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Blog

Apr 27

Definition of closing

Definition: closing Closing is the final step in a real estate transaction, also known as a completion or settlement.
Apr 27

What is a closing statement?

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

What is a co-borrower?

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

What is a cash out refinance?

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
Apr 27
Apr 27
Apr 27

What is a buydown?

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

What is a bridge loan?

Definition: bridge loan A bridge loan is a sum of money lent by a bank to cover an interval between two transactions.
Apr 27

What is a balloon mortgage?

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

What is an assumable mortgage?

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
Apr 27
Apr 27

What is amortized cost?

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

What is amortization?

Definition: amortization Amortization is the act of paying off of debt with a fixed repayment schedule in regular installments over time.
Apr 27

Define refinance

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

What is a fixed-rate mortgage?

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

What is ARM (adjustable rate mortgage)?

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

What is accrued interest?

Definition: accrued interest Accrued interest is the interest on a bond or loan that has accumulated since the principal investment.
Apr 27

What is property and casualty insurance?

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
Apr 27
Mediterranean

Styles of Houses & Types of Homes

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Apr 27
Apr 25
Homeowners Insurance

What is Homeowner’s Insurance?

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
curb appeal

9 Ways to Enhance Your Home’s Curb Appeal

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
real estate agent

The Buyer-Agent Relationship

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
building a pool

A Quick Guide to Building Your Pool

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
Apr 24
Apr 24
starter home

Starter Homes & What to Know

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
Apr 24
rent to own vs mortgages

Rent-to-own vs Mortgages: The Key Differences

Homeownership is an important step in everyone’s lives. When it’s finally time to take that step, you may question which route is right for you: signing a rent-to-own agreement or getting a mortgage and purchasing a home. As with any decision, there are pros and cons to each. Rent-to-own (RTO)... read more →
Apr 24

Quick Tips for Keeping a Fire Safe Home

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
Redoing Bathroom on a Budget

Pro Tips: Redoing Your Bathroom on a Budget

Are you feeling bored with your bathroom but don’t necessarily have the funds to do a full renovation? No problem! Here are some quick hacks to keep your wallet intact. 1. Make Little Changes Instead of going all out and renovating your whole bathroom, start with little changes. Sometimes all you... read more →
Apr 24
The Essential Mortgage & Real Estate Glossary

The Essential Mortgage & Real Estate Glossary

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
Apr 24
credit score

5 Key Factors that Affect Your Credit Score

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
HOA Fees

Understanding HOA Fees

What are HOA Fees? When you purchase a home in a condominium, townhouse, or another form of planned development area, it is often necessary to join the homeowners association and pay the monthly fee that accompanies the association. In these types of communities, many people live in the same space. That... read more →
Apr 24
Apr 24
real estate apps

The 5 Hottest Apps in Real Estate & Decor

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
construction loan

New Construction? Forget FHA 203k.

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
Questions to Ask When Moving

Making Moves? Some Things to Consider…

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
Recent Grads & Mortgages

Recent Grads & Mortgages

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 →