by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A reverse mortgage is available to certain borrowers that have a specific amount of equity in their home. Unlike a traditional mortgage that is paid in monthly installments, a reverse mortgage is paid back when the homeowner moves, sells the home, or passes...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
When a borrower pays off an existing mortgage using a new loan, this is known as refinancing. Borrowers will typically refinance a loan when market conditions allows for a lower interest rate, thereby saving the borrower money on the loan. A borrower may also...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A foreclosure is a legal proceeding in which a lender terminates an owner’s right to their property. This typically occurs is the homeowner stops making payments on their loan. When this happens, the bank will take over the property and most likely sell it to...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A Realtor is a licensed real estate agent or broker who is a member of the National Association of Realtor (NAR). The NAR has a strict code of ethics that members must comply...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
In a fixed-rate mortgage, the interest on the loan remains the same for the entire life of the loan. In most cases, the term for the loan is 15 or 30 years. With a shorter term loan, a homeowner is able to build equity faster. Due to the fixed rate, borrowers with...
