A term for a person who hands over ownership of a property to someone else
When you sell your home, you become the grantor since you transfer the rights to your property to the buyer.
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Wednesday, April 19, 2006
Grant deed
An official document that is used to transfer a property’s ownership
A grant deed is the most common type of deed used to transfer property from a seller to buyer. Grant deeds are used for properties that are mortgaged and not mortgaged.
Upon closing of the property’s purchase/sale, the title company records the grant deed at the county courthouse and sends the buyer the original in the mail. In order to use a grant deed, the property must be clear of any claims.
A grant deed is the most common type of deed used to transfer property from a seller to buyer. Grant deeds are used for properties that are mortgaged and not mortgaged.
Upon closing of the property’s purchase/sale, the title company records the grant deed at the county courthouse and sends the buyer the original in the mail. In order to use a grant deed, the property must be clear of any claims.
Government National Mortgage Association (Ginnie Mae)
A federal corporation that insures mortgage-backed securities, and offers financing options to home buyers
The official web site of the Government National Mortgage Association (Ginnie Mae).
The official web site of the Government National Mortgage Association (Ginnie Mae).
Good Faith Estimate
An estimate of the total costs to get a loan when buying or refinancing a home
After you apply for a loan, a lender or broker is required by law to give you a Good Faith Estimate within 3 days. The costs will include lender and broker fees, loan-related fees, and third-party fees, such as the title insurance and appraisal.
Most of these fees must be paid on the closing date, the day when the sale or purchase of a home is completed.
After you apply for a loan, a lender or broker is required by law to give you a Good Faith Estimate within 3 days. The costs will include lender and broker fees, loan-related fees, and third-party fees, such as the title insurance and appraisal.
Most of these fees must be paid on the closing date, the day when the sale or purchase of a home is completed.
Gift
A sum of money given to a home buyer as a present
If relatives or a friend give you a helping hand towards your down payment, a lender will require that you complete and sign a form, called a gift letter, proving that the money doesn’t have to be repaid.
A lender will then request a copy of the gift-giver’s bank statements to prove that he/she actually has the sum of money stated in the gift letter. When the funds are transferred into your banking account, you also need to give the lender a receipt of the transaction.
If relatives or a friend give you a helping hand towards your down payment, a lender will require that you complete and sign a form, called a gift letter, proving that the money doesn’t have to be repaid.
A lender will then request a copy of the gift-giver’s bank statements to prove that he/she actually has the sum of money stated in the gift letter. When the funds are transferred into your banking account, you also need to give the lender a receipt of the transaction.
Tuesday, April 18, 2006
Full disclosure
When all the facts are revealed about a property’s condition, sale or financing
There are both federal and state laws that require that the broker, seller and lender make certain information readily available to the buyer - anything that can affect the buying decision.
For example,
(1) a seller should tell a home buyer if there are any problems with a property and
(2) before a broker can charge a commission, the buyer/seller must be informed and agree to the terms.
There are both federal and state laws that require that the broker, seller and lender make certain information readily available to the buyer - anything that can affect the buying decision.
For example,
(1) a seller should tell a home buyer if there are any problems with a property and
(2) before a broker can charge a commission, the buyer/seller must be informed and agree to the terms.
Forfeiture
When home buyers lose the money that they paid to a seller to secure a purchase
Home buyers normally give the seller a sum of money, called a deposit, to convey how serious they are about buying the property. If the deal works out, their deposit is applied to the buyer’s closing costs.
But, if the deal breaks down, who finally pockets the deposit money will depend on specific clauses and contingencies written in the sale/purchase contract.
Home buyers normally give the seller a sum of money, called a deposit, to convey how serious they are about buying the property. If the deal works out, their deposit is applied to the buyer’s closing costs.
But, if the deal breaks down, who finally pockets the deposit money will depend on specific clauses and contingencies written in the sale/purchase contract.
FHA mortgage
A loan with certain restrictions that is guaranteed by the Federal Housing Administration
FHA mortgages are easier to qualify for since they require a very low down payment, usually about 3% of the loan amount, and offer low interest rates. The catch is you can only borrow up to a certain amount, and you have to pay both an up-front and monthly premium for insurance.
The insurance safeguards the lender in case you don’t repay the loan. The up-front cost, usually 2-3% of the loan amount, can be lumped onto the loan and paid off over time. To be eligible you must plan to live in the home that you purchase.
