Closing
Closing is an essential step in the process of obtaining a mortgage. It is the final stage where the transfer of ownership takes place, and the buyer gets the keys to their new home. It can be a complicated process,…
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Close of Escrow
Close of Escrow: When you’re buying a home, one of the most important steps in the process is the closing of escrow. This is the final stage of the home buying process, where all the funds are transferred and ownership…
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Cash-out Refinance
A cash-out refinance is a type of mortgage refinance that allows homeowners to access the equity in their homes and receive a cash payout. In a cash-out refinance, the homeowner refinances their existing mortgage for more than they owe and…
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Cash to Close
When you’re buying a home, “cash to close” is a term you’ll hear often. It refers to the amount of money you’ll need to bring to the closing table to complete the transaction. In this article, we’ll explain what “cash…
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Cash Reserve
When you’re in the process of buying a home, you’ll probably come across the term cash reserve at some point. It’s an amount of money that you set aside in addition to your down payment and closing costs when you…
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Basis Points
When you’re in the process of getting a mortgage or trying to understand the financial terms associated with it, you may come across the term “basis points.” Understanding what basis points mean can help you make more informed decisions about…
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Appreciation
Appreciation is a term used in the mortgage industry to describe the increase in value of a property over time. In other words, it’s the amount by which the value of a property has grown since it was purchased. Appreciation…
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Appraisal
When it comes to buying a home, a crucial step in the process is obtaining an appraisal. An appraisal is an estimate of the value of a property, conducted by a licensed appraiser who assesses the condition of the property…
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Amortization
A common financial term that refers to the process of spreading out a loan or debt over a fixed period of time, typically through regular payments. It is commonly used in mortgages, auto loans, and other types of financing. Understanding…
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Adjustable-rate mortgage (ARM)
If you’re considering buying a home, you may be considering an Adjustable-rate mortgage (ARM) as one of your financing options. An ARM is a type of mortgage loan where the interest rate adjusts periodically based on a predetermined index. While…