What is a down payment in real estate?
What is a down payment in real estate? – David Reecher A down payment is the amount of money a buyer pays at closing to fund a home purchase, usually expressed as a percentage of the total home pric... Read More
What is a discount point?
What is a discount point? – David Reecher A discount point is a type of mortgage loan fee that enables a borrower to lower monthly interest rate payments by paying more upfront. A discount... Read More
What is depreciation?
What is depreciation? – David Reecher Depreciation is the decrease in the value of a home over time. Market conditions, wear and tear on a home, and changes in the neighborhood affect the value of a... Read More
What is the Department of Housing and Urban Development (HUD)?
What is the Department of Housing and Urban Development (HUD)? – David Reecher Established in 1965, the Department of Housing and Urban Development (HUD) is a government agency that enforces fair ho... Read More
What is a deed-in-lieu?
What is a deed-in-lieu? – David Reecher A deed-in-lieu is a deed that transfers ownership of a home from a borrower to the borrower’s lender to avoid foreclosure proceedings. A borrower ... Read More
What is a deed in real estate?
What is a deed in real estate? – David Reecher A deed is a legal document filed with the county that documents the transfer of home ownership. The seller signs a deed in favor of the buyer when the ... Read More
What is a Debt-to-Income Ratio (DTI)?
What is a Debt-to-Income Ratio (DTI)? – David Reecher Your debt-to-income ratio (DTI) is the percentage of your gross monthly income (what you earn before taxes) that goes towards paying off debts. ... Read More
What is a Credit Score?
What is a Credit Score? – David Reecher A credit score measures how likely a borrower is to default on a loan. This is also known as a FICO score, short for Fair Isaac Company, the corporation that ... Read More