FHA mortgages are easier to qualify for since they require a very low down payment, usually about 3% of the loan amount, and offer low interest rates. The catch is you can only borrow up to a certain amount, and you have to pay both an up-front and monthly premium for insurance.
The insurance safeguards the lender in case you don’t repay the loan. The up-front cost, usually 2-3% of the loan amount, can be lumped onto the loan and paid off over time. To be eligible you must plan to live in the home that you purchase.
Federal National Mortgage Association (Fannie Mae)
A government-sponsored corporation that buys and sells loans in the secondary market
Fannie Mae buys loans from lenders and sells them to investors, the government and other lenders. This allows lenders to have a steady flow of money so that they can offer more loans to customers who want to buy homes.
Fannie Mae only buys loans that conform to their strict borrowing guidelines. Fannie Mae also offers a special first time buyer program, which only requires a 3% down payment, to encourage people who don’t make a lot of money to buy homes.
Fannie Mae buys loans from lenders and sells them to investors, the government and other lenders. This allows lenders to have a steady flow of money so that they can offer more loans to customers who want to buy homes.
Fannie Mae only buys loans that conform to their strict borrowing guidelines. Fannie Mae also offers a special first time buyer program, which only requires a 3% down payment, to encourage people who don’t make a lot of money to buy homes.
Federal Housing Administration (FHA)
A federal agency that insures loans offered by certain commercial lenders
FHA was created by the Department of Housing and Urban Development (HUD) and offers a variety of financing options to help families qualify for a mortgage. How it works is that FHA insures loans, so if you do not repay (default on), FHA covers the amount owed to the lender.
FHA was created by the Department of Housing and Urban Development (HUD) and offers a variety of financing options to help families qualify for a mortgage. How it works is that FHA insures loans, so if you do not repay (default on), FHA covers the amount owed to the lender.
Fair market value
The price for a property in a fair and competitive market
The sale price of your home is a true value if it is freely available on the open market. This means that all potential buyers know that a home is up for sale and have an equal opportunity to bid for it. Even if you sell your home for less than you would have liked, this price is still fair and square.
The price of a home sold in court actions, such as a foreclosure or bankruptcy is not the fair market value.
The sale price of your home is a true value if it is freely available on the open market. This means that all potential buyers know that a home is up for sale and have an equal opportunity to bid for it. Even if you sell your home for less than you would have liked, this price is still fair and square.
The price of a home sold in court actions, such as a foreclosure or bankruptcy is not the fair market value.
Executor
A person named in a will to handle the affairs of the person who has died
The executor carries out the terms of the deceased’s will and temporarily takes over all of the deceased’s property until the probate court decides who the legal owner is. A female executor is called an executrix.
The executor carries out the terms of the deceased’s will and temporarily takes over all of the deceased’s property until the probate court decides who the legal owner is. A female executor is called an executrix.
Escrow account
An neutral account that holds a sum of money, usually until a specific transaction is completed
Lenders often set up a type of escrow account, called an impound account, for you to prepay certain recurring costs: your first 6 months of property taxes, your first 2 months of hazard insurance and your first 2 months of mortgage insurance, if required.
You then pay these bills monthly through this account. Some lenders let you waive the account, but may tack on additional points to your closing costs if you choose to not have one.
Lenders often set up a type of escrow account, called an impound account, for you to prepay certain recurring costs: your first 6 months of property taxes, your first 2 months of hazard insurance and your first 2 months of mortgage insurance, if required.
You then pay these bills monthly through this account. Some lenders let you waive the account, but may tack on additional points to your closing costs if you choose to not have one.
Escrow
A way of closing on a home that requires the buyer and seller to transfer fees and documents to a neutral third party
You may complete your home’s purchase/sale in escrow, depending on where the property is located. How escrow works varies, but in general:
(1) the buyer and seller sign anagreement requiring them both to hand over all the closing fees and documents to a neutral third party, called an escrow agent
(2) the escrow agent distributes the money and documents to the proper party, such as the lender or title company
(3) the escrow is considered "closed."
Escrow does not require any meeting between the buyer and seller. Though, if any change needs to be made to how escrow is handled, it must be mutually agreed on.
