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...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Title insurance offers protection to lenders and buyers againsts financial damages that could arise from disputes over property. Mortgage lenders typically require title insurance because it protects both the homeowner and...
