Mortgage Terms

A gift letter for a mortgage is used by a lender to verify the source of the borrowers initial down payment...

The average annual payment for a 30-year fixed mortgage is $3,759 at 7.17% interest rate. However, the IRS allows homeowners to take advantage of the mortgage interest deduction. This deduction enables...

Basis points is a versatile tool used in analyzing interest rates, comparing mortgages, measuring performance, and managing...

When it comes to real estate, there are two important roles you need to know: the grantor and the grantee. These roles play a big part in buying, selling, or transferring property. In this blog, we’ll...

An increase in the federal funds rate is known as a "Fed rate hike," and it is the decision made by the US central bank, the Federal...

Deed of trust is a legal instrument in which the buyer transfers the title of the property to a trustee as security against a mortgage. Learn how a deed of trust...

Tenancy in common allows co-owning property with shared rights and responsibilities. Discover its workings, pros, cons, and differences from joint...

As per the 2023 mortgage protection insurance(MPI) rates, a 30-year insurance costs around $15 monthly. MPI ensures zero mortgage balance if the borrower dies, loses their job, or is critically ill. The...

Understand the meaning of a lien and how it affects the ownership of property. Know about the types of liens when purchasing a...

A promissory note refers to a borrower's promise to repay a loan within a specific time. It provides legal protection to the...