States that close in escrow: Alaska, Arizona, California, Kansas, Oregon, Montana, Utah, Nevada, Washington, Idaho, New Mexico
You may complete your home’s purchase/sale in escrow, depending on where the property is located. How escrow works varies, but in general:
(1) the buyer and seller sign anagreement requiring them both to hand over all the closing fees and documents to a neutral third party, called an escrow agent
(2) the escrow agent distributes the money and documents to the proper party, such as the lender or title company
(3) the escrow is considered "closed."
Escrow does not require any meeting between the buyer and seller. Though, if any change needs to be made to how escrow is handled, it must be mutually agreed on.
States that close in escrow: Alaska, Arizona, California, Kansas, Oregon, Montana, Utah, Nevada, Washington, Idaho, New Mexico
Equity
The difference between a home’s market value and the amount the owner owes on the mortgage
Equity is the amount of money you’d have if you sold your home today and paid off your mortgage – it includes your down payment, all the payments you’ve made against the loan’s principal and any appreciation in your home’s value. As the market value of your home increases, so does your equity.
Similarly, if your home’s value decreases, your equity does too.
One of the main advantages of owning a home is that you can tap into the equity to use for other investments, such as a down payment on another home, college tuition or mutual funds. You bought your home 3 years ago for $110,000 with a $20,000 down payment. Your property's value went up by 3% every year and you've paid off $4,574 of your principal.
If you add the down payment, total appreciation and the amount paid off on your principal, your total equity after 3 years is $34,773.
Equity is the amount of money you’d have if you sold your home today and paid off your mortgage – it includes your down payment, all the payments you’ve made against the loan’s principal and any appreciation in your home’s value. As the market value of your home increases, so does your equity.
Similarly, if your home’s value decreases, your equity does too.
One of the main advantages of owning a home is that you can tap into the equity to use for other investments, such as a down payment on another home, college tuition or mutual funds. You bought your home 3 years ago for $110,000 with a $20,000 down payment. Your property's value went up by 3% every year and you've paid off $4,574 of your principal.
If you add the down payment, total appreciation and the amount paid off on your principal, your total equity after 3 years is $34,773.
Monday, April 17, 2006
Encumbrance
An interest in or right to a property by someone other than the home owner
Before you buy a home, you will receive a preliminary title report that details any encumbrances on the property.
There are two types of encumbrances:
(1) A money encumbrance, which affects a property’s ownership. Money encumbrances include any lien placed on a property, such as a mortgage, mechanic’s lien, or tax lien.
(2) A non-money encumbrance, such as an encroachment, affects how a property is used. An encroachment is when something from your neighbor’s property, like a garage or tree crosses over onto your property.
Before you buy a home, you will receive a preliminary title report that details any encumbrances on the property.
There are two types of encumbrances:
(1) A money encumbrance, which affects a property’s ownership. Money encumbrances include any lien placed on a property, such as a mortgage, mechanic’s lien, or tax lien.
(2) A non-money encumbrance, such as an encroachment, affects how a property is used. An encroachment is when something from your neighbor’s property, like a garage or tree crosses over onto your property.
Encroachment
When a permanent object from your next door neighbor’s property crosses over onto your property
A preliminary title report or a survey, a physical inspection of the home and grounds, can tell you if there’s an encroachment on a property that you want to buy. The most common kinds of encroachments are fences, garages, driveways, shrubs and trees, all which can intrude, usually not on purpose, into aneighbor’s property - even if by just a few inches.
Not all encroachments are illegal. For example, if you built your driveway 3 feet into your neighbor’s property and your neighbor was fully aware of this for at least 3 years, you’re in the clear. If an encroachment is illegal, you can sue for damages and get the object removed from your property.
A preliminary title report or a survey, a physical inspection of the home and grounds, can tell you if there’s an encroachment on a property that you want to buy. The most common kinds of encroachments are fences, garages, driveways, shrubs and trees, all which can intrude, usually not on purpose, into aneighbor’s property - even if by just a few inches.
Not all encroachments are illegal. For example, if you built your driveway 3 feet into your neighbor’s property and your neighbor was fully aware of this for at least 3 years, you’re in the clear. If an encroachment is illegal, you can sue for damages and get the object removed from your property.
Eminent domain
The government’s right to take private property for public use
In the United States, the United States, the Fifth Amendment to the Constitution requires that just compensation be paid when the power of eminent domain is used, and requires that the property be taken for "public use".
