Vocabulary: Loans & Lending Terms Amortization With each mortgage payment, some of the money reduces the loan balance and some pays interest. This allocation is called amortization. While the earliest payments mostly cover interest, the split changes over time. That’s because as the loan gets smaller, less interest gets charged. Annual Percentage Rate (APR) The APR […]
There are two main ways to transfer funds at the closing of a real estate transaction, a certified check or wire transfer. Often times the question of which one is best comes up. There has been a debate brewing about cashier’s checks and wire transfers and both sides have compelling arguments. To help you make […]
Protect Yourself From Real Estate Wire Fraud Knowing what red flags to look out for is just the first step when it comes to protecting yourself from real estate wire transfer fraud. Knowing what actions to take if you suspect that a thief is trying to take advantage is also key to stopping these thief’s. […]
When purchasing a new home, there are some common closing costs for buyers. These include a variety of fees and other charges. So it’s important to have a complete understanding of all associated costs when purchasing a home. We have listed the 5 most common closing costs below to give you a better understanding of […]
After you’ve shelled out the cash for closing costs and a down payment, there are still a few more expenses to expect in addition to your monthly mortgage payment: Homeowner’s insurance. Often referred to as “hazard insurance” on mortgage documents, homeowner’s insurance protects your investment (and the lender’s) from losses in the event of property damage, […]
How Much is a For Sale By Owner’s Home Worth? Pricing a home to sell is part intuition, part research, and part market timing. Price within the comparable sales and you should receive immediate offers. However, you do not want to fall victim to a seller’s biggest mistake and not price your home correctly, because […]
A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections.Not to be confused with an appraiser, a home inspector determines the condition of a structure, […]
Questions for the Lender: If you are ready to buy a home, ask these 10 key mortgage questions of a potential lender to avoid surprises and make sure you’re getting the best deal. 1. What is the interest rate on this mortgage? Ask for the lender’s loan estimate, which breaks down the interest rate and […]
