Miscellaneous
If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!.First time home buyers, this one's for you!!.MORTGAGES - "WTH AND WHERE DO WE START," you ask? Right here, actually :).Marc Demetriou is an expert in all things finance and mortgages, but from a holistic POV. I love this so much because there's way more to buying a house than the sale price and the down payment. We cover MANY of those topics in this conversation, including, but not limited to.....Taking educated chances and risks, as well as what it means to take out a mortgage with a lender when buying a house..Marc goes over what exactly he looks into when approving you to buy a house, we cover bits of pieces of conventional loans versus an FHA loans, we touch on appraisals and what it means when a house under-appraises, and the list goes on, but that's only part of it all in the thirty minutes we had!.Links: Marc's book on Amazon // @marcdemetriou // @themarcdemetriouteam // @seasyourhome // @spirituallynutritious.Definitions:Credit Score - "a number assigned to a person that indicates to lenders their capacity to repay a loan."Assets - "property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies."Down Payment - "an initial payment made when something is bought on credit."Lien - "a right to keep possession of property belonging to another person until a debt owed by that person is discharged."Defaulting on a house - "A default occurs when a borrower is unable to make timely payments, misses payments, or avoids or stops making payments on interest or principal owed. Defaults can occur on secured debt, such as a mortgage loan secured by a house, or unsecured debt such as credit cards or a student loan."Foreclosure - "the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments."Title to the house - "A title is a legal right to ownership of a property, including the right to sell. ... Legal purchase of a house transfers the title to the buyer, so if you do buy a house, the title will be yours along with the deed."Deed - "A property deed is a legal document that transfers property ownership from a seller/grantor to a buyer/grantee. A deed contains a description of the property (including property lines) and denotes the seller/grantor and the buyer/grantee. Both parties must sign the document to make it official."Private Mortgage Insurance (PMI) - "PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home's purchase price." See acast.com/privacy for privacy and opt-out information.