by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
When any damage occurs to a home, homeowners insurance protects the homeowner from depreciation in value. Homeowners insurance also helps to cover loss due to theft, and can help with liability to protect the homeowner if an accident occurs on their...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Real estate is taxed by the local government where the property is located. Assessments of the property are conducted periodically to assess the value of the home and ensure that it is taxed...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Private mortgage insurance (PMI) is a type of guaranteed insurance offered by a private insurance company in order to protect the mortgage holder from loss. For example, if a buyer does not have 20% needed to pay a downpayment on a home loan, they may agree to obtain...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Private money lenders are used by real estate investors to finance properties. A private money loan is given to an individual or company by a private organization or...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A underwriter is responsible for reviewing an application submitted by a borrower, as well as supplemental information included with the application. The underwriter will use this information to determine a borrower’s creditworthiness and ability to fulfill the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
When buying and selling a property, transfer tax must be paid when the title is transferred to one party to the other. In some states, the buyer and seller are required to share the responsibility of payment, in other states this is not required and can be negotiated...
