Category: Mortgages

Article Summary: A purchase money mortgage is a way to qualify for a loan even if you have poor credit. Instead of a financial institution issuing the loan, the seller of the property issues it to the borrower. While a good option for those with a poor credit score, purchase money mortgages can sometimes have […]

Article Summary: During your search for a home, you may discover properties that are “under contract.” This means that another buyer has made an offer and the seller has accepted. Several steps must be taken before such loans close. During this time, the sales may fall through and the homes become available again. Home hunting […]

Article Summary: An escrow agent acts as a neutral third party that holds money in trust for two parties involved in a transaction. It is used to establish a legal framework that ensures trust between two parties, by utilizing a third neutral one as an intermediary. An escrow agent is helpful in both real estate […]

Article Summary: Can you actually buy an entire town? Turns out you can, and real people have — not just the fictional characters from the popular TV series Schitt’s Creek. You never know what real estate listings might turn up. In fact, you could find a whole ghost town for sale, complete with houses, dance […]

Article Summary: A bridge loan is a short-term loan that borrowers use to finance a purchase while they secure long-term funding. They typically have higher interest rates and more expensive fees than regular mortgages. Both individuals and businesses make use of bridge loans. Individuals most often use them to help fund the purchase of a […]

Article Summary: Third-party mortgage originators are intermediaries between borrowers and lenders that facilitate the loan origination process and reduce the time it takes for potential homeowners to get approved for a mortgage. Mortgage lending is a complicated process. Before you actually receive the home loan, your credit history, debt-to-income ratio, and potential risk are reviewed […]

Article Summary: A deed of reconveyance is a legal document that transfers the title from your mortgage lender to you. This document is issued once you’ve fully paid off your mortgage. Most people use a mortgage to buy their home, which requires a lien on the property. As long as you have a lien, your […]

Article Summary: A first mortgage is the primary loan that a homebuyer uses to purchase a property. It’s also called a primary lien because if the borrower defaults, it has priority over all other claims on the property. Financing a home is one of the biggest financial decisions you’ll make in life, so it’s important […]

Article Summary: Yes, you can buy an apartment! You probably won’t buy the one you’re living in right now, but it is possible to buy an apartment. You might consider doing so if you’re not in a position to purchase a house right now, or if you’re just not interested in taking on all the […]