What is a Mortgage? A mortgage is a loan from a lender or bank that is used to purchase your home. BTW, the “t” is silent, so it’s pronounced “more·guhj”. A mortgage is a loan that a person takes out to buy a house. The borrower pays the lender back over time with interest. The […]
Lender
What is a lender? A lender, AKA Mortgage Lender is an entity that issues mortgage loans. Typically, a bank, mortgage broker, credit union, etc. A mortgage lender is a bank or other financial institution that provides loans to people who want to buy a home. The lender will look at a person’s credit history, income, […]
Inspections
What are real estate inspections? Real estate inspections are when a professional inspector looks at a property to make sure it is in good condition. They will look for any potential problems that could affect the safety or value of the property. They will also check things like the roof, plumbing, and electrical systems to […]
HELOC
What is a HELOC? A HELOC (Home Equity Line of Credit) is a type of loan that allows a homeowner to borrow against the equity in their home. The borrower can use the money for whatever they choose and the interest rate is usually lower than other types of loans. The loan is secured by […]
FHA
What is the FHA? The FHA (Federal Housing Administration) is an agency of the US government that provides insurance for mortgages. This insurance helps make it easier for people to get approved for a loan and makes it possible for them to get a loan with a smaller down payment. The FHA also sets rules […]
Homeowners Association (HOA)
What is a Homeowners Association (HOA)? A private organization that is often formed by a real estate developer to manage homes and lots in a residential subdivision. A Homeowners Association (HOA) is an organization made up of homeowners who live in a specific neighborhood or development. The HOA is responsible for managing and maintaining the […]
Foreclosure
What is a Foreclosure? When the lender takes ownership of a property due to failed payments by the buyer. A foreclosure in real estate is when a homeowner stops making payments on their mortgage and the lender takes back the property. The lender will then try to sell the property to recoup the money that […]
