Key TakeawaysForeclosure is a legal process where a lender repossesses a home after a borrower defaults on the mortgage —…
Key TakeawaysA construction-to-permanent (C2P) loan combines a short-term construction loan and a long-term mortgage into one product, converting automatically when…
Key TakeawaysA credit score below 620 will make conventional mortgage financing very difficult; FHA loans allow scores as low as…
Key TakeawaysA zombie property is a home where the homeowner has vacated believing foreclosure was imminent, but the lender never…
Key TakeawaysPre-qualification is a lender's informal estimate of how much you might be able to borrow based on self-reported income…
Key TakeawaysThe grantor is the seller (the party transferring the property); the grantee is the buyer (the party receiving the…
Key TakeawaysAn appraisal contingency allows a buyer to exit the contract (and recover their earnest money) if the property appraises…
Key TakeawaysA quiet title action is a lawsuit filed to “quiet” (resolve) competing claims of ownership to a property and…
Key TakeawaysPre-foreclosure is the period after a borrower defaults but before the lender completes the foreclosure process — the borrower…
Key TakeawaysAn FHA loan is a government-backed mortgage insured by the Federal Housing Administration, designed for buyers with lower credit…