What is a mortgage loan? – David Reecher A mortgage loan covers the funds borrowed from a mortgage lender to finance the purchase of a home. Conventional loans, FHA loans, and VA loans...Read More
What is a mortgage lender? – David Reecher Lenders are banks, mortgage banks, or other financial institutions that issue loans. Lenders can control the whole process—from application to underw...Read More
What is mortgage insurance? – David Reecher Mortgage insurance protects the mortgage lender against loss if a borrower defaults on a loan. Private mortgage insurance is required for bo...Read More
What are mortgage fees? – David Reecher Mortgage fees include all of the costs associated with getting a mortgage loan that lenders and brokers include in the Good Faith Estimate. Lenders and br...Read More
What is a mortgage broker? – David Reecher A mortgage broker is a middle-man between borrowers and mortgage lenders who shops around to find the best rate and fees for the borrower. Wh...Read More
What does “months of supply” mean in real estate? – David Reecher This number tells you how many months it would take for all the current homes for sale on the market to sell, given ...Read More
What is a median in real estate? – David Reecher A median is the center value of an ordered set of data. For example, in a set of five homes worth $100,000, $150,000, $200,000, $250,000, and $60...Read More
What is loss mitigation? – David Reecher Loss mitigation is the process of modifying or refinancing the cost of a loan in order to avoid foreclosure. Borrowers who can’t aff...Read More
What is a lock-in (rate lock)? – David Reecher A lock-in, also known as a rate lock, is a lender’s guarantee to provide a borrower a certain interest rate and loan terms for a sp...Read More
What is a listing loan-to-value ratio (LTV)? – David Reecher A loan-to-value ratio (LTV) is the ratio of the amount of money borrowed over the appraised value of the home, expressed as a percent...Read More