Key Takeaways Adverse possession is a legal doctrine allowing someone who occupies land openly, continuously, exclusively, and without permission for a statutory period to claim title. In Virginia, the adverse possession period is 15 years; in Maryland it is 20 years; in DC it is 15 years — each jurisdiction has specific requirements for the […]
What Is Adverse Possession? Read More »
Key Takeaways A life estate is an ownership arrangement where one person (the life tenant) has the right to use a property for the rest of their life, after which ownership passes to a designated remainderman. Life estates are commonly used in estate planning to pass property to heirs while allowing the grantor to remain
What Life Estates Are, And How They Work Read More »
Key Takeaways Mortgage refinancing replaces your existing loan with a new one — typically to lower your interest rate, reduce monthly payments, or access home equity. The break-even rule: divide the total closing costs by the monthly savings to find how many months until refinancing pays for itself. A cash-out refinance lets you borrow against
What Mortgage Refinancing Is and Is It Right for You? Read More »
Key Takeaways An adjustable-rate mortgage (ARM) starts with a fixed interest rate for an initial period (3, 5, 7, or 10 years) and then adjusts periodically based on a benchmark index. After the fixed period, ARM rates are capped — typically 2% per adjustment and 5% over the loan’s lifetime — but can still increase
What Is An Adjustable Rate Mortgage Read More »
Key Takeaways A VA Renovation Loan (also called a VA Rehab Loan) lets eligible veterans finance both the purchase and renovation costs in a single mortgage. Renovation costs are capped at the “reasonable value” of the improved property as determined by the VA appraiser — not just the purchase price. The property must meet VA
How to Know if a VA Renovation Loan is the Right Choice Read More »
Key Takeaways An accessory dwelling unit (ADU) is a secondary housing unit on a single-family residential lot — attached (in-law suite, garage conversion) or detached (backyard cottage). ADU regulations vary dramatically by jurisdiction: Virginia has become more permissive in recent years; Montgomery County MD has strong ADU incentive programs; DC has specific zoning requirements. Adding
What is an Accessory Dwelling Unit? Read More »
Key Takeaways A deed in lieu of foreclosure (DIL) is a last-resort agreement where the homeowner voluntarily transfers the deed to the lender to avoid full foreclosure. A DIL hits credit scores 50–125 points — less damage than a foreclosure (100+) but more than a short sale. Lenders only approve a DIL after a hardship
What is a Deed in Lieu of Foreclosure? Read More »
