Well, that’s the thing about mortgage loans: Many of them surprisingly come with prepayment penalties, which limit your flexibility and can take a bite out of your wallet. There’s a good reason why lenders might not want you to pay the mortgage off early, and we’ll get to that soon. When you’re looking at home […]
What Is Your Principal Payment? The principal is the amount of money you borrow when you originally take out your home loan. To calculate your mortgage principal, simply subtract your down payment from your home’s final selling price. For example, let’s say that you buy a home for $300,000 with a 20% down payment. In […]
During your hunt for a mortgage, you might come across the term “TRID,” or the phrase “Know Before You Owe” – but you may not really understand what it means. Short for TILA-RESPA Integrated Disclosures, these guidelines are important to understand before you get a mortgage. Let’s take a look at what TRID is and […]
After working through the many stages of the mortgage application process, most home buyers are beyond relieved when their lender tells them they are clear to close – and for good reason. With underwriting, document verification and the offer out of the way, being clear to close – sometimes referred to as “CTC” – in […]
What Does It Mean To Refinance A House? Refinancing the mortgage on your house means you’re essentially trading in your current mortgage for a newer one – often with a new principal and a different interest rate. Your lender then uses the newer mortgage to pay off the old one, so you’re left with just […]
A real estate purchase agreement is a legally binding agreement that governs the purchase and sale of a property. Made between a buyer and seller, it defines the terms of the transaction and the conditions under which a sale will occur. Whether you’re planning to buy a new home, apartment or condo, or looking to […]
When entering into a financial agreement, whether it be with a credit card company or a mortgage lender, it’s important to know you and your money are being protected. With so many regulations, fees and terms involved, you should feel like you fully understand your financial responsibility. This is where the TILA comes in. Learn […]
When you’re buying or selling a home, there’s no one more invaluable to have at your side than a good REALTOR or real estate agent. They are there to guide you, to hold your hand, to be your sounding board and keep you moving forward into your new home. And when it’s all said and […]
Whether you’re buying or selling a home – or you’re interested in joining the real estate industry – it’s important to understand the differences between common real estate professionals, including a real estate agent and a real estate broker. While both terms refer to licensed real estate professionals who are able to assist both sellers […]
The real estate industry is rife with obscure terminology and tricky lingo. For example, you’ve likely heard the word REALTOR used interchangeably with the term “real estate agent” or “real estate broker.” In fact, some dictionaries even conflate the terms. While they’re all real estate professionals, they absolutely have some key distinctions. Confusing, right? So, […]