by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
An estate refers to all of a person’s possessions, including any real estate, bank accounts, investments, personal property, cash, and insurance policies. Real estate is commonly the highest valued possession in a person’s estate. When a person passes...
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...
