Mortgage Dictionary
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Who Is the Grantor on a Mortgage?
The grantor is the person transferring ownership of the property — typically the seller. Here’s how grantor role works… Read more
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Seller concessions: a quick guide for homebuyers
If you’re exploring the homebuying process, you’ve probably heard the term “seller concessions.” But what does it mean, and… Read more
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What do contingent and contingencies mean when it comes to buying a house?
“Contingent” and “contingency” have related but distinct meanings in real estate: In short, “contingent” describes the state of a… Read more
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Co-borrowing 101: when sharing a loan makes sense (and when it doesn’t)
A co-borrower is basically your mortgage sidekick—someone who applies for a loan with you and shares the responsibility of… Read more
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What does rent-to-own mean? A blueprint of key things to know
Let’s be real, rent-to-own is kind of a unicorn in the U.S. housing market. Roughly around 5% of home… Read more
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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
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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
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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?
Most homebuyers pay property taxes through an escrow account as part of their monthly mortgage payment — but not… 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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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