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Month: January 2019

What is a mortgage loan?

Posted on January 31, 2019 by davidreecher
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?

Posted on January 31, 2019 by davidreecher
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?

Posted on January 31, 2019 by davidreecher
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?

Posted on January 31, 2019 by davidreecher
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?

Posted on January 31, 2019 by davidreecher
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?

Posted on January 30, 2019 by davidreecher
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?

Posted on January 30, 2019 by davidreecher
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?

Posted on January 30, 2019 by davidreecher
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)?

Posted on January 30, 2019 by davidreecher
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)?

Posted on January 30, 2019 by davidreecher
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

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