by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
When a home is sold for less than the total amount of a loan, this is called a short sale. A homeowner may utilize this type of sale as it carries a lower consequence on credit than a foreclosure and may prevent a potential lawsuit due to loan deficiency. This type of...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A home inspection is a detailed and thorough review of a property prior to the sale of a home. A home inspection will cover the roof, construction, mechanical and heating systems, and more. Inspections are typically completed by a licensed professional who will...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A second mortgage may be taken on a property’s equity. These types of loans require the borrower to use their property as collateral. If a home were to enter foreclosure, the initial purchase loan is the first loan in...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A HELOC is a home equity line of credit that is extended to a homeowner, typically for large purchases. This line of credit is very similar to a credit card, where a borrower is allowed to borrow a certain amount and it is paid back with interest. Many homeowners will...
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...
