Key Takeaways Foreclosure is a legal process where a lender repossesses a home after a borrower defaults on the mortgage — typically triggered after 3–6 months of missed payments. Most states allow a redemption period after foreclosure during which the borrower can pay off the debt and reclaim the home; timelines vary significantly by state. […]
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Key Takeaways A construction-to-permanent (C2P) loan combines a short-term construction loan and a long-term mortgage into one product, converting automatically when construction is complete. During construction, you pay only interest on the drawn amount; once the home is finished and the loan converts, full principal-and-interest payments begin. C2P loans require more documentation than standard purchase
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Key Takeaways A credit score below 620 will make conventional mortgage financing very difficult; FHA loans allow scores as low as 500 (with 10% down) or 580 (with 3.5% down). The fastest ways to improve a credit score before buying: pay down revolving balances below 30% utilization, dispute errors on your credit report, and avoid
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Key Takeaways A zombie property is a home where the homeowner has vacated believing foreclosure was imminent, but the lender never completed the foreclosure — leaving the property in legal limbo. The original homeowner remains legally responsible for property taxes, HOA dues, and code violations on a zombie property until the title actually transfers. Zombie
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Key Takeaways Pre-qualification is a lender’s informal estimate of how much you might be able to borrow based on self-reported income and credit — it is not a commitment to lend. Pre-approval involves a full credit pull, income verification, and asset documentation — it is a conditional commitment to lend up to a specific amount.
Pre-Approval vs Pre-Qualified: What’s the difference? Read More »
Key Takeaways The grantor is the seller (the party transferring the property); the grantee is the buyer (the party receiving the property). Both names must appear correctly on the deed — misspellings, missing middle initials, or wrong legal names can break the chain of title. The grantor signs the deed; the grantee’s job is to
Grantor Vs. Grantee: What’s The Difference? Read More »
Key Takeaways An appraisal contingency allows a buyer to exit the contract (and recover their earnest money) if the property appraises below the agreed purchase price. If a home appraises low, options include: renegotiating the price, making up the gap in cash, challenging the appraisal, or exercising the contingency to exit. In competitive markets, buyers
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Key Takeaways A quiet title action is a lawsuit filed to “quiet” (resolve) competing claims of ownership to a property and establish clear title in court. Common triggers: adverse possession claims, boundary disputes, undisclosed heirs, clerical errors in historic deeds, or properties with no heirs after an estate. Quiet title actions must be filed in
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Key Takeaways Pre-foreclosure is the period after a borrower defaults but before the lender completes the foreclosure process — the borrower still owns the home. A foreclosure auction is a public sale of the property by the lender (or a court) to recover the outstanding loan balance; winning bidders take the property as-is. REO (Real
Pre-Foreclosure, Auction, REO: What’s the Difference? Read More »
Key Takeaways An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, designed for buyers with lower credit scores or smaller down payments. FHA loans require as little as 3.5% down for borrowers with a 580+ credit score; borrowers with 500–579 credit scores must put down at least 10%. All FHA loans
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