A mortgage rate lock is an agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage for a specified time period at the prevailing
Real estate owned (REO) refers to property owned by a bank, government agency, or other lender. Homes typically become real estate owned after an unsuccessful foreclosure auction or short sale.
The Real Estate Settlement Procedures Act (RESPA) requires lenders to provide disclosures to borrowers informing them of real estate transactions, settlement services, and relevant consumer protection laws. Its goal is to regulate settlement costs,
A REALTOR® is a real estate agent or professional who is a member of the National Association of REALTORS®, or NAR®, which is America’s largest professional real estate organization. A REALTOR® is a real
Refinancing a mortgage means paying off an existing loan and replacing it with a new one. Refinancing can allow you to lower your monthly payment, save money on interest over the life of your
A rent back agreement allows a seller to stay in the home until a specified date past closing. After settlement, the seller pays rent to the buyer, who now owns the home. The sellers
If a third party buyer offers to buy or lease a property owner’s asset, the right of first refusal ensures the property holder is allowed a chance to buy or lease the asset under
The right of survivorship is employed most often when there is joint ownership or tenancy of a property. It ensures that the surviving owner automatically receives the deceased owner’s share of the property becoming
A second mortgage is when a property owner borrows against the value of their home. They are also commonly referred to as HELOCs and draw on the market value of the home to provide
A secured loan is backed by the borrower’s assets, including cars, a second home, or other large items that can be used as payment to a lender if the borrower is unable to pay
A seller carry-back is financing in which the seller acts as a bank or financial institution financing some or all of the transaction. The buyer will sign a promissory note agreeing to pay a
