Abstract of Title

Abstract of Title -Mortgage Rates Today

What is Abstract of Title? An abstract of title is a condensed history of a property’s title, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property, as well as a certification by the abstractor that the history is complete and accurate. The abstract of title provides the […]

Adjustable Rate Mortgage

What is an Adjustable Rate Mortgage

What is an Adjustable Rate Mortgage (ARM)? Borrowers who are willing to accept the risk of interest rate increases can usually cut their initial payments with an ARM. There is evidence that customers choose contracts with the lowest starting rates, such as in the United Kingdom, where customers are more concerned with monthly mortgage expenses. […]

Alabama Closing Costs

What are closing costs in Alabama

What are the Closing Costs in Alabama? Closing costs in Alabama are expected to range from $3000 to $5000, or 2% to 5% of the loan amount, depending on the size of the loan. Closing costs are the extra fees that come with buying a home. The majority of closing costs are charged by third […]

Amenities

What are Amenities

What are Amenities? An amenity is something that is believed to enhance an area, contribute to its enjoyment, and so raise its value in property and land use planning. The number and type of guest rooms, as well as the availability of amenities such as elevators, Wi-Fi, restaurants, parks, Community centers, swimming pools, golf courses, […]

Amortization

What is Amortization

What is Amortization? Amortization is a strategy used in accounting to reduce the book value of a loan or intangible asset over a predetermined period of time. When it comes to a loan, amortization refers to the process of spreading out payments over time. Amortization is similar to depreciation when applied to an asset. How […]

Annual Percentage Rate (APR)

Annual Percentage Rate APR

What is an Annual Percentage Rate (APR)? It is a finance charge expressed as an annual rate. The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied […]

Appraisal

What is an Appraisal?

What is an Appraisal? The process of determining a property’s value is known as appraisal, or real estate appraisal. Due to the rarity of real estate transactions and the uniqueness of each property, unlike corporate stocks, which are traded on a regular basis and are all the same, assessments are frequently required. Mortgage loans are […]

Appreciation

What is Appreciation

What is Appreciation? Appreciation is an increase in the price or value of assets. It may refer to appreciation of company stocks or bonds held by an investor, an increase in land valuation, or other upward revaluation of fixed assets. When does appreciation occur? Without the investor’s, appreciation might happen in a passive and progressive […]

Are VA loans assumable?

Are VA loans assumable?

Are VA loans assumable? The simple answer is Yes, VA loans are assumable.. VA loan “assumptions” allow borrowers to take over existing mortgages, even if they are not military service members, veterans, or surviving spouses. Both homeowners and sellers can benefit from this type of arrangement. Can I transfer my VA loan to someone else? […]

Assessment

What is an Assessment

What is an Assessment?   When the value of an asset must be determined for taxation purposes, an assessment occurs. Certain types of property, such as commercial properties, are assessed on an annual basis. Home values are frequently assessed each year, however certain taxing authorities may only do so every five years. Houses are evaluated […]

Assumption

What is Assumption?

What is Assumption? Mortgage assumption, also known as an Assumption Clause, is a clause in a mortgage contract that allows a home’s seller to transfer liability for the current mortgage to the property’s buyer. To put it another way, the new homeowner takes over the old mortgage and, with it, ownership of the property that […]

Assumption Clause

What is an Assumption Clause?

What is an Assumption Clause? An assumption clause in a mortgage contract allows the seller of a home to transfer liability for the current mortgage to the property’s buyer. In other words, the new homeowner takes over the old mortgage and, with it, the property that serves as collateral for the loan. The buyer must […]