Month: January 2019
What is a mortgage lender?
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?
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?
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?
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?
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?
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?
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)?
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