Cleared to Close?

Suddenly this phrase does not really mean what it use to! A new quality control measure put into place by Fannie Mae and Freddie Mac have added yet again, another new guideline to our already overburdened process. This new requirement, called the LQI or Loan Quality Initiative, states that a new … [Read more...]

Before You Start Looking For Your New Home

Valley Springs Real Estate Advice Check your credit rating. Straighten out any errors before it’s too late. Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment. Find a loan program that meets your needs and get pre-qualified (preferably … [Read more...]

G, H, I , J, L, M Terms

Ginnie Mae: A government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment. Like Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent … [Read more...]

D-E Terms

D Debt - An amount owed to another. See installment loan and revolving liability. Deed - The legal document conveying title to a property. Deed-In-Lieu - A deed given by a borrower to the lender to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance." Deed Of Trust … [Read more...]

J-L Terms

J Joint Tenancy - A form of co-ownership that gives each tenant equal undivided interest and rights in the property, including the right of survivorship. Contrast with tenancy in common, tenancy by the entirety. Judgment - A decree by a court of law that one person, a debtor, is indebted to … [Read more...]

M-N Terms

M Margin - For an adjustable-rate mortgage (ARM) or home equity line of credit, the amount that is added to the index to establish the interest rate on each adjustment date, subject to any limitations on the interest rate change. The margin is static and will not change during the life of the … [Read more...]

T, U, V Terms

T Tax Bracket - Please select the tax bracket you fall under. If you are unsure what tax bracket you are in, you may want to speak with an accountant find out. Tax Savings - This is the amount of money you save in income taxes. You save this money because in most cases the interest you pay on … [Read more...]