How much do I need to make to afford a 500k house?

How much do I need to make to afford a 500k house?

How much do I need to make to afford a 500k house? To finance a 500k mortgage, you’ll need to earn roughly $150,000 – $155,000 each year. We calculated the amount of money you’ll need for a 500k mortgage based on 20% down payment and a monthly payment of 25% of your monthly income. Your […]

Kentucky Closing Costs

Kentucky Closing Costs

What are the Closing Costs in Kentucky?   Closing expenses in Kentucky typically range between $3000 and $5000, or 2% to 5% of the loan amount, depending on the size of the loan. Closing costs are the additional fees associated with purchasing a home. Third parties must be reimbursed for their involvement in the transaction, […]

What Is The Interest Rate On A VA Loan

What are the interest rates on a VA loans?

What Is The Interest Rate On A VA Loan? Here are the interest rates for VA loans as of June 2022: Product Interest Rate APR 30-Year Fixed-Rate VA 5.25% 5.52% 30-Year Fixed-Rate 5.625% 5.875% 30-Year Fixed-Rate FHA 5.0% 5.4% 30-Year Fixed-Rate Jumbo 5.625% 5.9% Note: Rates are subject to changes daily. Do VA Loan Interest […]

Mortgage Originator

Mortgage Originator Definition

What is the definition of a Mortgage Originator ? A mortgage originator is an institution or individual who works with a borrower to execute a home loan transaction. A mortgage originator, often known as a mortgage broker or a mortgage banker, is the initial mortgage lender. Mortgage originators work with underwriters and loan processors from […]

Indemnity Insurance

Indemnity Definition

Indemnity Insurance The following article will cover all aspects of Indemnity Insurance including: What is Indemnity Insurance, How does Indemnity Insurance work, What are the types of Indemnity and the benefits of Indemnity Insurance. What is the definition of Indemnity Insurance? An insurance policy that compensates an insured party for certain unforeseen damages or losses […]

Appreciation

Appreciation Definition

Appreciation Definition The following article will cover all aspects of Appreciation, including: What is  Appreciation, How does Property Appreciation work, What are the Key Factors of Appreciation and a Summary of Appreciation. What is Appreciation? In general, appreciation is the growth in the value of an item through time. Increased demand or decreased supply, as […]

Final Walk-Through

Final Walkthrough Definition

What is the definition of a Walk-Through? Before the actual closing, home buyers can do a last tour to check the property. The buyer and their real estate agent can go through the house room by room during the final walkthrough. First and foremost, the walkthrough allows the buyers to ensure that everything is in […]

Utility Costs

Utility Costs Definition

Utility Costs The following article will cover all aspects of Utility Costs, including: What are Utility costs, How do Utility Costs work, What are the types of Utility Costs and the benefits of Utility Costs. What is the definition of Utility Costs? The cost of using utilities such as power, water, waste disposal, heating, and […]

Certificate of Reasonable Value (CRV)

Certificate of Reasonable Value CRV

Certificate of Reasonable Value (CRV) The following article will cover all aspects of a Certificate of Reasonable Value (CRV), including: What is a CRV, How does a CRV work, and the benefits of a CRV for a VA Loan. What is the definition of a Certificate of Reasonable Value (CRV? The Veterans Administration issues a […]

Lenders Mortgage Insurance

Lenders Mortgage Insurance Definition

Lenders Mortgage Insurance The following article will cover all aspects of Lenders Mortgage Insurance, including: What is Lenders Mortgage Insurance, How does Lenders Mortgage Insurance work, What does Lenders Mortgage Insurance cost and the benefits of Lenders Mortgage Insurance. What is the definition of Lenders Mortgage Insurance? Lenders mortgage insurance (LMI), also known as private […]

Mortgage Term

Mortgage Term Definition

Mortgage Term Definition The following article will cover all aspects of a Mortgage Term, including: What is a Mortgage Term, How does a Mortgage Term work, What are the types of Mortgage Terms and the benefits of a Mortgage Term. What is a Mortgage Term? Mortgages usually include a certain amount of time to repay […]

Real Property

Real Property Definition

Real Property The following article will cover all aspects of Real Property, including: What is Real Property, How does Real Property work, What are the types of Real Property and the Key Factors of Real Property. What is the definition of Real Property? A plot of land and everything permanently related to it is referred […]

Tennessee Closing Costs

Closing costs Tennessee

What are the Closing Costs in Tennessee? Closing costs in Tennessee 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 […]

Housing Expenses-to-Income Ratio

Housing expenses-to-income Ratio

Housing Expenses-to-Income Ratio The following article will cover all aspects of Housing Expenses-to-Income Ratio including: What is Housing Expenses-to-Income Ratio, How does Housing Expenses-to-Income Ratio work, What are the key factors of Housing Expenses-to-Income Ratio and the Types of Housing Expenses-to-Income Ratio. How does Housing Expenses-to-Income Ratio work? In general, most potential homeowners can afford […]

Ginnie Mae

Ginnie Mae Security Definition

What is Ginnie Mae? The following article will cover all aspects of Ginnie Mae including: What is Ginnie Mae, How does Ginnie Mae work, What are the types of Ginnie Mae and the Key Factors of Ginnie Mae. How does Ginnie Mae work? The government-sponsored credit organisations Ginnie Mae, Fannie Mae, and Freddie Mac all […]

