Author: Anita Hummel
-
Understanding Fixed-Rate and Adjustable-Rate Mortgages
Two primary mortgage types are often considered when considering home financing options: fixed-rate mortgages and adjustable-rate mortgages (ARMs). Each mortgage type offers distinct advantages and potential drawbacks, depending on the borrower’s financial situation, market conditions, and long-term plans. This blog post will delve into the details of fixed-rate mortgages and ARMs, providing a comprehensive overview…
-
What Banks and Mortgage Companies Look for When Approving a Mortgage
Securing a mortgage is a significant financial commitment and a critical step towards homeownership. Not everyone who applies for a mortgage gets approved. Banks and mortgage companies have stringent criteria to ensure borrowers can manage their mortgage payments over time. We will delve into the key factors lenders consider during the mortgage approval process and…
-
Understanding The Assessed Value Of A Home: 15 Key Reasons For Home Buyers
When you are looking to purchase a property, there are many factors to consider in determining whether you can afford it and if it is worth the seller’s asking price. One essential aspect to examine is the assessed value used for tax purposes. This valuation helps you understand how much you will owe in property…
-
Kelo Vs. City Of New London: A Case Of Eminent Domain Abuse
In 2005, the Supreme Court handed down a landmark case that many felt exemplified an outright abuse of the eminent domain clause in the Constitution’s Fifth Amendment. No other case has caused such outrage about the abuse of eminent domain. The Supreme Court decision in Kelo v. City of New London has brought to light…
-
Understanding Assessed Home Values And Why It Matters
If you’re looking to purchase a home or property, especially for the first time, navigating the myriad of legal terms and jargon can be overwhelming. One critical distinction that often confuses new buyers is the difference between the assessed value of a home and its market value. Although these terms might appear to refer to…
-
Understanding The Fifth Amendment, Eminent Domain, Condemnation Of Property
Individual property rights are robustly protected under the Fifth Amendment to the United States Constitution. This Amendment, part of the Bill of Rights added in 1791, ensures citizens’ freedoms and property security. However, it does allow for certain exceptions where the government can take private property under specific circumstances. The doctrines of eminent domain and…