Recent Questions / Latest mortgage and renting questions

What is transfer value?

Transfer value refers to a property’s purchase price the last time it was sold. It’s a term often used in foreclosed properties or those in pre-foreclosure. For foreclosed properties owned ...
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Buying a short sale home

Purchasing a short sale home isn’t the same as buying a foreclosed property, since the owner is actually selling the home to avoid foreclosure. It takes longer than a conventional ...
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What to do if my mortgage application was denied?

While a denial of your mortgage application is disappointing, it’s not the end of the world. Find out why the application was denied and fix those issues. The lender must ...
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First-Time Home Buyer / Information that first-time home buyers need to know

What is the Homeowners Association?

Planned housing communities, condominiums, and townhomes usually have a homeowners association (HOA). This is a legal entity, which is responsible for the common areas of a housing development. HOAs are ...
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3 ways to buy a house with bad credit

Back before the housing crash of 2008, people with bad credit could easily get a mortgage. The problem was that many people were buying overpriced homes that they really couldn't ...
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What kind of house can I afford if my income fluctuates?

You can try to qualify for a mortgage in this case by showing the paychecks you get, maintaining a high credit score (this varies by lender), and showing that you ...
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Buying Process / Process of buying a house and mortgage terms

What is a real estate broker?

Real estate brokers are real estate agents that have decided to prove to their state of licensing that they have the educational "chops" to self-manage (as opposed to reporting to ...
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Buying a home after bankruptcy

The desired result from a bankruptcy proceeding is to have all or at least some of your personal debt forgiven which is formally known as discharged. Chapter 7 allows discharge ...
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What is a non-conforming mortgage?

Mortgage loans can be conforming or non-conforming. Conforming mortgages meet the guidelines of government enterprises, such as Fannie Mae and Freddie Mac, and can be sold on the secondary market ...
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Selling / Related to selling your home

How much would I have to pay in taxes if I sell my home for a profit?

If you’ve lived in the house as your primary residence for at least two of the past five years, you won’t owe taxes on the sale. The federal government allows ...
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What is a bridge mortgage loan?

Bridge loans fill the gap when you are buying a new home while still carrying a mortgage on the house you are selling. They are temporary loans, paid off when ...
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Do I have to inform the mortgage lender if I want to sell my home?

You don’t have to tell your mortgage provider that you plan to sell, but you do have to settle your outstanding loan when the home is sold. You might want ...
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Renting / Roommates, managing rentals, and understand rental terms

What is a lease-purchase agreement?

A lease-purchase agreement is one a homeowner sets up with a renter who wants to buy the property at a later date, possibly when they are in a better financial ...
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How can I pull my rental history?

Your rental history contains the past rental experiences in which your name was on the lease, and can make a difference in whether a landlord accepts you as a tenant ...
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Is rental insurance worth it?

Rental insurance is absolutely worth it. It’s not expensive for tenants, and protects your possessions in case of a fire, burglary or other misfortune. Your landlord’s property insurance does not ...
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Refinancing / Related to refinancing a mortgage

What are the top 3 things I need to consider before refinancing?

All important issues concerning refinancing revolve around whether it makes financial sense. The number one issue involves addressing any fees or penalties you have to pay when refinancing. Crunch the ...
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What is the HARP program?

The federal Home Affordable Refinance Program was established in 2009 to help homeowners with “underwater” mortgages – a mortgage balance higher than the property’s value. It is designed to help ...
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What is a second mortgage?

A second mortgage is just that – another mortgage taken out on a property which already has a mortgage. With a second mortgage, you are borrowing on the equity in ...
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What do real estate agents do?

Real estate agents, in short, are licensed sales professionals in the real estate industry, who are in many cases, independent contractors. To sell real estate, your agent must wear many ...
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What is a mortgage short sale?

A mortgage short sale occurs when the homeowner sells the dwelling for less than the remaining mortgage balance. It’s also known as a pre-foreclosure sale and it’s a foreclosure alternative ...
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What kind of house can I afford if my income fluctuates?

You can try to qualify for a mortgage in this case by showing the paychecks you get, maintaining a high credit score (this varies by lender), and showing that you ...
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