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Mortgage Note

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...

Condo Insurance

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...

Comparable Sales

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...

Collateral

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...

Co Borrower

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...

Co Applicant

When it comes to obtaining a mortgage, having a co-applicant can be a helpful strategy for many borrowers. A co-applicant is essentially a second borrower who applies for the mortgage alongside the primary borrower. The co-applicant is equally responsible for repaying...