A provision in a mortgage or deed of trust that permits the lender to declare the entire principal balance of the debt immediately due...

A Seller’s Disclosure is a legal document sellers must fill out stating any home defects that may affect its value. Requirements on what...

The loan-to-value (LTV) ratio is the mortgage loan balance divided by the home’s value. It shows how much you’re borrowing from a lender...

A property’s fair market value is its accurate valuation in a free and open market under the condition that buyers and sellers are...

Also known as an acceleration covenant, this is a contract provision requiring the borrower to repay all of their outstanding loan to a...

Earnest money is one of the most critical real estate terms every home buyer and seller should understand—the earnest money an agent...

Homes listed as for sales by owner (FSBO) are being sold without the help of a real estate agent. The biggest benefit to the seller is...

An assessor is a public official who establishes the value of a property for taxation purposes. Considering a career in real estate?...

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...

The government retains the right to take private property and convert it for public use if it compensates the owner fairly. This right is...

A home inspection examines a home’s condition to find any major safety or structural issues. Inspections usually look at a home’s...

Appreciation is a home’s increased value over time. Historically, real estate appreciates from 3% – 5% each year nationally Considering...

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

A bridge loan is a temporary loan used while permanent financing is being secured. Bridge loans often have higher interest rates. They...

Amortization refers to a payment schedule outlining what goes toward principal and interest balances. Typically, payment goes toward...

Blanket mortgages cover more than one plot of land financed by the same borrower. This can help save time and money. For example, a...

Compound interest accumulates from both your principal balance and interest owed. On a loan, this means you will progressively owe more...

The government retains the right to take private property and convert it for public use if it compensates the owner fairly. This right is...

A homeowner’s association is a private association that manages a planned community or condominium. When you purchase a property that is...

Private mortgage insurance is a policy that protects your lender in case you default on your loan. Usually, if your down payment is less...