Define: secondary residence Definition: A secondary residence is a property in which the owner(s) lives in part of the time.
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17
Jul
17
Define: grace period Definition: A grace period is the period of time after the deadline for a mortgage payment, during which you can still make the payment without it being considered late.
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17
Define: primary residence Definition: A primary residence is the legal residence of a person. A person may only have one primary residence at any given time.
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17
Define: deduction Definition: A deduction is a charitable gift, mortgage interest paid on a loan on a primary residence, business expenses, medical expenses, etc., which can be subtracted from total income reported on a tax return.
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17
Define: Home Equity Conversion Mortgage (HECM) Definition: A Home Equity Conversion Mortgage (HECM) is a reverse mortgage program offered by the Department of Housing and Urban Development (HUD) for qualifying seniors. Through an HECM, seniors can earn extra money on their home's equity.
Jul
17
Define: arm's length transaction Definition: An arm's length transaction takes place between two parties without an obvious connection to one another, i.e. two strangers.
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17
Define: non-arms length transaction Definition: A non-arms length transaction is that which takes place between two parties that know each other, such as relatives, friends, or co-workers.
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17
Define: renegotiate Definition: To renegotiate a mortgage means to work with your lender to rework your loan terms so that it works better for you.
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17
Define: secure (financing) Definition: To secure financing for a property is to both successfully apply and qualify for a mortgage loan.
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17
Define: Fair Housing Act Definition: The Fair Housing Act was signed in 1968 by President Lyndon Johnson. It prohibits home sellers and lenders from discriminating against customers because of race, color, religion, sex, familial status, or national origin.
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Define: fair lending Definition: Fair lending is the practice outlined in the Fair Housing Act of 1968. It prohibits lenders from discriminating against borrowers on the basis of race, color, national origin, religion, sex, familial status, or physical handicap.
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17
Define: bankrupt Definition: To be bankrupt means that one's outstanding debts are being restructured in order to pay back your creditors.
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Define: bankruptcy Definition: Bankruptcy is the state of working through debt with the help of your bank or the government, both through debt forgiveness and restructuring.
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17
Define: forbearance Definition: Forbearance is an option given to borrowers who are experiencing difficulty making their mortgage payments. It involves the temporary suspension of a mortgage loan's terms by the lender in order to give the borrower a chance to get back on his/her feet.
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Define: mortgage Definition: A mortgage is a loan that borrowers take out in order to purchase a home.
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Define: default (on a loan) Definition: To default on a loan means that the borrower has failed to stick with the terms of the loan. For example: no longer making mortgage payments.
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17
Define borrower Definition: A borrower is someone who works with a lender to secure financial assistance in purchasing or refinancing a home.
Jul
13
What Happens If I Miss a Mortgage Payment? Financial stability can be difficult to ensure, as many surprises can come up over time in unexpected ways. What if your financial situation changes dramatically, preventing you from making one or more mortgage payments? There are many steps you can take in... read more →
Jul
13
Buying a home can be an exciting and incredibly rewarding time, but it can also put you at risk. Making such a large financial decision can make you a target for scams and other fraudulent activity, having the potential to jeopardize your plans for homeownership. Recently, the Federal Trade Commission... read more →
Jul
12
As both our nation and the world as a whole becomes more environmentally conscious, pollution and its effects on the world we live in have become a great concern for many people. Pollution comes from our cars, our businesses, and even our homes. You're probably not aware of your everyday... read more →
Jul
12
If you've recently graduated from college, you probably have many new responsibilities and tough decisions to make. One thing you will have to decide on is where you are going to live. You might be able to move back in with your parents, but if you're unable to do that... read more →
Jul
12
In what might be a short-lived decision, the Consumer Financial Protection Bureau (CFPB) has moved to bar many financial firms from including mandatory arbitration clauses in their contracts with customers. The CFPB is one of several federal agencies founded through Dodd-Frank's passage in 2010, and it is tasked with enforcing federal... read more →
Jul
11
The 1960s were a turbulent time, but they also saw the passage of many landmark pieces on legislation in the US. One of these laws was the Fair Housing Act of 1968. This law prohibits discrimination in the areas of housing purchase, rental, and financing. From this law, the idea... read more →
Jul
11
Non Arm's Length Transactions Buying a Home From a Relative: Common Misconceptions When looking to purchase a home, you may have a family member whose home is on the market. While it may seem like a good idea, purchasing a home from a relative usually brings with it a lot... read more →
Jul
10
Summer is officially here and its time to enjoy endless sun. Enjoy the warm weather with family and friends. Here are some tips to get ready for the summer season. Tips to Prepare your Backyard for Summer Fun Landscaping Invest in some yard work. Spruce up your greenery and garden.... read more →
