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Mortgage Term Glossary

Assurance Financial

A lender might set up an escrow account where they hold money that goes toward your property tax payments and homeowners insurance premiums. When insurance or property taxes are due, the lender pays the insurance company or government with funds from your escrow account. Fair Market Value. Home Inspection.

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

Assurance Financial

It guarantees or insures the FHA loan program. Since private lenders have insurance from the FHA, they are more likely to lend money to people who wouldn’t qualify for a conventional mortgage. In exchange for looser requirements and government insurance, FHA loans require borrowers to pay mortgage insurance.

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Important Mortgage Acronyms

Assurance Financial

If the house doesn’t pass inspection or the sale doesn’t go through due to an allowable contingency, the buyer gets the EMD back. Downloadable Guides. Click here to download the file. Click here to download the file. FAIR (Fair Access to Insurance Requirement). FMV (Fair Market Value).

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The Cost Approach: An Underutilized Approach to Value

McKissock

.” Here are two quotes from that article that are still true today: “How credible do you think a current estimate of market value will be if it is based solely on three sales made to low down-payment buyers at the height of the recent feeding frenzy?” What should it be insured for?

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What to Do If You Inherit A Home

McKissock

Download here. You will also have the flexibility of depreciating improvements that extend the value of the property. Lastly, there is always the possibility that selling an inherited property for cash is likely to get you below the market value of the property. What are your options after inheriting a home?