DTI, PMI, LTV … TBH, it can be hard to keep all this stuff straight. This lexicon of real estate terms and acronyms will help you speak the language like a pro. Appraisal management company (AMC): An institution operated independently of a lender that, once notified by a lender, orders a home appraisal. Appraisal: An
Home equity is the percentage of your home’s value that you own, and it’s key to building wealth through homeownership. Let’s take a closer look at how to build home equity without blowing your budget – and how to access it when you need it. How much equity do you have? Equity is easy to calculate
Most homeowners have that one thing about their home that they wish were different. “My house would be perfect if it just had one more bathroom.” “I love my house – except for the kitchen layout.” “If I had more storage space, I could live here forever.” For some owners, their home’s fatal flaw exists
Tax assessed value This figure varies throughout the U.S. since it is determined by the taxing authority of the city, county, or state where you live. Sometimes it is the same as the market assessed value and other times counties will multiply the market value by an assessment ratio to get the tax assessed value,
Most people only know of one type of real estate ownership: fee simple, also known as freehold. But a handful of states have another form of ownership, known as leasehold. The difference in these two types of land tenure is very different and affects the value of the real estate. It is important to know the difference,
Trained to spot financial mismanagement, mortgage lenders take careful time to review your finances before approving or denying you for a home loan. The role of the lender in approving a loan is to make sure you have enough money for a down payment and closing costs, and to assess whether you’re able to regularly
Whether you’re a seasoned or first-time home buyer, be prepared to know your FICO score and have a firm understanding of your credit history. And if you’re buying with another person, their credit history can affect your joint home purchase. What is a FICO score? First things first – what’s a FICO score and why
The complexities of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefits leave many people wondering not only if they can buy a home, but if buying a home will, in turn, affect their benefits in the future. The short answer is many people who receive SSDI and SSI benefits can and do