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Reverse mortgage
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...
Refinancing
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...
Foreclosure
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...
Realtor
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...
Fixed rate mortgage
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...
Fix and flip
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...
Real estate agent
A real estate agent is a licensed professional in their working state to assist in buying and selling properties. Real estate agents are associated...
Estate
An estate refers to all of a person's possessions, including any real estate, bank accounts, investments, personal property, cash, and insurance...
Principal
The principal balance of a mortgage loan is the amount of the payoff. The principal is reduced with each monthly installment which also includes...
Pre-foreclosure
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...