Definition: escrow Escrow is the monetary assistance offered by a third-party on behalf of the transacting parties.
Apr
27
Apr
27
Definition: equity Also known as real property value, equity is the amount the owner would receive after the property is sold off and the mortgage is paid off.
Apr
27
Definition: earnest Earnest, or earnest money, is an amount of money paid to confirm a contract.
Apr
27
Definition: deed of trust A deed of trust is a deed where a legal title in real property is transferred to a trustee, who holds it as security for a loan.
Apr
27
Definition: credit (loan related) Credit is a contractual agreement when a borrower receives something of value now and agrees to repay the lender in the future.
Apr
27
Definition: contingency A contingency is a provision in a real estate contact that details that the contract would cease to exist in the event of a certain occurrence.
Apr
27
Definition: construction loan A construction loan is a short-term loan which is used to finance building a home or other real estate project.
Apr
27
Definition: closing agent A closing agent is an impartial third party who oversees the final details of a real estate transaction.
Apr
27
Definition: closing Closing is the final step in a real estate transaction, also known as a completion or settlement.
Apr
27
Definition: closing statement A closing statement is a document used in real estate transaction, which details the fees, commissions, insurance, and other such fees that must be transacted for a transfer of ownership.
Apr
27
Definition: co-borrower A co-borrower is any additional borrow whose name will appear on loan documents and whose income and credit history are used for loan qualification.
Apr
27
Definition: cash out refinance A cash out refinance is the replacement of your first mortgage, where the interest rate is usually lower than the interest rate on a home equity loan.
Apr
27
Definition: capital gains tax Capital gains tax is the amount of money taxed on a capital gain.
Apr
27
Definition: capital gains Capital gains are the profits from the sale of a property or an investment.
Apr
27
Definition: buyer's agent A buyer's agent is a person who represents a buyer when they purchase a home.
Apr
27
Definition: buydown A buydown is a mortgage-financing technique where the buyer tries to obtain a lower interest rate for at least the first few years of the mortgage.
Apr
27
Definition: bridge loan A bridge loan is a sum of money lent by a bank to cover an interval between two transactions.
Apr
27
Definition: balloon mortgage A balloon mortgage is a type of mortgage where a large portion of the borrowed principal is repaid in one payment at then end of the loan period.
Apr
27
Definition: assumable mortgage An assumable mortgage is a type of financing arrangement in which the outstanding mortgage and its terms can be transferred from one buyer to another.
Apr
27
Definition: assessed value Assessed value is the dollar value assigned to a property to measure taxes.
Apr
27
Definition: asset appreciation Appreciation is the increase in value of an asset over time.
Apr
27
Definition: amortized cost Amortized cost is the portion of the recorded cost of a fixed asset that has been charged to expense through either amortization or depreciation.
Apr
27
Definition: amortization Amortization is the act of paying off of debt with a fixed repayment schedule in regular installments over time.
Apr
27
Definition: refinance To refinance is to take out a new loan on different terms, often to lower your payment, shorten your term, or use the equity you've built up over time to get cash back from your home.
Apr
27
Definition: fixed-rate mortgage A fixed-rate mortgage is a fully amortizing loan, whose interest rate remains that same throughout the life of the loan
Apr
27
Definition: ARM (adjustable rate mortgage) An adjustable-rate mortgage is a mortgage type where the interest rate that is applied on the outstanding balance varies throughout the life of the loan
Apr
27
Definition: accrued interest Accrued interest is the interest on a bond or loan that has accumulated since the principal investment.
Apr
27
Definition: property and casualty insurance A large umbrella term that covers many forms of insurance. Property insurance protects owners in the case of damage from weather, theft, fire, and other forces. Casualty insurance pays for legal costs that results from property damage or bodily injury that was caused by your... read more →
Apr
27
When selling your home, it’s hard to get the deal you want. Here are some tips that can help you negotiate your way to the best deal. 1. Stay in Charge You always want to be in charge of the situation when selling your home. If you have a deadline, don’t... read more →
Apr
27
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Apr
27
What's an open house? Open houses are a way to bring in potential buyers to your home. There can be several open houses on any given day, so you want to make sure your home stands out among the others. Make sure it's clean, and the outside is polished. Here are... read more →
Apr
25
What is homeowner's insurance? Homeowner’s insurance is an important part of the home buying process, and it offers a range of coverages to help protect your home. A typical policy covers damages to your belongings and other structures physically located on your property. The typical homeowner's insurance policy includes: Dwelling... read more →
Apr
25
So, you’re getting ready to sell your home. Congrats! Let's take a dive into what curb appeal is. What is curb appeal? Curb appeal is the visual attractiveness of a house as seen from the street. If you are looking to improve your curb appeal, here’s a few things that... read more →
Apr
25
What does a buyer’s agent do? An agent usually works with a buyer for a few weeks to several months, or longer. Agents: Introduce buyers to lenders and obtain pre-approval letters Email listings that fit the buyer's requirements Call listing agents to determine availability Make appointments with seller before they... read more →
Apr
25
A swimming pool is the epitome of summertime fun. If you’re not one of those lucky few that already has a swimming pool when you purchase your house, that doesn’t mean you can’t become one! But before you start digging, there are a few things that you should consider. An... read more →
Apr
24
The purchase of a home is always contingent on a home inspection. During a home inspection, a professional comes to the property and thoroughly inspects the house, looking for anything that may seem troubling. A house or home inspection is one of the most common parts of a purchase agreement.... read more →
Apr
24
What's considered a starter home? A starter home is a small home or condo that you can afford now, with or without making improvements. When you purchase a smaller home, a mortgage is generally much more manageable and affordable, which prevents the need to make several adjustments to your current lifestyle. There... read more →
Apr
24
Here are a few quick tips for refinancing your mortgage. Tip 1: Ensure that your credit is up to par! You should always review your credit report before applying for a mortgage. Make sure you check for any errors that may be present and address them before you apply for... read more →
Apr
24
Fire safety is one of the most important things to implement in your home. There are many ways to prepare your home for fires and fire safety. General Safety Tips: Make sure you have the right number of fire alarms installed in your home. There should be one on every level... read more →
Apr
24
Adjustable Rate Mortgage (ARM): a type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM period are one, three, five, and seven years. Amended Value: the actual sale price after the seller successfully markets and sells their home through the... read more →
Apr
24
Factors that Affect Your Credit Score A credit score is a number that represents the creditworthiness of a person and the likelihood of that person paying back their debts. It is predictive of risk, has made credit more widely available to consumers, and has lowered the cost for lenders, financial... read more →
Apr
24
There’s an app for everything in this day and age, and real estate is no exception. From searching for the best home to interior decor, you can do it all from the comfort of your phone or tablet. Here are some of the best apps that you can use to... read more →
Apr
24
Home buyers looking to purchase new construction using FHA financing will have more hoops to jump through than those purchasing through conventional (Fannie Mae/Freddie Mac) financing. If you want to use FHA financing to purchase new construction, you need to be aware of a number of issues that can trip... read more →
Apr
24
Before moving, you should have a strong understanding of what the new location has to offer. Can you afford it? This may seem like a fairly obvious question. Budgeting is one of the most important things to fully map out when planning a move. Last minute expenses always pop up.... read more →
Mar
07
A few recent college grads looking to purchase a home reached out to us with some questions. Here’s what our CEO, Justin DeJoseph, had to say. “My husband and I both recently graduated from college but we’re concerned it’s too soon to look into a buying a home. Can recent... read more →