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Blog

Apr 27

What is a deed of trust?

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

What is a credit?

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

What does contingency mean?

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

What is a construction loan?

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

What is a closing agent?

Definition: closing agent A closing agent is an impartial third party who oversees the final details of a real estate transaction.
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

What is capital gains tax?

Definition: capital gains tax Capital gains tax is the amount of money taxed on a capital gain.
Apr 27

What are capital gains?

Definition: capital gains Capital gains are the profits from the sale of a property or an investment.
Apr 27

Define buyer’s agent

Definition: buyer's agent A buyer's agent is a person who represents a buyer when they purchase a home.
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

What is assessed value?

Definition: assessed value Assessed value is the dollar value assigned to a property to measure taxes.
Apr 27

Define asset appreciation

Definition: asset appreciation Appreciation is the increase in value of an asset over time.
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
negotiating_home_sale

8 Tips for Negotiating When Selling Your Home

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
Mediterranean

Styles of Houses & Types of Homes

[av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_display=''] [av_textblock size='' font_color='' color=''] Check out the different house styles, types, designs, and architecture. [/av_textblock] [av_hr class='invisible' height='25' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' font='entypo-fontello'] [av_content_slider heading='Tap the Arrow... read more →
Apr 27
open house

Pros and Cons of an Open House

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
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
mortgage pre approval

Pre-Approval vs Pre-Qualification

What's the difference between pre-approval and pre-qualification? Understanding Your Pre-approval A pre-approved mortgage is a step in the mortgage buying process that can certainly help during the housing selection stage. A mortgage pre-approval is given by a mortgage lender, which states you are already approved for a mortgage even before... read more →
Apr 24
home inspection

Being Prepared for Your Home Inspection: Know Before You Buy

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
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
mortgage refinancing

5 Quick Tips for Refinancing Your Mortgage

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
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
flipping houses

What You Need to Know About Flipping Houses

Flipping Houses The newest trend in the housing market is flipping houses. Just look at all the shows on HGTV that are based on this very premise. There has been a recent fascination with fixing up houses to resell, and it is amazing to watch the final product come through.... read more →
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
short sale vs foreclosure

Short Sale vs Foreclosure: Understanding the Differences

Short sales and foreclosures are often viable options made available to people behind on their mortgage payments, have a house worth less than the outstanding balance on the mortgage, or both. Though these are both the result of financial issues, they are different in their own ways. What is a... read more →
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 →