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Final walk-through process The final walkthrough is done to demonstrate purchasers what condition the property may be expected to be in when they take possession, according to most purchase agreement clauses. The property shall stay in the same or better condition than when the offer was accepted once the contract is signed. Because the phrases […]
What is a Fixed-rate Mortgage? A fixed-rate mortgage has a fixed interest rate that does not alter over the term of the loan. Although the amount of principle and interest paid each month vary, the overall payment remains consistent, making budgeting for homeowners simple. The partial amortization schedule below shows how the amounts paid for […]
What is Flood Insurance? Flood insurance is a sort of property insurance that protects a home from losses caused by floods, such as severe or prolonged rain, melting snow, coastal storm surges, clogged storm drainage systems, or levee dam collapse. A flood is considered a catastrophic occurrence in many places, and the damage or devastation […]
What are the Closing Costs in Florida? Closing costs in Florida on average range between 7% to 9% of the loan amount, depending on the size of the loan according to the National Association of REALTORS®. Closing costs are the extra fees that come with buying a home. The majority of closing costs are charged […]
Foreclosure explained The legal procedure through which a lender seeks to recoup the amount owing on a defaulted debt by seizing and selling the mortgaged property is known as foreclosure. Default usually occurs when a borrower fails to make a certain number of monthly payments, but it can also occur if the borrower fails to […]
Freddie mac explained The Federal Home Loan Mortgage Corp. (FHLMC) is a stockholder-owned government-sponsored company (GSE) established by Congress in 1970 to keep money flowing to mortgage lenders, allowing middle-income Americans to buy and rent homes. The FHLMC, sometimes known as Freddie Mac, is a major player in the secondary mortgage market, purchasing, guaranteeing, and […]
What Is A VA Funding Fee? In the article below we will discuss what a VA Funding Fee is and all aspects of the VA Funding Fees including Charts, Exemptions, Calculators and Refunds for 2022. The Florida VA funding fee is a single lump-sum payment made on a house loan by an active veteran or […]
2022 Closing Costs in Georgia Closing costs in Georgia 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 parties who […]
Ginnie mae explained The government-sponsored credit organisations Ginnie Mae, Fannie Mae, and Freddie Mac all operate in the US credit market. Fannie Mae and Freddie Mac are government-sponsored entities, while Ginnie Mae is a federal government agency (GSE). All three companies have a significant presence in the mortgage finance sector in the United States. […]
What is a Good Faith Estimate? A good faith estimate (GFE) is a document that explains the expected expenses and parameters of a reverse mortgage loan offer, allowing borrowers to compare lenders and select the best deal for their circumstances. Lenders were obligated to deliver GFEs to consumers within three days of a conventional mortgage […]
What is a Graduated Payment Mortgage (GPM)? A Graduated Payment Mortgage (GPM) is a fixed-rate mortgage with payments that gradually grow from a low starting point to a higher final point. Payments will typically increase by 7% to 12% per year from their initial base payment level until the full monthly payment amount is attained. […]
What is Hazard Insurance? Hazard insurance protects property owners from damage caused by fires, strong storms, hail/sleet, and other natural disasters. The property owner will get compensation to cover the cost of any damage sustained as long as the specific weather event is covered under the policy. The property owner is usually expected to pay […]