These requirements are sometimes called the "takings clause."
Most courts have used "just compensation" to be the fair market value of the condemned property.
Over the years the definition of "public use" has expanded to include economic development plans which use eminent domain seizures to enable commercial development for the purpose of improving the community.
[1] Critics contend this perverts the intent of eminent domain law and damages personal property rights.
The current Supreme Court understanding dates back to Justice O'Connor's Hawaii Housing Authority v. Midkiff, 467 U.S. 229 (1984) decision. Supporters contend that it is necessary to the improvement of communities in many situations in which transactions costs will prevent private parties from reaching efficient use of land.
In the United States, the United States, the Fifth Amendment to the Constitution requires that just compensation be paid when the power of eminent domain is used, and requires that the property be taken for "public use".
These requirements are sometimes called the "takings clause."
Most courts have used "just compensation" to be the fair market value of the condemned property.
Over the years the definition of "public use" has expanded to include economic development plans which use eminent domain seizures to enable commercial development for the purpose of improving the community.
[1] Critics contend this perverts the intent of eminent domain law and damages personal property rights.
The current Supreme Court understanding dates back to Justice O'Connor's Hawaii Housing Authority v. Midkiff, 467 U.S. 229 (1984) decision. Supporters contend that it is necessary to the improvement of communities in many situations in which transactions costs will prevent private parties from reaching efficient use of land.
Easement
The right to enter or use another person’s land for a specific purpose
Utility companies commonly get easements to install poles and string wire across private land. You can create an easement either with a written contract or deed, government action, or if you can prove that you made use of someone’s property for 5 or more years. For example, if your home is land locked, and you have to cross your neighbor’s property everyday to reach the street. Two common ways to end an easement are by courtaction or quitclaim deed.
An easement is also called right-of-way.
Utility companies commonly get easements to install poles and string wire across private land. You can create an easement either with a written contract or deed, government action, or if you can prove that you made use of someone’s property for 5 or more years. For example, if your home is land locked, and you have to cross your neighbor’s property everyday to reach the street. Two common ways to end an easement are by courtaction or quitclaim deed.
An easement is also called right-of-way.
Sunday, April 16, 2006
Down payment
The portion of a property’s purchase price that buyers must pay up-front with their own money
Lenders prefer that you make at least a 20% down payment when buying a home. This amount serves to protect the lender in case you can’t make payments (default) on your loan. If you can’t make the 20% cash down payment, and most first-time buyers can’t, there are financing options that can cut down the amount.
Three common choices are:
(1) private mortgage insurance,where you pay a fixed monthly premium in return for a lowerdown payment
(2) government-insured loans that let you put down less, but limit how much you can borrow and
(3) piggyback loans, which require a 10% down payment. You get 2 loans, one for 80% of the purchase price and the other,usually at higher rate, for 10% of the purchase price.
Lenders prefer that you make at least a 20% down payment when buying a home. This amount serves to protect the lender in case you can’t make payments (default) on your loan. If you can’t make the 20% cash down payment, and most first-time buyers can’t, there are financing options that can cut down the amount.
Three common choices are:
(1) private mortgage insurance,where you pay a fixed monthly premium in return for a lowerdown payment
(2) government-insured loans that let you put down less, but limit how much you can borrow and
(3) piggyback loans, which require a 10% down payment. You get 2 loans, one for 80% of the purchase price and the other,usually at higher rate, for 10% of the purchase price.
Disposable income
The money that you have left from your salary after taxes are taken out and you pay your regular monthly bills
A high disposable income is a plus since lenders will feel more comfortable that you can pay your monthly mortgage payments with ease. A high disposable income can also allow you to save money towards the down payment. Normally, a lender looks at your disposable income when you apply for a VA loan, and sometimesa FHA loan.
Disposable income is also referred to as residual income.
A high disposable income is a plus since lenders will feel more comfortable that you can pay your monthly mortgage payments with ease. A high disposable income can also allow you to save money towards the down payment. Normally, a lender looks at your disposable income when you apply for a VA loan, and sometimesa FHA loan.
Disposable income is also referred to as residual income.
