Total number of active listings currently on the market in San Diego within a given time period.
The Fair Credit Reporting Act (FCRA) was enacted in 1970 and ensures fairness, accuracy, and privacy of personal information contained in files maintained by credit reporting agencies. The goal of this act is to protect consumers from having misinformation used against them.
A property lien is a legal claim on assets that allows the holder to obtain access to the property if debts are not paid. These can be granted for repossessing property, including a home, if the owner has defaulted on mortgage payments.
When a seller accepts an offer from a buyer, that offer is contingent upon the buyer’s ability to meet certain conditions before finalization of the sale. Contingencies might include the buyer reaching an agreement with the seller on the home inspection, obtaining a clear appraisal, or being approved for mortgage financing.
Contingent simply means “depending on certain circumstances.” In real estate, when a house is listed as contingent, it means that an offer has been made and accepted; however, before the deal is complete, some additional criteria must be met.
Refinancing a mortgage means paying off an existing loan and replacing it with a new one. Refinancing can allow you to lower your monthly payment, save money on interest over the life of your loan, pay your mortgage off sooner and draw from your home’s equity if you need cash for any purpose.
The original principal balance is the amount owed on a mortgage before the first payment has been made.
In real estate, transfer of ownership refers to transfer of a property’s deed and title from the seller to the buyer at closing.
The fee a borrower pays a lender to cover the costs of processing their loan application.
Earnest money deposit, also known as a good faith deposit, is a sum of money put down by the buyer to demonstrate seriousness about buying a home. Earnest money serves as a deposit on the property the buyer is looking to purchase.
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