What Is A Homeowners Association (HOA)? Homeowners associations – HOAs for short – are private organisations that oversee the management of some residential communities. HOAs establish sets of rules and regulations called bylaws for those living in the community to follow. They’re most often used to govern common-interest communities, such as planned neighbourhoods, townhouses and […]
What Is A Flood Zone? An area’s flood zone designation tells us its flood risk as determined by FEMA. FEMA uses a variety of different codes to communicate the specific flood risk to an area. Special Flood Hazard Areas: High-Risk Zones These zones are known as Special Flood Hazard Areas (SFHA). If your flood zone […]
What Is A Mortgage Insurance Premium? A mortgage insurance premium is a special type of mortgage insurance that is paid on FHA loans. It provides your mortgage lender with some protection in the event that you default on your loan. FHA MIP is beneficial to home buyers because without it, lenders would likely require a […]
What Is Escrow? Escrow is a legal arrangement in which a third party temporarily holds money or property until a particular condition has been met (such as the fulfilment of a purchase agreement). How Does Escrow Work? It’s used in real estate transactions to protect both the buyer and the seller throughout the home buying […]
What Is A Loan Estimate? When you apply for a mortgage, your lender is required to give you a Loan Estimate: a standardized form that gives you important details about the mortgage you’re applying for. The mortgage Loan Estimate includes your estimated interest rate, monthly payment, closing costs and other details. The Loan Estimate has […]
When you buy a house, you pay interest on your home loan. Your lender will determine your interest rate based on your financial situation. Your interest rate will likely be low if you have strong credit, a steady income and minimal debts. If your finances aren’t ideal, you may end up with a higher rate. […]
Buying a Home isn’t just a simple purchase; it’s also a legal transfer of property from one entity to another. Because the legal side of this transaction can be so complex, sometimes it makes sense (or is even required) for home buyers or sellers to enlist an attorney who can look out for their best […]
How Much Does A Home Appraisal Cost (And Who Pays)? A home appraisal can cost anywhere in the $600 – $2,000 range. You’ll pay less for a single family home appraisal than a multifamily home appraisal. Even though most lenders require an appraisal as a condition of a loan closing, the buyer pays for the […]
Do you need a loan but don’t know where to start? Don’t worry, there are plenty of services out there that can help you get the money you need. Personalized loans are one of the best options because they give you the opportunity to borrow the amount that you need, without having to worry about […]
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 […]