Category: Real Estate Terms
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Zombie Mortgages and How to Protect Yourself
There’s been increasing discussion about a term known as “Zombie Mortgage.” Many homeowners have found themselves unexpectedly dealing with this type of mortgage. A zombie mortgage usually happens with a second mortgage. It occurs when a homeowner believes their second mortgage has been forgiven or forgotten, but it still exists. These mortgages, metaphorically rising from…
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Understanding Mortgages: What They Are and Why They Matter
When buying a house, most people will put down a down payment and then pay off the remaining balance through a mortgage. However, many may not realize that, over time, they pay more than the home’s actual value due to interest. It’s interesting how few people fully understand mortgages, even though they have one on…
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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…
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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…
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From 401k To Real Estate: An Investment Guide
Exploring using your 401k for real estate investment opens up possibilities and considerations. This article aims to shed light on how you can leverage your retirement savings to step into the realm of property investment, highlighting both the opportunities it presents and the challenges you might face. With careful planning and strategic thinking, investing in…
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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…