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...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A pre-approval letter is an unofficial letter from a mortgage company that notifies the agents and sellers to the amount of money a buyer may borrow to purchase a house. Sellers may require that a buyer provide this document to ensure they are only entertaining...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Escrow is a service that is provided by a third party in which an escrow company will hold funds until broker’s representing each party have fulfilled their portion of a contract. The escrow company will issue the keys to the new homeowner once all the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Equity is the difference between the worth of a property, and the amount that is owed on that property. This will vary depending on market conditions. An appraisal is completed to determine the market value of the home and calculate the equity. In cases where the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Easements allow the use of land by a third party for a specific purpose. For example, a utility company may hold an easement if they need to access power lines or cables that are on your property. Easements should be included in the disclosure...
