Center reflects the heartbeat of a great city. One of the nation's most extraordinary urban parks and entertainment centers, with over 10 million visitors a year, It is home to Seattle's definitive space needle and the Key Arena.

 

SEATTLE UNDERGROUND TOUR While you roam the subterranean passages that once were the main roadways and first-floor storefronts of old downtown Seattle, an Underground Tour Guide will regale you with humorous stories our pioneers didn’t want you to hear. A not-to-be-missed introduction to Seattle's history, culture and heritage.

 

WOODLAND PARK ZOO The 92-acre Woodland Park Zoo is a conservation and education institution demonstrating the value, beauty and interdependence of all living things.

Short Real Estate dictionary.

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ADJUSTABLE RATE LOAN (ARM)

A mortgage loan in which the interest rate may increase or decrease over the period of the loan depending on specific economic indicators. Differs from a fixed rate loan where the interest rate remains constant throughout the loan term.

AMORTIZATION

A process of slowly paying off a debt by making equal periodic payments of principal and interest on a loan at regular intervals of time. Eg. (250.00 per month for 30 years.)

APPRAISAL

Estimation of a property's valuation by an appraiser.

APR ( Annual Percentage Rate)

Rate of interest charged for a loan that takes into account all up-front fees and points.

ASSESSED VALUE

A value placed on a property by a public officer or a board as a basis for property taxes.

ASSUMABLE MORTGAGE

A mortgage that can be transferred to the buyer who then becomes liable for the terms and conditions including payments.

BACK RATIO

The total debt expense (or Back Ratio) compares your monthly expenses including your total mortgage payment to your monthly income. Eg: Credit card debt, car payment, etc. plus PITI. Most banks use a ratio of 36 to 40.

CLOSING

The transfer of title for money or other consideration. This is the day that both parties actually consummate a deal.

CONTINGENCY

A provision in a contract that requires a certain act be done or a certain event occur before the contract becomes binding. Eg. (When its necessary for a person to sell their existing home before they can close on a new home.)

CLOUD ON TITLE

An outstanding claim or encumbrance that impairs the title. Eg. (mechanics lien, judgments etc)

CONVENTIONAL LOAN

A loan not insured or guaranteed by a government.

DEED

A written instrument when executed and delivered, conveys title to or an interest in real estate.

DISCOUNT POINTS

An added loan fee charged by the lender to make the yield on a lower than market value loan competitive with higher interest rate loans. One point is equal to one percent of the loan.

DOWN PAYMENT

The amount of cash that the purchaser puts down to buy property. Most lenders require a minimum of 5% down payment for a owner occupied purchase where the purchaser(s) intend to live in/on the property and at least 20% down for an investor purchased property where the investor does not intent to use the property as their primary residence.

EQUITY

The value of a property above any mortgage indebtedness. Eg. ( Your house is worth 80,000 market value and you have a current mortgage balance of 60,000 therefore, your equity would equal 20,000.)

ESCROW ACCOUNT

An account usually established by the lender to make payments for hazard insurance and property taxes. You're monthly payment will include enough money to pay principal and interest to the bank for the loan as well as enough money to pay 1/12 of the annual taxes and insurance which gets deposited into the escrow account. This process protects the bank by insuring that the property remains insured and that the property is not taken through a process known as in-rem for unpaid taxes.

FHA LOAN

A loan insured by the Federal Housing Administration and made by an approved lender.

FRONT RATIO

The housing payment ratio (or Front Ratio) compares your total mortgage payment to your monthly income. Most lenders typically use a ratio of 28 but can be as high as 32.

HUD-1 SETTLEMENT STATEMENT

A closing statement that outlines all costs associated with a real estate transaction.

LIEN

A right given by law to certain creditors to have their debt paid out of the property of a defaulting debtor. Court judgments become liens against a persons real property. Liens and judgments are recorded at the county clerk's office and are considered public information.

LOAN ORIGINATION FEE

Same as discount points. A point is equal to 1% of the loan.

LOAN PROCESSING FEE

A flat fee charged by lenders for administration of the loan process. Some banks waive this fee.

LTV% (LOAN TO VALUE)

Commonly referred to as loan to value ratio, this figure tells the lender what percentage of the purchase price the loan is going to be. Eg. (On a 100,000.00 house a 97%LTV would equal 97,000.00)

MARKET VALUE

The actual value of property at a specific time. Eg. (What your house would sell for today if you were to decide to sell.)

MORTGAGE

A pledge of real estate as security for the payment of a debt. Simply put, a mortgage is a recorded document that tells the lender that the borrower pledged their real estate as collateral for a loan.

PMI

Abbreviation for private mortgage insurance. Lenders require PMI when the LTV (loan to value) exceeds 80%. PMI insurance as a rule of thumb costs approximately 1% of the loan amount per year. The cost is generally added to the monthly payment.

PRE-QUALIFICATION

A process where a lender or a REALTOR® determines how large a monthly payment a purchaser can afford. Lenders generally allow a buyer to apply 28% of their monthly income towards PITI.

PRINCIPAL

The amount of money that a borrower owes on a loan at a given time.

TITLE

Evidence of ownership.

TRUTH IN LENDING DISCLOSURE (RESPA)

A federal law commonly known as the real estate settlement and procedures act that requires certain disclosures to consumers about mortgage loan settlements. The law also prohibits the payment or receipt of kickbacks.