Studying for your real estate license exam? Check out our resources on all the definitions you need to know while studying for your real estate exam.
As you undoubtedly know, we live in a world home to people of all colors, creeds, and walks of life. But you may wonder, “How does this play a role in the real estate world?” Well, it plays a significant …
A shared appreciation mortgage, or SAM, helps the buyer purchase unaffordable homes at low-interest rates. With these mortgages, the lenders assist the borrowers so that they can purchase homes easily. However, the lenders also demand something in exchange, which is …
An open-ended mortgage works like a traditional mortgage but allows the borrower to obtain additional cash later during the term for additional expenses. These additional expenses are typically home improvements and renovations, which can cost a lot. These mortgages are …
Graduated payment mortgages are beneficial to many types of homebuyers. These are fixed-rate mortgages, and their main aim is to help homeowners start with a low monthly payment. These mortgages are suitable for those homebuyers who don’t have much income …
A growing equity mortgage is a type of fixed-rate mortgage. These mortgages are designed to help people who want to build equity in their homes quickly—this type of mortgage benefits young applicants or first-time home buyers who can’t afford high …
The interest rate in a mortgage can either be fixed or the one that keeps fluctuating throughout the term. With fixed-rate mortgages, the monthly payments remain the same, but in Adjustable-rate mortgages (ARM), the monthly payments keep changing. Whether the …