A mortgage is considered delinquent when a scheduled payment is not made. If a payment is more than 30 days late, a lender might begin collection or foreclosure proceedings.
Discount points are also known as mortgage points. They’re fees homebuyers pay directly to the lender at the time of closing in exchange for reduced interest rates which can lower monthly mortgage payments. Discount
A down payment on a house is a sum of money that the buyer pays upfront in a real estate transaction. The down payment is the amount of cash paid upfront by the buyer
Real estate due diligence is the complete survey of a property or real estate asset. It combines all the knowledge and information that could be useful for the buyer to know before moving forward
A due-on-sale clause protects lenders against below-market interest rates. It’s a contract provision requiring the seller of the property to repay the mortgage in full when the property is next sold. It is also
Earnest money deposit, also known as a good faith deposit, is a sum of money put down by the buyer to demonstrate seriousness about buying a home. Earnest money serves as a deposit on
The right of eminent domain gives the government the ability to use private property for public purposes. It’s only exercisable when and if the government fairly compensates the owner of the property.
When a property owner violates the rights of a neighbor by building or adding on to a structure that extends onto a neighbor’s land or property line, that is called encroachment.
The Equal Credit Opportunity Act (ECOA) was enacted on October 28, 1974 and rules it unlawful for creditors to discriminate against applications because of race, color, religion, national origin, sex, marital status, age, or
Home equity is the part of your property you actually own. While you do “own” your home, your mortgage lender has interest in the property until it’s paid off. To calculate your home’s equity,
