PITI: Principal, Interest, Taxes, and Insurance: the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.
Rate Lock: a commitment by a lender to a borrower guaranteeing a specific interest rate over a period of time at a set cost.
Baluster : Any of the small posts that make up a railing as in a staircase; may be plain, turned, or pierced.
Encroachments: a structure that extends over the legal property line on to another individual's property. The property surveyor will note any encroachment on the lot survey done before property transfer. The person who owns the structure will be asked to remove it to prevent future problems.
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