Purchase Contract Definition: A purchase contract is a legally binding document between a buyer and a seller that outlines the specific terms and conditions for the sale of a property. […]
What Is a Purchase Contract?
What Is Accrued Interest?
Accrued Interest Definition: Accrued interest is the amount of interest you owe on your loan that has built up since your last payment but has not yet been paid. […]
What Is an Equity Take Out Mortgage?
Equity Take Out Mortgage Definition: An equity take out is a loan that lets you borrow money against your home’s equity. […]
What Is a Mortgage Principal?
Mortgage Principal Definition: Your mortgage principal is the amount of money you originally borrowed from a lender to buy your property. […]
What Are Assumable Mortgages?
Assumable Mortgage Definition: An assumable mortgage is a type of loan that lets a home buyer take over the seller’s existing mortgage terms. […]
What Is a Gift Letter?
Gift Letter Definition: A gift letter is a signed document that states the funds you received for a down payment are a true gift with no expectation of repayment. […]
Accelerated Bi-weekly vs Bi-weekly Mortgage Payments
The key difference is that an accelerated bi-weekly plan has you make the equivalent of one extra monthly payment per year, which pays down your mortgage much faster. […]
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What is a Letter of Employment for Mortgage and Why Do You Need It?
A letter of employment is an official document from your employer that verifies your job status and income details for a lender. […]
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Mortgage Agent vs. Broker vs. Specialist: Key Differences
The key difference is that a mortgage specialist works for a single bank, while an agent or broker works on your behalf to access many different lenders. […]
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Open vs Closed Mortgage: What’s the Difference?
The choice between an open and closed mortgage comes down to a trade-off between payment flexibility and a lower interest rate. […]
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