by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Usually, when a person buys a home it comes with a home warranty, or the buyer will need to purchase a warranty. The home warranty will pay for any damage to the home. For example, if you were to purchase a home and discover that the furnace needs to be replaced, the...
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 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
A foreclosure is a legal proceeding in which a lender terminates an owner’s right to their property. This typically occurs is the homeowner stops making payments on their loan. When this happens, the bank will take over the property and most likely sell it to...
