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
When any damage occurs to a home, homeowners insurance protects the homeowner from depreciation in value. Homeowners insurance also helps to cover loss due to theft, and can help with liability to protect the homeowner if an accident occurs on their...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
In a fixed-rate mortgage, the interest on the loan remains the same for the entire life of the loan. In most cases, the term for the loan is 15 or 30 years. With a shorter term loan, a homeowner is able to build equity faster. Due to the fixed rate, borrowers with...
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
An Automated valuation model (AVM) is a service that calculates real estate values by combining mathematical modeling with databases of existing properties and sales of real estate. Most AVMs will compare values of similar properties at the same point in...
