Resources

Last Updated on 11/28/2022 by Mark Verhoeven Mortgage Originator definition A mortgage originator is an institution or individual who works with a borrower to execute

Last Updated on 11/30/2022 by Mark Verhoeven Indemnity insurance explained Indemnity insurance is an insurance policy that compensates an insured party for certain unforeseen damages

Last Updated on 11/30/2022 by Mark Verhoeven Final walk-through process The final walkthrough is done to demonstrate purchasers what condition the property may be expected

Last Updated on 11/30/2022 by Mark Verhoeven Utility costs explained The cost of using utilities such as power, water, waste disposal, heating, and sewage is

Last Updated on 11/30/2022 by Mark Verhoeven Certificate of Reasonable Value (CRV) explained A a Certificate of Reasonable Value (CRV) is issued by The Veterans

Last Updated on 11/30/2022 by Mark Verhoeven Lenders mortgage insurance explained Lenders mortgage insurance (LMI) is a type of insurance that is paid to a

Last Updated on 11/30/2022 by Mark Verhoeven Mortgage term explained A Mortgage Term is a certain amount of time to repay the debt. In the

Last Updated on 11/30/2022 by Mark Verhoeven Real property explained Real Property is a plot of land and everything permanently related to it. The owner

Last Updated on 11/30/2022 by Mark Verhoeven   Housing expenses-to-income ratio explained Housing Expenses to Income Ratio is a relationship of  house and living  expenses 

Last Updated on 11/30/2022 by Mark Verhoeven   Ginnie mae explained The government-sponsored credit organisations Ginnie Mae, Fannie Mae, and Freddie Mac all operate in

Last Updated on 11/30/2022 by Mark Verhoeven Foreclosure explained The legal procedure through which a lender seeks to recoup the amount owing on a defaulted

Last Updated on 11/30/2022 by Mark Verhoeven PITI (Principal, Interest, Taxes, Insurance) The following article will cover all aspects of PITI including: What is PITI,

Last Updated on 11/30/2022 by Mark Verhoeven Due-on-sale clause explained A due-on-sale clause is a condition in a mortgage contract that compels the borrower to

Last Updated on 11/30/2022 by Mark Verhoeven Covenant explained A covenant, in legal and financial terms, is a commitment made in an indenture or other

Last Updated on 01/18/2023 by Mark Verhoeven What are Attorney fees? Attorney’s fee is a word used mostly in the United States to describe the

Last Updated on 11/30/2022 by Mark Verhoeven Cloud on title explained Cloud on Title is any document, claim, unreleased lien, or encumbrance that might invalidate

Last Updated on 11/30/2022 by Mark Verhoeven Buydown explained A buydown is a mortgage financing strategy in which the buyer tries to get a reduced

Last Updated on 11/30/2022 by Mark Verhoeven Balance sheet explained A balance sheet is a financial statement that shows the assets, liabilities, and shareholder equity

Last Updated on 11/30/2022 by Mark Verhoeven Variable Rate Mortgage (VRM) The following article will cover all aspects of a Variable Rate Mortgage including: What

Last Updated on 11/30/2022 by Mark Verhoeven Property Title Search The following article will cover all aspects of a Property Title Search including: What is

Last Updated on 11/30/2022 by Mark Verhoeven Freddie mac explained The Federal Home Loan Mortgage Corp. (FHLMC) is a stockholder-owned government-sponsored company (GSE) established by

Last Updated on 11/30/2022 by Mark Verhoeven Title Insurance The following article will cover all aspects of Title Insurance including: What is Title Insurance, How

Last Updated on 11/30/2022 by Mark Verhoeven Open-end mortgage The following article will cover all aspects of an Open-End Mortgage including: What is an Open-End

Last Updated on 11/30/2022 by Mark Verhoeven Line of credit explained A line of credit (LOC) is a set amount of money that may be

Last Updated on 11/30/2022 by Mark Verhoeven Prepayment penalty The following article will cover all aspects of a Prepayment Penalty including: What is a Prepayment

Last Updated on 11/30/2022 by Mark Verhoeven Principal The following article will cover all aspects of Principal including: What is Principal, How does Principal work,

Last Updated on 11/30/2022 by Mark Verhoeven Recording fee The following article will cover all aspects of a Recording Fee including: What is a Recording

Last Updated on 01/18/2023 by Mark Verhoeven Transfer Tax The following article will cover all aspects of  a Transfer Tax including: What is a Transfer

Last Updated on 11/30/2022 by Mark Verhoeven Underwriters The following article will cover all aspects of Underwriters including: What is an Underwriter, How does Underwriting

Last Updated on 11/30/2022 by Mark Verhoeven Personal finance The following article will cover all aspects of Personal Finance including: What is Personal Finance, How

Last Updated on 11/30/2022 by Mark Verhoeven Second Mortgage The following article will cover all aspects of a Second Mortgage including: What is a Second

Last Updated on 11/30/2022 by Mark Verhoeven Right of first refusal The following article will cover all aspects of Right of First Refusal including: What

Last Updated on 11/30/2022 by Mark Verhoeven Truth In Lending Act The following article will cover all aspects of the Truth In Lending Act including:

Last Updated on 11/30/2022 by Mark Verhoeven Leasehold explained A leasehold estate is the possession of a transitory right to hold land or property in

Last Updated on 11/30/2022 by Mark Verhoeven Uniform settlement statement The following article will cover all aspects of a Uniform Settlement Statement (HUD-1) including: What

Last Updated on 11/29/2022 by Mark Verhoeven Right of Rescission The following article will cover all aspects of the Right of Rescission including: What is

Last Updated on 11/29/2022 by Mark Verhoeven Warranty Deeds The following article will cover all aspects of a Warranty Deed, including: What is a Warranty

Last Updated on 11/29/2022 by Mark Verhoeven Rollover Mortgage The following article will cover all aspects of Rollover Mortgages including: What is a Rollover Mortgage,

Last Updated on 11/29/2022 by Mark Verhoeven What is a Tax Deed? The term tax deed refers to a legal document granting ownership of a

Last Updated on 11/29/2022 by Mark Verhoeven What Is the Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act (RESPA) was passed

Last Updated on 11/29/2022 by Mark Verhoeven What Is the Secondary Mortgage Market? The secondary mortgage market is a marketplace where lenders and investors buy

Last Updated on 11/29/2022 by Mark Verhoeven What is the Rural Housing Service? The Rural Housing Service (RHS) of the United States Department of Agriculture

Last Updated on 11/29/2022 by Mark Verhoeven What are Reverse Mortgages and Annuity? Although reverse mortgages and annuities are two quite distinct financial products, they

Last Updated on 11/29/2022 by Mark Verhoeven What does Proration mean? At closing, prorations are credits given to both the buyer and the seller. They