by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A mortgage broker helped to pair lenders with buyers who meet the lenders requirements. The broker is not providing the financing of the loan, but will earn commission from any loan that results from a referral by the broker. A broker can be a great resource for...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A mortgage is a loan that is secured to finance the purchase of a home. Compared to other types of loans, mortgages typically carry lower interest rates because they are secured loans. What that means is that a borrower could have their home repossessed by the lender...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Interest is a fee that is paid to lenders when borrowing money to purchase a property. Interest can vary, depending on the borrower’s credit score and other financial factors. A lower interest rate will save the borrower...
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
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...
