What Is a Realtor? Real estate agents, commonly known as realtors, are professionals who help clients buy, sell, and rent properties. They act as intermediaries between property buyers and sellers and strive to provide the best possible service to t…
What is Mortgage? A mortgage is a loan that is used to purchase a home. The borrower agrees to pay back the loan, plus interest, over a set period of time. In the United States, the most common type of mortgage is a 30-year fixed-rate mortgage.…
What are home equity loans? Home equity loans are borrowing money against the equity that you have in your home. This is also known as a second mortgage. The formula for calculating home equity is pretty straightforward, home equity is just gonna be…
If you're buying a home and getting a mortgage or you're thinking of refinancing a lot of times you'll hear lenders use the word point and this is usually a word that you hear when you're trying to consider whether should I buy my r…
When someone's buying down your mortgage is typically what we're referring to is a seller or it could be a home builder or something like that, they're paying the lender happens to be to reduce the buyer's interest rate for a set per…
A wraparound mortgage is a type of seller financing, the person selling the home pays the early mortgage payments, and later these payments can be paid by the new buyer of the home. So the seller still owes money to the bank on their mortgage that&#…
A Shared Appreciation Mortgage (SAM) is any mortgage in which the lender writes to the bank or whatever organization doing the lending gets a portion or a percentage of any increase in the property's value. So if the property is a home and the h…
What is Balloon Mortgage? Today we're talking about balloon, what exactly is balloon loan? You might be thinking about a vision of your mind about a balloon exploding or popping that's what I always think about whenever I think about a ballo…
What is Negative Amortization? Negative amortization is something that happens with loans. So it's when you borrow money and if for some reason your monthly payment is less than the interest that you occurred for that month or for that period, t…
Here we're gonna talk about graduated payment mortgages which are sometimes abbreviated as GPM. So a graduated-payment mortgage is a mortgage in which the payments are going to gradually increase or step up over time. So for example in the first…
Today I'd like to discuss kind of the costs and benefits of choosing a 15-year mortgage versus a 30-year mortgage. So let's just say that you decided to buy a home and you'd like to borrow $90,000 from a lender. Let's just say that …
A mortgage is just a loan in which real estate is serving as the collateral for the loan. So you decide that you want to purchase a home, for example, and you put the home off the real estate as collateral to the lender. So who's the lender? Wel…
We have a really nifty formula that we can use to calculate mortgage payments. So the monthly payment that's due your mortgage payment is going to be equal to the principal that's how much money you're borrowing. Mortgage Calculation For…
