The adjustment date usually falls on the first day of the month after mortgage funds are advanced or dispersed to the borrower. This is the date your mortgage begins to accrue interest, though you might not have made a mortgage payment yet.
Judicial foreclosures require all foreclosures go through the court system to confirm the debt is in default before putting the property up for auction. The goal of judicial foreclosures is to protect property owners from corrupt lenders.
A buydown is a mortgage-financing technique lowering the buyer’s interest rate for anywhere from a few years to the lifetime of the loan. Usually, the property seller or contractor makes payments to the mortgage lender lowering the buyer’s monthly interest rates, which, in turn, lowers their monthly payments.
An easement grants someone else the legal right to use another person’s land or property while leaving the title in the owner’s name.
An appraisal on your home is an unbiased estimate of how much a home is worth. When buying a home, the lender requires an appraisal by a third party (the appraiser) to make sure the loan amount requested is accurate.
A mortgage rate lock is an agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage for a specified time period at the prevailing market interest rate.
Federal Housing Administration (FHA) loans have been around since 1934 and are meant to help first-time homebuyers. The FHA insures the loan, making it easier for lenders to offer the homebuyer a better deal, including a lower down payment (as low as 3.5% of the purchase price), low closing costs, and easier credit qualifying.
Per diem or “per day” fees are charged if a loan isn’t approved by the date the loan was scheduled to be completed. These charges are payable to the lender during closing.
The right of eminent domain gives the government the ability to use private property for public purposes. It’s only exercisable when and if the government fairly compensates the owner of the property.
The MLS is an organization with a suite of services that real estate brokers will use to provide data about properties for sale. An MLS is a suite of around 700 regional databases containing their own listings.
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