Real Estate Terms of the Week

Amortization schedule  
A timetable for payment of a mortgage loan. The amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made.

Earnest money  
Money deposited by potential buyers to show their seriousness about buying. It becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.

Foreclosure  
A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.

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