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Mortgage Term Glossary

Assurance Financial

Earnest money is a portion of the sale price of the home that a buyer pays upfront, after the seller accepts their offer. The deposit shows that a buyer is serious and allows the seller to take the home off the market. If the buyer backs out of the sale, the seller gets to keep the earnest money. Fair Market Value.

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How to prepare a comparative market analysis (CMA) report

Housing Wire

A Comparative Market Analysis (CMA) is a detailed report that helps real estate agents evaluate and determine the market value of a property. A CMA report includes information on similar, comparable properties in the area, including recent sales, active listings and current market trends.

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What Happens to My Mortgage If I Move?

Assurance Financial

In a traditional home sale, the seller lists the house for a price that will cover the following costs: The mortgage’s remaining costs. After taking care of the above expenses, whatever amount is left over is the seller’s profit. As a result, the seller no longer has that mortgage. Traditional Home Sale.

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Buyer’s vs. Seller’s Market: How to Tell the Difference

Assurance Financial

The key to getting the best possible value for your money is understanding what’s happening in your local real estate market — whether you’re a buyer or a seller. What’s the Difference Between a Buyer’s and Seller’s Market? Marketing Strategies. What Is a Buyer’s Market?

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FHA vs. USDA Loans: What’s the Difference?

Assurance Financial

USDA loans , also known as Rural Development loans, are designed to make homeownership affordable and provide affordable housing to rural communities across the U.S. They are designed for borrowers with a low or very low income who want to purchase a home in a rural area. What Is a USDA Loan? There are two types of USDA loans.

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What Do Appraisers Look For in a Sales Contract?

Appraisal Today

Playbook excerpts This playbook is designed to help industry partners prepare for and adopt the multi-year, joint governmentsponsored enterprise (GSE) initiative to update the Uniform Appraisal Dataset (UAD) and retire the existing appraisal forms. Home sellers gave concessions to buyers in 45.5% Answers a lot of appraiser questions.

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Important Mortgage Acronyms

Assurance Financial

Loans with an AMI limit are typically designed to help people who would otherwise not qualify for a mortgage to purchase a home. The CD also tells you how much cash you need to bring to closing and lists all the transactions that have taken place, such as any credits from the seller. Downloadable Guides. Refinance Guide.