Glossary Of Home Financing Terms
203(k):this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan. A “A” Loan or “A” Paper: a credit rating where the FICO score is 660 or above. There have been no late mortgage payments within a 12-month period. This […]
Read MoreGlossary of Home Buying & Selling Terms
A Acceleration Clause A provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed. Acceptance A party’s consent to enter into a contract and be bound by the terms of the offer. Adjustable Rate Mortgage (ARM) A mortgage whose interest rate […]
Read MoreAvoid Foreclosure Frequently Asked Questions
It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers. We hope that the following information will help you better understand the circumstances. If […]
Read MoreHome Financing FAQs
What do lenders generally focus on when you apply for a loan? Lenders look most closely at the “three Cs”-cash, credit, and collateral. Cash means you have enough money for a downpayment and closing costs. Good credit means you have borrowed money in the past and repaid your debts on time and in full. Collateral […]
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What is an adjustable-rate mortgage? An adjustable rate mortgage, or ARM, offers a lower initial interest rate than most fixed rate loans. However, that rate resets periodically, usually in relation to an index. When the rate changes, the monthly payment will go up or down accordingly. For example, the rate on a 5/1 ARM is […]
Read More7 Reasons to Own A Home
7 Reasons to Own A Home Tax benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home. Appreciation Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have […]
Read MoreGlossary of Real Estate Terms
A Adjustable Rate Mortgage: (ARM): A home loan that can adjust the interest based upon market rates after the set fixed period on the note has expired. Generally an ARM will carry a lower interest rate than a fixed rate mortgage but is considered riskier because the interest rate is not fixed for the life […]
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Home Buying Tips & Tricks
Stay ahead of the game with current real estate information and tips that will save you time and money! Check back for new tips and tricks every two weeks. How To Buy A Home With Zero Cash The Zero Cash Down Payment Program offers you a way to buy a home with no down payment. […]
Read MoreAbout the Home Inspection
WHAT TO KNOW About the Home Inspection Some items should always be examined. Structure The home’s “skeleton” should be able to stand up to weather, gravity, and the earth that surrounds it. Structural components include items such as the foundation and the framing. Exterior The inspector should look at sidewalks, driveways, steps, windows, doors, siding, […]
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