Foreclosure

Foreclosure Definition

Foreclosure The following article will cover all aspects of Foreclosure including: What is Foreclosure, How does Foreclosure work, Can you avoid Foreclosure and the consequences of Foreclosure. What Is Foreclosure? 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 […]

PITI

Principal interest taxes insurance piti Definition

PITI (Principal, Interest, Taxes, Insurance) The following article will cover all aspects of PITI including: What is PITI, How does PITI work, and What are the key factors of PITI? What is the definition of PITI? Principal, interest, taxes, insurance (PITI) are the sum components of a mortgage payment. Specifically, they consist of the principal […]

Due-on-Sale Clause

Due on sale Clause Definition

Due-On-Sale Clause The following article will cover all aspects of a Due-On-Sale Clause including: What is a Due-On-Sale Clause, How does a Due-On-Sale Clause work, What are the types of Due-On-Sale Clause mortgages and the key factors of a Due-On-Sale Clause. What Is a Due-on-Sale Clause? A due-on-sale clause is a condition in a mortgage […]

Covenant

Covenant Definition

Covenant The following article will cover all aspects of a Covenant, including: What is a Covenant, How does a Covenant work, What are the Types of Covenants and the Benefits of a Covenant. What Is a Covenant? A covenant, in legal and financial terms, is a commitment made in an indenture or other formal debt […]

Attorney Fees

Attorneys Fee Definition

Attorneys Fees The following article will cover all aspects of Attorneys Fees including: What are Attorneys Fees, How do Attorneys Fees work, What are Types of Attorneys Fees and Attorneys Fees in the United States. What are Attorneys Fees? Attorney’s fee is a word used mostly in the United States to describe the remuneration paid […]

Cloud on Title

Cloud on Title Definition

What Is a Cloud on Title? Cloud on Title is any document, claim, unreleased lien, or encumbrance that might invalidate or impair a title to real property or cast doubt on the title is referred to as a cloud on title. The majority of the time, clouds on the title are detected through a title […]

Buydown

Buydown Definition

Buydown The following article will cover all aspects of a Buydown, including: What is a Buydown, How does a Buydown work, Types of Buydowns and the Benefits of a Buydown. What Is a Buydown? A buydown is a mortgage financing strategy in which the buyer tries to get a reduced interest rate for at least […]

Balance Sheet

Balance Sheet Definition

Balance Sheet The following article will cover all aspects of a Balance Sheet, including: What is a Balance Sheet, How does a Balance Sheet work, Importance of a Balance Sheet and the Benefits of a Balance Sheet. What Is a Balance Sheet? A balance sheet is a financial statement that shows the assets, liabilities, and […]

Variable Rate Mortgage (VRM)

Variable Rate Mortgage (VRM) Definition

Variable Rate Mortgage (VRM) The following article will cover all aspects of a Variable Rate Mortgage including: What is a Variable Rate Mortgage, How does a Variable Rate Mortgage work, What are the key factors of a Variable Rate Mortgage and the benefits of a Variable Rate Mortgage. What is the definition of a Variable […]

Property Title Search

Property Title Search Definition

Property Title Search The following article will cover all aspects of a Property Title Search including: What is a Property Title Search, How does a Property Title Search work, What are the types of Property Title Searches and the benefits of a Property Title Search. What is the definition of a Property Title Search The […]

Freddie Mac

Freddie Mac Definition

Freddie Mac The following article will cover all aspects of Freddie Mac including: What is Freddie Mac, How does Freddie Mac work, What are the key factors of Freddie Mac and the downsides of Freddie Mac. What is the definition of Freddie Mac? The Federal Home Loan Mortgage Corp. (FHLMC) is a stockholder-owned government-sponsored company […]

Title Insurance

Title Insurance Definition

Title Insurance The following article will cover all aspects of Title Insurance including: What is Title Insurance, How does Title Insurance work, What are the types of Title Insurance and the benefits of Title Insurance. What is the definition of Title Insurance Title insurance is a type of indemnity insurance that protects lenders and homebuyers […]

Open-End Mortgage

Open-End Mortgage Definition

Open-End Mortgage The following article will cover all aspects of an Open-End Mortgage including: What is an Open-End Mortgage, How do Open-End Mortgages work, What are the types of an Open-End Mortgage and the benefits of an Open-End Mortgage. What is the definition of an Open-End Mortgage An open-end mortgage is one that permits the […]

Line of Credit

Line of Credit Definition

Line of Credit The following article will cover all aspects of Line of Credit including: What is a Line of Credit, How does a Line of Credit work, What are the types of Lines of Credit and the benefits of a Line of Credit. What is the definition of a Line of Credit? A line […]

Prepayment Penalty

Prepayment Penalty Definition

Prepayment Penalty The following article will cover all aspects of a Prepayment Penalty including: What is a Prepayment Penalty, How does a Prepayment Penalty work, What are the types of Prepayment Penalties and the importance of a Prepayment Penalty. What is the definition of a Prepayment Penalty? A prepayment penalty is commonly included in a […]