Mortgage Note
A mortgage note provides repayment terms and details about the agreement between a borrower and a lender.
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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…
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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…
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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…
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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…
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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…
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Closing Disclosure
When you’re buying a home and applying for a mortgage, there are many important documents you’ll need to understand. One of the most critical is the closing disclosure, which is provided to you before you close on your home. What…
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Closing Costs
Closing Costs: What They Are and How They Affect Your Mortgage Closing costs are fees and expenses that borrowers pay when they close on a mortgage loan. These costs can vary depending on the type of loan, the lender, and…
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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…