Mortgage Dictionary
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What is a foreclosure? A first-time homebuyer’s handbook
So, you’re stepping into the homebuying arena for the first time. Exciting, right? But there’s a term lurking in… Read more
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0% down mortgages: do they exist, or are they just a dream?
Hey there, future homeowners! So, you’ve probably heard whispers about the elusive 0% down mortgage—the magical unicorn of home… Read more
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What is hazard insurance?
Wondering what hazard insurance is? It’s the part of your homeowners insurance that protects your home from disasters like… Read more
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Are property taxes included in a mortgage payment? (short answer: yes)
When you get a mortgage, there’s more to your monthly payment than just the loan itself. A chunk of… Read more
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What’s a purchase agreement when it comes to buying a home?
A purchase agreement (also called a sales contract) is the legal document that outlines the terms and conditions of… Read more
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Prepayment penalties: the mortgage “gotcha” you can avoid
Imagine this: you’re cruising towards financial freedom, paying off your mortgage early. But suddenly, a “prepayment penalty” pops up,… Read more
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The FHA flip rule: what you should know
So, you’re jumping into the world of FHA loans or thinking about flipping houses? One thing you need to… Read more
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What’s a mortgage title, and what’s it to you?
The mortgage title is basically your proof that you own your house. It’s the legal document that says, “This… Read more
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What is a pre approval letter? Your must-have for home buying success
Strap in! Before you kick off your house hunt, there’s one essential document you absolutely need: the pre approval… Read more
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VA vs. conventional loans: which is better?
Choosing the type of loan that makes the most financial sense for you can be daunting for first time… Read more
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Conventional loans 101: an insider’s guide to standard home financing
A conventional loan is like the old reliable of mortgages—provided by private lenders (not the government), it’s straightforward, flexible,… Read more
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Jumbo loans unpacked: the need to know before borrowing big
A jumbo loan is your go-to mortgage if you’re aiming for a property that goes beyond the standard limits.… Read more
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Closing disclosure? What’s that?
The Closing Disclosure is a document that spells out every last cent and every commitment you’re about to make… Read more
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What is a physician mortgage loan?
A physician mortgage loan is a type of mortgage intended for doctors and similar high-income medical professionals. It is… Read more
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HOAs: the good the bad the ugly
If you’re eyeing a neighborhood with well-manicured lawns and pristine amenities, chances are it’s run by an HOA —… Read more
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What is a second mortgage?
A second mortgage is basically another loan against your home after you’ve already taken out your first mortgage. It… Read more
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What does a “primary residence” mean when getting a mortgage?
A primary residential mortgage is the loan you get for the place you actually call home—your main residence. It’s… Read more
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What is a home appraisal and how much does it really cost?
So you’re about to buy a house and you’ve heard about this thing called an appraisal. What’s it all… Read more
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Who can get in on a VA loan?
A VA loan is a mortgage loan backed by the U.S. Department of Veterans Affairs (VA). Its primary purpose… Read more
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Is an FHA loan a good idea?
For some people, an FHA loan can be a golden ticket to home ownership. It’s backed by the Federal… Read more