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 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...
