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Real Estate Definitions

What is a Short Sale?

February 20, 2012 By Leave a Comment

In a bank short sale, a lender agrees to accept less than the outstanding balance as payment for a mortgage.

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APR – What Is Annual Percentage Rate (APR)?

January 2, 2012 By Leave a Comment
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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. When quoting an interest rate, loan officers are required by [...]

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Tax And Insurance Escrow

January 2, 2012 By Leave a Comment
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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 insure your home is a breach of [...]

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