Depreciation
A decrease in a property’s value
Your home can lose value over time due to any number of reasons, such as poor condition, an over supply of homes in the market, or a declining neighborhood. If you buy a house for $100,000 and sell it two years later for $90,000, your home has depreciated by $10,000. Unless it is a rental property, you do not get any tax deductions on this loss.
Your home can lose value over time due to any number of reasons, such as poor condition, an over supply of homes in the market, or a declining neighborhood. If you buy a house for $100,000 and sell it two years later for $90,000, your home has depreciated by $10,000. Unless it is a rental property, you do not get any tax deductions on this loss.
Deposit receipt
An official document that can act as both the receipt for a buyer’s deposit and the purchase agreement
Some states use a deposit receipt to outline a buyer’s offer on a home, including the description of the property and how it will be financed, and how the deposit money is handled in the event the deal breaks down. If the seller accepts the offer and signs the document, the deposit receipt becomes the legal purchase agreement for the deal.
The deposit receipt is also called a sales contract.
Some states use a deposit receipt to outline a buyer’s offer on a home, including the description of the property and how it will be financed, and how the deposit money is handled in the event the deal breaks down. If the seller accepts the offer and signs the document, the deposit receipt becomes the legal purchase agreement for the deal.
The deposit receipt is also called a sales contract.
Deposit
A sum of money that a buyer gives to the seller when making an offer on a home
A deposit is normally given to a seller to show that you are serious about buying the property, even though it is not required by law. It is a good idea to put down as little as possible. If you are going through a broker, the deposit will be placed into an escrow account for safe keeping, which also bears interest.
If a broker is not involved in the deal, suggest opening a neutral escrow account. If the deal works out, your deposit is then applied to your total closing costs to purchase the home. If the deal goes sour and you are at fault, you can lose your deposit. The deposit is also called earnest money.
A deposit is normally given to a seller to show that you are serious about buying the property, even though it is not required by law. It is a good idea to put down as little as possible. If you are going through a broker, the deposit will be placed into an escrow account for safe keeping, which also bears interest.
If a broker is not involved in the deal, suggest opening a neutral escrow account. If the deal works out, your deposit is then applied to your total closing costs to purchase the home. If the deal goes sour and you are at fault, you can lose your deposit. The deposit is also called earnest money.
Delinquency
When you miss a payment to a creditor
If you have missed one or more payments on your mortgage, credit card bill, car loan, or utilities bill, your account is considered delinquent.
If you have missed one or more payments on your mortgage, credit card bill, car loan, or utilities bill, your account is considered delinquent.
Delayed adjustable rate mortgage
A loan that first has a fixed interest rate followed by a fluctuating rate
Delayed adjustable rate mortgages (Delayed ARMs) have a fixed initial interest rate, then adjust, usually annually, for the life of the loan.
A 5/1 ARM is an example of a delayed ARM, since the interest rate stays the same for the first 5 years and then changes on the sixth year and every year after that.
A delayed ARM gives you the opportunity to enjoy fixed monthly payments for a longer period of time. Often people opt for this type of loan because they plan to sell their homes before the ARM starts to fluctuate. Delayed ARMs are also called intermediate ARMs
Delayed adjustable rate mortgages (Delayed ARMs) have a fixed initial interest rate, then adjust, usually annually, for the life of the loan.
A 5/1 ARM is an example of a delayed ARM, since the interest rate stays the same for the first 5 years and then changes on the sixth year and every year after that.
A delayed ARM gives you the opportunity to enjoy fixed monthly payments for a longer period of time. Often people opt for this type of loan because they plan to sell their homes before the ARM starts to fluctuate. Delayed ARMs are also called intermediate ARMs
Deficiency judgment
Legal action sought by a lender who wants to recover any losses on a foreclosure
If you default on a mortgage, the lender can not only sell your property to get their money back, but they can also sue you if the money from the sale is not enough to cover the loan.
For example, if you owe a lender $100,000, but the lender only gets $90,000 in a foreclosure sale, they can take you to court for the remaining $10,000. If the lender wins, they can attack your assets, income, credit and peace of mind until you pay this amount. If you have private mortgage insurance, a lender can use this money to offset any losses instead of getting a deficiency judgment. Some states do not give the lender the right to a deficiency judgment.
If you default on a mortgage, the lender can not only sell your property to get their money back, but they can also sue you if the money from the sale is not enough to cover the loan.
