No one ever wants to think about losing their home. Whether you’re seeking a foreclosure definition because you’re dealing with the process yourself, buying a foreclosed home or just looking to be prepared for anything, it’s important to understand what you might be dealing with and how you can protect your home if needed. What […]
What Does Homeowners Insurance Cover? Homeowners insurance is designed to give you peace of mind and protect you from a number of potential threats to your home and property. This insurance typically protects against the following perils: Natural disasters: As part of your dwelling coverage, homeowners insurance covers natural disasters such as windstorms, hail, […]
What Is A Property Tax? Property tax is a tax levied by your local and state governments. It’s based on the value of your property. The tax proceeds are used to cover taxpayer services, like public schooling and fire, police and public safety. Real Estate Taxes Vs. Property Taxes Property taxes and real estate taxes […]
When applying for the mortgage, the paperwork can seem never-ending. One of the pieces that may be relevant in your home closing is a deed of trust. If you’re in the market for a new home, understanding what a deed of trust is and how it works may help you during the home buying process. […]
When you borrow money from a lender to buy a home, you’ll come across legal and financial jargon that may be unfamiliar to you. One such term is “promissory note,” which will definitely come up if you’re using lender money to finance your home purchase. A promissory note is essentially a legal “IOU” that says […]
For any number of reasons, homeowners may struggle with their mortgage payments. Falling behind on payments or missing payments, though, can lead to what’s called mortgage default. Once this happens, your house can go into foreclosure, and you may lose your home altogether. Below, you’ll find everything you need to know about mortgage default, how […]
What Is Home Equity? As mentioned above, home equity is the amount of your home that you actually own. Specifically, equity is the difference between what your home is worth and what you owe your lender. As you make payments on your mortgage, you reduce your principal – the balance of your loan – and […]
Your home is an investment. Refinancing is one way you can use your home to leverage that investment. There are several reasons you may want to refinance, including getting cash from your home, lowering your payment and shortening your loan term. Let’s look at how refinancing a mortgage works so you know what to […]
What Is A Home Equity Loan? A home equity loan enables you to use the equity you’ve built in your home as collateral to borrow money. Like a primary loan used to buy a house, your home is used as security to protect lenders if you end up defaulting on your loan. Home equity loans […]
If you’re at least 62 and worried about affording your retirement years, a reverse mortgage could be an option.However, this loan is a bit complicated and can come with some drawbacks. It’s important to know how this loan works, how it can help you and whether it’s the right option for your financial situation and […]
