Verification of funds, or VOF, is a document that demonstrates how much money a person has available. When purchasing a home, you may need a VOF to show the seller that you can cover the cost of the home. The VOF gives you more credibility as a buyer.
Owner financing, also known as seller financing, takes place when a borrower finances the purchase of a home through the seller – bypassing conventional mortgage lenders and financial institutions.
A secured loan is backed by the borrower’s assets, including cars, a second home, or other large items that can be used as payment to a lender if the borrower is unable to pay back the loan.
Pre-qualification is an early step in the home buying journey. When you pre-qualify for a home loan, you’re getting an estimate of what you might be able to borrow, based on the information you provide about your finances, as well as a credit check.
Instead of a traditional fixed-rate mortgage in which the owner pays on the loan in installments, a balloon mortgage is paid in one lump sum which is called the balloon payment. It’s usually associated with investment or construction projects that are issued for the short term and don’t require collateral.
The Equal Credit Opportunity Act (ECOA) was enacted on October 28, 1974 and rules it unlawful for creditors to discriminate against applications because of race, color, religion, national origin, sex, marital status, age, or because they receive public assistance.
Fee simple refers to the most common type of property ownership. It means the owner’s rights to the property are indefinite and can be freely transferred or inherited when the owner chooses. It is most often associated with single-family homes, as condominiums and townhomes are purchased with covenants, conditions, and restrictions.
The average of the ratio between the current list price and the original list price. For example, an average price drop ratio of 5% means active listings have dropped their price by 5% of their original list price on average.
The total number of homes in San Diego that were pulled off the market during a given time period.
The right of survivorship is employed most often when there is joint ownership or tenancy of a property. It ensures that the surviving owner automatically receives the deceased owner’s share of the property becoming the sole owner of the property.
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