A construction loan, or self-build loan, is a short-term loan used to finance the construction of a home or real estate project. This type of loan covers project costs before long-term funding can be
Contingent simply means “depending on certain circumstances.” In real estate, when a house is listed as contingent, it means that an offer has been made and accepted; however, before the deal is complete, some
When a property is contingent, it means the owner has accepted an offer, but certain contractual expectations must be met or the offer will be void. If all contingencies are met, the property changes
A conventional mortgage is a loan that’s not backed by a federal government agency. Instead, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies. Conventional loans are broken
A convertible adjustable rate mortgage (ARM) allows buyers to take advantage of low interest rates by receiving a loan at a “teaser” loan interest rate. Their monthly mortgage payment stays the same, but interest
Days on market is a measurement of the time that a particular listing has been on the market, defined as the total number of days the listing is on the active market before either
The debt-to-income ratio, or DTI ratio, is the percentage of the borrower’s gross monthly income allocated to monthly debt payments. Is used by lenders to determine borrowing risk.
A deed, or property deed, is a legal document that transfers property ownership from the seller to the buyer. A deed contains a description of the property and property lines. Both parties must sign
A deed-in-lieu of foreclosure is a document transferring the title of a property from a homeowner to the bank that holds the mortgage. A homeowner might submit a deed-in-lieu of foreclosure if the bank
If a homeowner defaults on their loan, it means they have not paid the sum they agreed to. Typically, a mortgage default means the homeowner hasn’t made a home loan payment in 90 days
