Purchase Documents

Helping the user understand the purchase documents by showing examples and giving access to a easy to understand mortgage glossary.

Contingency Offers

A contingency offer allows for you to make your home purchase dependent upon the sale of your current home and on specified terms that are acceptable to both parties. This type of contingency is often difficult to negotiate in a seller's market because sellers are less willing to wait for the buyer's home to be sold when buyers are plentiful. However, in a buyer's market when there are more houses compared to buyers these terms become more reasonable.

A Home Buyer's Market

In today's market, home buyers can negotiate a winning price as it is no longer a seller's market in most areas. Use these current hard times to negotiate a great home purchase price and on terms which are most in your favor.

What is a Jumbo Loan - Definition

A jumbo loan is a mortgage with a loan amount above the industry standard definition of conventional conforming loan limits. This standard is set by Freddie Mac and Fannie Mae. The loan amounts reflect average loan sizes

What are Closing Costs? - Definition

What are Closing Costs? - Definition
Closing Costs are the costs associated with doing the loan that are collected at the time of closing. It is important to know that there is no such thing as a no closing cost loan.

What is a Closing? - Definition

What is a Closing? - Definition
A Closing usually refers to the final signing of loan documents legally solidifying either financing and or the purchase of a real estate property. In the case of a home purchase, it is typically

What is a Certificate of Eligibility? - Definition

What is a Certificate of Eligibility - Definition
A Certificate of Eligibility is the document that entitles qualified Veterans to a guaranteed government sponsored VA loan for either a mobile-home, business, or a house.

What is a Seller's Second? - Definition

What is a Seller's Second? - Definition
A Seller's Second is a loan in which the seller of a real estate property finances a small portion of the equity of a property in order to facilitate the purchase

What is a Carryback Loan? - Definition

What is a Carryback Loan? - Definition
A Carryback loan is a mortgage or loan that is financed by the seller of a real-estate property house. This is typically done to assist in the completion of the sale

What is a Brdige Loan? - Definition

What is a Bridge Loan? - Definition
A Bridge Loan (which is also known as a swing loan) is a loan that is a type of second mortgage that is held against (or collateralized)a borrower's current residence.

What is a Bill of Sale? - Definition

What is a Bill of Sale? - Definition
A Bill of Sale is a document that tranfers the title of a real estate property from a seller to a buyer. This written agreement will alter the deed of the

What is an Assumption Fee? - Definition

What is an Assumption Fee? - Definition
An Assumption Fee is a fee paid to a lender when a person assumes a property from another. The fee is typically paid by the buyer to the mortgage holder after the

What is Assumability? - Definition

What is Assumability? - Definition
The term Assumability refers to a mortgage that allows for the transfer of the mortgage and deed from a buyer to seller with out a purchase transaction. An

What is an Assumption? - Definition

What is an Assumption? - Definition
An assumption is where a purchaser takes over (or assumes) the responsibility of paying an existing mortgage. This typically requires permission from the current lender. The seller should also

What is an Anchor? - Definition

What is an Anchor? - Definition
When dealing with investment type properties with rental incomes, an anchor is a long term tenant, that is financially stable and generally has a good credit rating.

What is an Afford Ability Analysis? - Definition

What is an Afford Ability Analysis? - Definition
An AFFORD ABILITY ANALYSIS is an analysis of a buyer’s ability to afford the purchase of a home. The analysis reviews income, liabilities, available funds, and considers the type of mortgage you plan

What is an Adjusted Basis? - Definition

What is an Adjusted Basis? - Definition
The term "ADJUSTED BASIS" is a tax related term that is used to describe how one calculates the profit, or the loss from the sale or exchange of property. The equation is calculated by taking the

What is an Acreage? - Definition

What is an Acreage? - Definition
An Acreage is a unit ofmeasure for land (a two dimensional measure). An acre(age) is can be defined by the following measures of 160 square rods, 10 square chains, 4840 square yards, or 43,560 square

What is a 403(b) Loan? - Definition

What is a 403(b) Loan? - Definition
A 403(b) loan is a loan that can be taken against the vested funds in an employee's 403(b) account. A 403(b) loan normally has a short repayment term of 1 to 5 years. However, if the funds are going to

What is a 401(k) Loan? - Definition

What is a 401(k) Loan? - