by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A real estate agent is a licensed professional in their working state to assist in buying and selling properties. Real estate agents are associated with real estate companies and are typically paid on commission. For a seller, a real estate agent can help a homeowner...
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
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...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Equity is the difference between the worth of a property, and the amount that is owed on that property. This will vary depending on market conditions. An appraisal is completed to determine the market value of the home and calculate the equity. In cases where the...
