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...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
This is a strategy that is used by investors to purchase a home that needs work, make repairs and upgrades, and then sell for profit. It is typical that these homes are purchased for cash in an auction setting to be...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A real estate agent is a licensed professional in their working state to assist in buying and selling properties. Real estate agents are associated with real estate companies and are typically paid on commission. For a seller, a real estate agent can help a homeowner...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
An estate refers to all of a person’s possessions, including any real estate, bank accounts, investments, personal property, cash, and insurance policies. Real estate is commonly the highest valued possession in a person’s estate. When a person passes...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
The principal balance of a mortgage loan is the amount of the payoff. The principal is reduced with each monthly installment which also includes taxes, interest, and...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Pre-foreclosure is the first stage in the legal process of a property being repossessed by a lender. A notice of default is filed by the lender when the owner exceeds the terms of the contract for delinquent payments. Pre-foreclosure is designed to allow homeowners...
