Refinancing is obtaining a new loan to pay off an original loan on the same home. Often this is done to get better loan conditions, like...

Pre-approval is the process of establishing what a borrower can reasonably afford when taking out a loan. Lenders will look at your...

A lien secures payment by giving the lien holder a legal claim to the property. A mortgage is a type of lien because your lender can...

A home equity line of credit is a loan where you can borrow money against your home’s equity when you want it, not as a lump sum. This...

A fixed-rate mortgage mortgage guarantees one interest rate for the duration of your loan. With a fixed-rate mortgage, your monthly...

Escrow is a legal arrangement where a third party holds large funds until terms of an agreement are met. In real estate, you’ll set up an...

A purchase agreement is a contract between a buyer and seller stating the terms of the home sale. It may stipulate conditions like sale...

If a borrower needs relief from mortgage debt, they may choose to do a deed in lieu of foreclosure. This transfers deed ownership to the...

A purchase agreement is a contract between a buyer and seller stating the terms of the home sale. It may stipulate conditions like sale...

Comparables are recently sold properties that help appraisers determine a home’s fair market value. They are similar to the listed...

Like a Blue Book for homes, the chain of title is the documentation of all past ownership of a property. It runs from the present owner...

If you put an offer on a home without seeing it in person, you’re making a blind offer. This may happen when an out-of-state buyer is...

A purchase agreement is a contract between a buyer and seller stating the terms of the home sale. It may stipulate conditions like sale...

Comparables are recently sold properties that help appraisers determine a home’s fair market value. They are similar to the listed...

A due diligence period of time might be available in the purchase agreement, which is a time frame provided to a buyer to fully examine a...

A quitclaim deed is a document transferring ownership of property from one party to another. It transfers the title of the property --...

A planned unit development (PUD) is a housing community made up of single family residences, townhomes, and condominiums -- as well as...

Conventional mortgages are among the industry’s most common loan offerings. In fact, many homebuyers choose a traditional 30-year...

Probate sales occur whenever a homeowner passes away without writing a will or leaving the property to someone else. The probate court...

When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property...