Glossary of Mortgage Terms
Explore commonly used mortgage terms that are frequently used by AmeriSave Mortgage.Rental property depreciation is a tax deduction that allows real estate investors to recover the cost of an income-producing property by deducting a portion of its value each year over a set recovery period.
A real estate owned (REO) property is a home that a bank, lender, or government agency has taken back after it failed to sell at a foreclosure auction. Because the lender now holds the property on its books, it typically prices and lists it for sale quickly — often below market value — in order to recover its losses.
A resale house is a home that has already been owned and is now up for sale again, as opposed to a brand-new home.
A restrictive covenant is a legal rule written into a property deed or community agreement that limits how homeowners can use, change, or build on their land.
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