Down Payment A down payment percentage can be determined by talking with your lender. It can be as low as 3% depending on credit scores and the lender. However, keep in mind that private mortgage insurance (PMI) is required until you reach 20% equity on home. Many people will put […]
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What out of pocket expenses can I expect to pay when purchasing a house before closing?
Home Inspection We always recommend paying for an inspection of a property. The price will vary depending on the size of the house but is usually between 300-500 dollars depending on the inspection company. Follow-up or Additional Inspections If something is determined to be wrong or needs to be inspected […]
Read MoreJoint tenancy
A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.
Read MoreFlood insurance
Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.
Read MoreCondominium (Condo)
A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the […]
Read MoreTransfer tax
Transfer tax is a transaction fee charged upon the transfer of a property’s title. It is imposed by the state, county, and municipal authority where the transaction is taking place and is based on the property’s value and classification. Typically, the seller is responsible for paying real estate transfer tax, unless […]
Read MoreQuitclaim deed
A quitclaim deed is a document transferring ownership of property from one party to another. It transfers the title of the property — but only transfers what the seller actually owns. If two people own a home jointly, one person could only transfer their half of the property via quitclaim. This type […]
Read MoreLien
A property lien is unpaid debt on a piece of property. It’s a legal notice and denotes legal action taken by a lender to recover the debt they are owed. It can come from unpaid taxes, a court judgement, or unpaid bills and can slow down the homebuying process when unattended.
Read MoreLender
In real estate, the lender refers to the individual, financial institution, or private group lending money to a buyer to purchase property with the expectation the loan will be repaid with interest, in agreed upon increments, by a certain date.
Read MoreForeclosure
If a homeowner doesn’t make a mortgage payment (usually, for more than 90 days), foreclosure is a legal process during which the owner forfeits all property rights. If they are unable to pay off outstanding debt on the property or sell it via short sale, the property enters a foreclosure auction. If […]
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