Mortgage Dictionary
-
Real estate liens explained: what they are and how they affect you
If you’re buying a home, you might be wondering if there will always be a lien on your property.… Read more
-
What’s a townhouse, anyway?
First off, let’s get one thing straight: a townhouse is not just some glorified apartment. It’s a multi-story home… Read more
-
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
-
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
-
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
-
Are property taxes included in a mortgage payment?
Most homebuyers pay property taxes through an escrow account as part of their monthly mortgage payment — but not… Read more
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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