For example, if you owe a lender $100,000, but the lender only gets $90,000 in a foreclosure sale, they can take you to court for the remaining $10,000. If the lender wins, they can attack your assets, income, credit and peace of mind until you pay this amount. If you have private mortgage insurance, a lender can use this money to offset any losses instead of getting a deficiency judgment. Some states do not give the lender the right to a deficiency judgment.
Default
When a home owner fails to make payments on the mortgage
In some rare cases, due to financial trouble, a borrower can not make the monthly mortgage payments. To keep from losing the property, the borrower can negotiate with the lender for a more flexible pay back plan until he or she can get back on track.
If after about 3 months the borrower is still in default, the lender will have no choice but to start the foreclose process and sell the home to repay the loan.
Stop my foreclosure
A loan with a fixed interest rate
In some rare cases, due to financial trouble, a borrower can not make the monthly mortgage payments. To keep from losing the property, the borrower can negotiate with the lender for a more flexible pay back plan until he or she can get back on track.
If after about 3 months the borrower is still in default, the lender will have no choice but to start the foreclose process and sell the home to repay the loan.
Stop my foreclosure
A loan with a fixed interest rate
Deed of trust
A document that gives a lender the right to sell your property if you can not repay your loan
A deed of trust is similar to a mortgage contract except that a deed of trust involves a third party called a trustee, usually a title insurance company, who acts on behalf of the lender.
When you sign a deed of trust, you are in effect giving the trustee title (ownership) of the property, but holding on to the right to use and live in it. The lender or trustee holds the original deed of trust until you repay the loan on your home. Unlike a mortgage, a deed of trust also gives the lender the right to foreclose on your property without taking you to court first.
Stop my foreclosure
A loan with a fixed interest rate
A deed of trust is similar to a mortgage contract except that a deed of trust involves a third party called a trustee, usually a title insurance company, who acts on behalf of the lender.
When you sign a deed of trust, you are in effect giving the trustee title (ownership) of the property, but holding on to the right to use and live in it. The lender or trustee holds the original deed of trust until you repay the loan on your home. Unlike a mortgage, a deed of trust also gives the lender the right to foreclose on your property without taking you to court first.
Stop my foreclosure
A loan with a fixed interest rate
Deed
A legal document that transfers ownership/title of a property
Whoever holds the deed on a home is the legal owner (or holds title). Before the closing date, however, the lender requires a title search to prove that the seller really owns the property you are about to buy. You receive the original deed in the mail after it is recorded at the county courthouse. You need to make sure this happens since it is proof that you own the home. A grant deed is the most common type of deed used to transfer title.
Deed of Trust states: Alaska, Arizona, California, Missouri, Nevada, North Carolina, Virginia, and Washington DC.
Mortgage States: Alabama, Arkansas, Connecticut, Delaware, Florida, Hawaii, Indiana, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Vermont, Wisconsin
States that use both deeds of trust and mortgages:** Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Wyoming, Washington, West Virginia * Georgia uses a security deed** Custom dictates which document is used.
See: Deed of Trust
Whoever holds the deed on a home is the legal owner (or holds title). Before the closing date, however, the lender requires a title search to prove that the seller really owns the property you are about to buy. You receive the original deed in the mail after it is recorded at the county courthouse. You need to make sure this happens since it is proof that you own the home. A grant deed is the most common type of deed used to transfer title.
Deed of Trust states: Alaska, Arizona, California, Missouri, Nevada, North Carolina, Virginia, and Washington DC.
Mortgage States: Alabama, Arkansas, Connecticut, Delaware, Florida, Hawaii, Indiana, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Vermont, Wisconsin
States that use both deeds of trust and mortgages:** Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Wyoming, Washington, West Virginia * Georgia uses a security deed** Custom dictates which document is used.
See: Deed of Trust
Debt
The money you owe to a person or a company
There are a lot of types of debt - credit card, car and student loans, child support and alimony. Debt can leave you with little opportunity to save money. If debt takes a big bite out of your income, start looking at ways to manage your finances since lenders prefer you have very manageable debts when you apply for a loan to buy a home.
There are a lot of types of debt - credit card, car and student loans, child support and alimony. Debt can leave you with little opportunity to save money. If debt takes a big bite out of your income, start looking at ways to manage your finances since lenders prefer you have very manageable debts when you apply for a loan to buy a home.
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