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Tenants-in-common Tenants-in-common is an arrangement that is characterized by multiple people deciding to purchase one property together. This can be either a primary residence or a vacation home. Basically, a tenants-in-common arrangement is a split homeownership among multiple people. A tenants-in-common arrangement does not have to be an equal ownership. Tenants can own different percentages of the same property. Tenants-in-common provides a framework for buyers to structure how the property operates. This includes decisions on how to split costs associated with the home to more major decisions concerning the property. While each person owns a share of the property and...
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Credit Counseling Credit counseling is used to help debt settlement through education, budgeting, and other tools to help reduce and ultimately eliminate debt. How does credit counseling work? Credit counselors will look at your total financial situation to help you create a plan to pay off your debt, including a money management plan and a debt pay-down plan. They can also provide free resources and workshops related to money management. It is important to be completely upfront about your situation, including what you owe and where you owe it. Be forward about all your current expenses and your income. However,...
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What is Bitcoin? Bitcoin, created in 2009, is a cryptocurrency that exists in a digital form. Recently, Bitcoin has become more popular in the U.S. and international markets, even extending into the real estate market. One of the biggest draws of Bitcoin is that it holds more volatility than traditional money, such as euros, dollars, and yen. Bitcoin and the real estate industry Many companies are starting to experiment with allowing cryptocurrencies to be used for transactions such as rental properties or to buy property. An example of this is ManageGo. ManageGo, a New York-based company, provides technology to residential...
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Underwriting Once a loan goes through the loan processor, it is handed off to an underwriter. During the mortgage underwriting process, an underwriter will ensure that your financial profile matches the guidelines of the lender and the loan. Ultimately, the underwriter makes the final decision on whether to approve or deny your loan request. What does an underwriter do? The main task of an underwriter is to assess the risk associated with a borrower. An underwriter will look at things such as declarations of bankruptcy, foreclosure, if you have paid your bills on time, and your credit score to see...
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Eviction Eviction is a landlord’s legal removal of a tenant from a rental property. There are many different reasons why a landlord may evict a tenant. They include rent not being paid and breach of the rental agreement. Notice of termination for cause There are three types of termination notices that you may receive if you breach your rental agreement. These include: Pay rent or quit notices Pay rent or quit notices are typically given to a tenant when they have not paid the rent. These notices give the person in question a few, typically three to five, days to...
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Verification of Employment When applying for a mortgage loan, a lender will have to verify your employment. The lender needs to make sure you are and will remain employed to ensure all income sources are taken into consideration. Why is verification of employment done? Employment is verified early in the loan process to ensure that you qualify for the loan. However, employment will be re-verified before closing to make sure nothing has changed. Any change in your job can affect your ability to pay your monthly mortgage payment. It is often encouraged to avoid changing jobs or to take out...
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Basis Points What are basis points? Basis points are a common unit of measurement for interest rates. A basis point is equal to 1/100th of 1%, 0.01%, or .0001. This means that a 1% change is equal to 100 basis points, or 0.01% is equal to 1 basis point. They are used to denote the percentage change in a financial instrument. Although basis points are small, they can affect your interest rates and the costs to finance your home. Are basis points important to lenders? Basis points can be more important to lenders than they are to borrowers. When dealing...
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Paying off your mortgage early Paying off a mortgage early is something that many borrowers may be interested in. However, there are a few things to consider before deciding to go through with this process. Why you should pay your mortgage off early Less financial stress in retirement Housing is one of the biggest expenses that retirees face. If you’re worried about not being able to make mortgage payments into retirement, paying off your mortgage beforehand can be a huge weight off your shoulders. Slash interest costs Each mortgage installment, mortgage lenders collect interest. Therefore, the sooner you pay off...
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How does foreclosure work? Foreclosure occurs when a borrower fails to meet loan obligations. Foreclosure rights and procedures are different in each state. However, these differences are minor variations. The foreclosure process is: Default by borrower Foreclosure begins when a borrower defaults on their loan. This can be through failing to make payments or meet obligations in the loan documents. Notice of default The lender must send a notice to the borrower which includes a description of the default of the time where the default must be cured. If the default isn’t cure by the time the period expires, the...
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Purchase-Money Mortgage A purchase-money mortgage is a loan that the seller of the property issues to the buyer. It is often referred to as seller financing, seller carry-back or owner financing. In this agreement, the seller takes the role of the bank, offering to finance all or a portion of the cost to purchase the home. The buyer pays back the seller in monthly installments, as they would a traditional lender. However, they typically have a higher interest rate than they would have if they went to a bank. What is the advantage of a purchase-money mortgage? For the buyer,...
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