Are you buying a first home but confused by jargon? Let us explain

U.S. News and World Report provides the top 10 terms for first time home buyers:. Fees related to buying a house that your lender charges you, or you rack up from various third parties, such as.

 · Confused? Let us explain. Normally, a home equity line of credit is considered a second mortgage. And you can’t have a second mortgage without a first. So, let’s say you have a home worth $100,000 that you obtained with a traditional first mortgage. You’ve paid off $75,000 of the principal on that mortgage and you owe $25,000 (in principal).

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The steps to buy a house might seem complicated at first-particularly if you’re a first-time home buyer dipping a toe into real estate for the very first time.. and explain all the nuances of.

 · Don’t be confused by the term, a mortgage is just a loan for buying a house. It’s secured against the property which means if you can’t meet the repayments the lender may repossess and sell it.

Buying a house can be an exciting time, but it can also be a confusing time when it comes to the jargon that is used for home lending. finding financing that is suitable for your current financial situation is important, but it is easy to be stumped by the jargon that is used on your way there.

Former HousingWire Editor-in-Chief Jacob Gaffney partners with former CoreLogic exec to launch media and PR firm Jacob Gaffney, who led HousingWire’s editorial team for more than a decade, recently left the company and is partnering with Alyson Austin, a former CoreLogic executive, to launch Gaffney Austin. Former HousingWire Editor-in-Chief Jacob Gaffney partners with former CoreLogic exec to launch media and PR firm published first on https://www.

Real estate broker: A real estate professional licensed to negotiate the purchase and sale of real estate for a commission or fee. In most states, a broker is one step up from a real estate agent, having more training and the power to supervise agents. However, in some states, the term "broker" is used for all agents.

Buying a home is a truly complex process for most people only because it is a transaction that involves a lot of money. That being said, many things need to be carefully considered before decisions are made. One of the most confusing parts of the.

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