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Important Mortgage Acronyms

Assurance Financial

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. If you are building your home, you typically need to first take out a construction loan, not a traditional mortgage, to fund the cost of building the house. Downloadable Guides.

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February 2023 South Florida Housing Report

Lamacchia Realty

February 2023 south florida housing report February Highlights Single family homes sales are significantly down again in Broward, Miami-Dade and Palm Beach counties in February compared to this time last year. Sellers, the sooner you put your home on the market, the more it will sell for !

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Say What? Home-Buying Lingo You Should Know

Zillow

Capacity : The amount of money a home buyer can afford to borrow. Cash-value policy : A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Closing : A one- to two-hour meeting during which ownership of a home is transferred from seller to buyer.

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What’s Included in Closing Costs?

PennyMac

More specifically, closing costs are fees that you (as the buyer) will pay to third parties who have performed services for purchasing your home. At this point in the home buying process, you’re probably wondering why closing costs are necessary. Closing costs can apply to both the buyer and seller. Escrow Deposit.

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The Complete Guide to Buying a Home As a Government Employee

Raleigh Realty

Build Equity Every time you make a mortgage payment, you build equity in your home. Think of equity as the amount of money your home is worth after what you owe is deducted. When your home value goes up and you start paying off the loan's principal balance, that builds equity. And shop around for lenders.

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The Complete Guide to Buying a Home After College

Raleigh Realty

Build Equity Your home will have a value assigned to it, and you'll be making mortgage payments. The difference between the home's value and what is left in your mortgage is the equity. In other words, if your home is worth $100,000 and you have $60,000 remaining in your mortgage, you have $40,000 worth of equity.

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Second-Time Homebuyer Guide

PennyMac

With a VA loan, there are: No down payment on home purchase loans* Lower closing cost limits Lower interest rates Relaxed credit requirements No monthly mortgage insurance premiums Already have a VA loan for your first home? For example, in a buyer's market, homes tend to remain listed for longer and may sell at a lower price.