Definitions

A bi-weekly mortgage is a type of loan that requires the borrower to make payments on a bi-weekly basis, instead of the traditional monthly payments. The payments are usually for a half of the amount of a monthly payment, and are made every two weeks. This type of loan can result in significant savings for…

An appraisal is an assessment of a property’s value, typically performed by an appraiser. The appraiser evaluates the property, taking into account its condition, location, and other factors, in order to determine its estimated value. Appraisals are often requested by lenders to ensure that the property is worth the amount that they are lending.

An adjustment date is a date specified in a mortgage loan agreement that determines when the interest rate on the loan is adjusted. This date is typically stated in the loan documents, and is usually a certain number of years after the loan origination date or the date that the loan is closed. The adjustment…

Property software is a type of computer program that is specifically designed to assist in the management of real estate properties. It typically includes features such as tracking tenant information, managing rental payments, and calculating and generating reports on rental income. Property software is essential for property owners who need to keep track of their…

The interest rate on a loan is an important factor to consider when taking out a loan; it is the rate of interest that is charged as a percentage of the total loan amount and plays an essential role in determining the monthly payments on the loan. It is important to understand that the higher…

Foreclosure is the painful process of repossessing a property, typically due to a borrower’s failure to make payments on a mortgage loan. When this occurs, the lender has the legal right to take possession of the property, and then to sell it in order to use the proceeds from the sale to cover the remaining…

A Homeowners Association (HOA) is a governing body that is responsible for enforcing the rules and regulations of a neighborhood or development. These rules are designed to ensure the safety and well-being of all residents, as well as to maintain the aesthetic appeal of the community. These may include restrictions on the appearance of the…

Escrow is an account that is used to store money, typically in the form of a down payment or closing costs, and hold it until the conditions of the transaction have been fulfilled. Once the requirements have been met, the funds are then released to the appropriate party, allowing the transaction to be completed. This…

The loan-to-value ratio, or LTV, is an important measure that is used by lenders to assess the amount of the loan when compared to the appraised value of the property. It is expressed as a percentage and is a tool used to calculate the amount of the down payment that is necessary for a loan…

A mortgage is a loan taken out to purchase real estate, typically a house, which is secured by the property that is being bought. The loan is typically repaid over a period of time in regular installments, with interest being charged on the loan balance. Mortgage loans often come with a variety of terms and…