Key Takeaways Real estate tax (also called real property tax) is levied on land and structures by local governments; personal property tax is levied on movable assets like vehicles. In the DMV, real estate tax rates vary significantly: DC has relatively low rates with high assessed values; Virginia counties like Fairfax and Loudoun have moderate […]
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Key Takeaways The first steps to buying a house: check your credit, determine your budget (including down payment, closing costs, and cash reserves), get pre-approved, and find a buyer’s agent. Closing costs typically add 2–5% of the loan amount on top of your down payment — first-time buyers frequently underestimate total cash needed at closing.
The First Steps to Buying a House and How to Prepare Yourself Read More »
Key Takeaways The FHA 90-day flip rule blocks FHA loans on properties that the seller has owned for less than 90 days from the last recorded deed. Exemptions include HUD resales, inherited property, employer-relocation sales, properties from non-profits or government, and studio/production-company sales. Between 91 and 180 days of ownership, FHA appraisers scrutinize the resale
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Key Takeaways Mortgage insurance protects the lender, not the borrower, against default when a buyer puts less than 20% down. Conventional loans use Private Mortgage Insurance (PMI), which can be cancelled once you reach 20% equity; FHA loans use Mortgage Insurance Premium (MIP), which often lasts the loan’s lifetime. PMI typically costs 0.5–1.5% of the
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Key Takeaways FSBO (For Sale By Owner) sellers save the listing agent commission but take on marketing, negotiation, contract management, and legal compliance responsibilities themselves. FSBO properties must still use a title company for the closing — the title search, title insurance, and settlement are not services the seller can perform themselves. Pricing is the
10 Ways to Sell Your FSBO (For Sale By Owner) House Fast Read More »
Key Takeaways A warranty deed guarantees the seller owns the property and has the legal right to sell it — the strongest form of deed protection a buyer can get. A statutory deed assumes ownership but does not guarantee it — closer to a quitclaim than to a full warranty deed. Even with a warranty
What is a Warranty and a Statutory Deed? Read More »
Key Takeaways Applying for a mortgage triggers a hard credit inquiry that typically reduces your score by 5–10 points temporarily — a minor and short-lived impact. Taking on a large new debt (the mortgage) initially increases your debt-to-income ratio and may slightly lower your score — but on-time payments begin rebuilding it quickly. Avoid opening
Will Buying a House Impact My Credit Score? Read More »
Key Takeaways A reverse mortgage (HECM) lets homeowners 62+ borrow against their home equity with no monthly payments; the loan is repaid when the borrower sells, moves, or dies. To qualify, the home must be your primary residence and you must have significant equity — typically at least 50%. Reverse mortgage proceeds can be taken
What is a Reverse Mortgage? Should You Take One? Read More »
Key Takeaways Real property includes land and everything permanently attached to it — structures, crops, mineral rights, water rights, and air rights. Personal property (chattel) is movable and not part of the real property — appliances, furniture, and equipment are personal property unless specifically included in the sale. The distinction matters in real estate contracts:
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Key Takeaways A mortgage broker is an intermediary who matches borrowers with lenders — they do not lend their own money but access wholesale rates from multiple lenders. Brokers are paid by lenders (lender-paid compensation) or by borrowers (borrower-paid) — the CFPB prohibits brokers from charging both on the same transaction. The main advantages of
What is a Mortgage Broker? And What Do They Do? Read More »