Jul
10
Are you unable to open your closet doors without clothes spilling out? Keeping a closet organized may seem like an impossible task. Here are some steps to help eliminate clutter in your closet. Tips to Organize Your Closet Empty your closet While it may seem extreme to remove everything from... read more →
Jul
10
Florida is the perfect place to enjoy the summer and its warm weather. With beautiful beaches, exotic wild life, sites to visit, and great entertainment, Florida offers something for everybody. Additionally, the Sunshine State features thousands of gorgeous, mansion-like homes, typically on one of Florida's stunning beaches. 5 Extravagant Waterfront... read more →
Jul
10
As life changes, your housing needs may change along with it. Whether the kids are out of the house or you are approaching retirement age, downsizing may be the right choice for you. Downsizing refers to selling your current home in favor for a smaller and more affordable property. If... read more →
Jul
10
Affordable Areas to Buy a Home in NJ Looking for an affordable home in the Garden State? Be sure to include these reasonably priced areas in your search: Swedesboro Swedesboro is a small city located in southern New Jersey. Named by Swedish settlers, this city has a long and storied... read more →
Jul
06
Eco-Friendly Tips for the Home Global warming, energy deficiency, and other environmental issues have become considerable concerns lately. Living eco-friendly conserves natural resources and energy. Although it may sound difficult and costly, there are many inexpensive ways to make your residence greener while also saving time and money. 1. Switch... read more →
Jul
06
Looking for a home in the historic "Constitution State" on a budget? 5 Affordable Cities to Purchase a Home in Connecticut New Britain Also known as "Hardware City," New Britain is a quaint industrial town in central Connecticut. It is home to the headquarters of Stanley Black and Decker, one... read more →
Jul
06
In a dramatic shift away from traditional monetary practices, FICO and the top credit rating agencies - Experian, Equifax, and TransUnion - have moved to drop tax liens and civil judgments from some credit reports. This follows the adoption of new "minimum" standards for what factors into your credit score.... read more →
Jul
06
Using a Personal Loan as a Downpayment on a Home Making the downpayment on a home can be the most difficult part of the closing process. Homeowners often struggle to afford a downpayment, and currently many hopeful homeowners are not able to afford it. One option to cover the cost... read more →
Jul
06
The United States Department of Agriculture (USDA) assists qualifying borrowers in finding affordable housing. USDA loans provide low-to-moderate income households with loans to finance safe and modern housing in eligible rural areas. By providing these loans, the USDA works to increase homeownership for lower-income families. Since its creation in 1949, the... read more →
Jul
06
What are HECM's? Home Equity Conversion Mortgages (HECM) are a special loan offering provided by the Department of Housing and Urban Development (HUD) for qualifying seniors. HECM is a reverse mortgage program, allowing homeowners to earn money on their home's equity. Withdrawing from your built-up equity is an easy way... read more →
Jul
06
The Sunshine state is a great place to vacation, but did you know that there are many affordable ways to live there too? Here are a few of the more affordable cities in Florida for buying a home: Ocala Ocala is a small city in northern Florida with vibrant styles... read more →
Jul
06
Different Styles & Types of Homes Buying a home can be arduous and drawn-out, but finding and securing your dream home is often worth it. You should look for a home that meets your needs. The three most common types of home in the U.S. are residential single-family houses, condominiums/apartments,... read more →
Jul
06
After living in the same home for a while you may become bored with it. If this happens, consider starting a home improvement project. Home improvements and additions are a great way to spruce up your home and test your creativity. Below are some of the most amazing home... read more →
Jul
06
Hosting your own backyard party can be hard work. Make sure your guests are enjoying themselves a variety of yard games to play. Here are five yard games that will make your backyard party one to remember: Kan Jam Kan Jam is one of the fastest growing yard games... read more →
Jul
05
FHA: Income Limitations & Qualifications Federal Housing Administration (FHA) loans are loans sponsored and partly backed by the U.S. Department of Housing and Urban Development (HUD) to help low and moderate income earners finance a home. There are a variety of programs the HUD offers to help qualifying borrowers, which... read more →
Jul
05
If you are looking to move, consider converting your home into an investment property. Why turn your house an investment property? A low housing market decreases the value of your home while on sale. Save money and rent out your home until the market recovers. As compared to an investment... read more →
Jul
05
Going down the shore is an essential part of summer life. Local New Jersians and millions of other people from across the northeastern United States and Canada make multiple trips year-round to pay a visit to the Jersey Shore. While most visitors only stay for a short time, renting a... read more →
Jul
05
Breakdown of VA Loans by State VA loans are mortgage loans that are backed by the Department of Veteran Affairs. They are intended for veterans, current or former members of the national guard, active reserve members, and surviving spouses of veterans. In 2016 alone, there were a total of 705,474... read more →
Jul
05
Looking for a home in the Keystone State? Then look no further. Most Affordable Cities to Purchase a Home in PA 1. Erie Located on the border of Lake Erie, this Pennsylvania city has a vibrant art and film culture with plenty of tourist sites to see. With moderate summers... read more →
Jul
05
There are a variety of reasons to refinance your home, from lowering monthly payments to building your home's equity. There are many loan options you can take advantage of when refinancing your home, so it is important to figure out what's best for you. Types of Refinancing Loans Rate-and-Term Refinance... read more →