According to NAR, "A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner." Basically, the current value of the home is less than what is owed the lender(s). A short sale takes much longer to process than a normal … [Read more...]
Real Estate Definitions
APR – What Is Annual Percentage Rate (APR)?
January 2, 2012 by
More commonly called APR, Annual Percentage Rate is a government-mandated mortgage comparison tool. It measures the total cost of borrowing over the life of a loan into dollars-and-cents. A loan's APR is printed in the top-left corner of the Federal Truth-In-Lending Disclosure, as shown above. … [Read more...]
Tax And Insurance Escrow
January 2, 2012 by
As a homeowner in Norfolk , your fiscal responsibility extends beyond just making mortgage payments. You must also pay your home's real estate taxes as they come due, as well as your homeowners insurance policy premiums. Failure to pay real estate taxes can result in foreclosure. Failure to … [Read more...]
