by Alex Johnson | Jul 29, 2024 | Glossary of Mortgage Terms
Securing a mortgage as a freelancer can be a daunting task, but it’s entirely achievable with the right approach. Unlike traditional employees with steady paychecks, freelancers face unique challenges when applying for a home loan. This guide will walk you...
by RAY COLE | Apr 19, 2023 | Glossary of Mortgage Terms, Mortgage Loans
Understanding a Mortgage Note When you take out a mortgage to purchase a home, you sign a promissory note, which is also known as a mortgage note. The mortgage note is a legal document that outlines the terms of the loan, including the amount borrowed, the interest...
by RAY COLE | Apr 18, 2023 | Glossary of Mortgage Terms
Condo insurance, also known as condominium insurance or HO-6 insurance, is a type of insurance policy designed specifically for condo owners. It provides coverage for the condo unit and personal property within it, as well as liability protection. The specifics of a...
by RAY COLE | Apr 17, 2023 | Glossary of Mortgage Terms
When it comes to buying or selling a home, one of the most important factors that determines its value is comparable sales. In the mortgage industry, “comparable sale” or “comp” is a term used to describe a property that is similar to the one...
by RAY COLE | Apr 17, 2023 | Glossary of Mortgage Terms
Collateral is a key concept in mortgage lending When you apply for a mortgage, you’ll likely come across the term “collateral.” In the context of a mortgage, collateral refers to the property that you are purchasing with the loan. The lender uses the...
by RAY COLE | Apr 17, 2023 | Glossary of Mortgage Terms
A co-borrower, also known as a co-applicant A co-borrower, also known as a co-applicant or joint applicant, is an individual who applies for a mortgage loan with another person, sharing the responsibility of repaying the loan. This type of arrangement is common among...
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