by Gary Belk | Feb 10, 2014 | |
A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, woods, water), man-made (like a swimming pool or garden), or services offered (like valet parking or concierge).
by Gary Belk | Feb 10, 2014 | |
Repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period (for example, 15 or 30 years).
by Gary Belk | Feb 10, 2014 | |
Calculated by using a standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the loan.
by Gary Belk | Feb 10, 2014 | |
The first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.
by Gary Belk | Feb 10, 2014 | |
A document that gives an estimate of a property’s fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.
