What is a Home Equity Loan? A home equity loan — sometimes called a second mortgage — is a loan that’s secured by your home. You get the loan for a specific amount of money and it must be repaid over a set period of time. You typically repay the loan with equal monthly payments […]
What is a Deed of Trust? A Deed of Trust is like a mortgage. It is an agreement between a borrower (you) and a lender (a bank or other financial institution). The lender gives you money to buy a house or other property, and you agree to repay the loan with interest, in regular payments. […]
What does it mean when you are Underwater? The phrases “underwater” and “upside down” refer to a situation when the amount owed on a mortgage loan is greater than the value of the property. In simpler terms, a house is underwater when the owner owes more on the mortgage than the house is worth. You […]
What is the Title of a house or property? Title (aka Title Deed) refers to the legal document that shows the history of ownership and transfers of property – proving you are the current and rightful owner of the property. A title, also known as a title deed, is a document that shows who owns […]
What is a Settlement Statement? A settlement statement, also known as a HUD-1, is a document that lists all the costs associated with buying or selling a home. It includes the purchase price, loan fees, taxes, insurance, and any other costs that need to be paid at closing. This document will be given to the […]
What is a Seller Disclosure? A Seller Disclosure or Disclosures provide Information about the property about significant renovations, water damage, pest damage, etc. The required disclosures vary by state, so be sure to talk about this with your agent.
What are seller concessions? They are incentives to motivate buyers to purchase a home. Seller concessions, also known as seller contributions or seller-paid closing costs, refer to financial incentives that a home seller may offer to a homebuyer to help them cover some of the expenses associated with buying a home. These concessions are typically […]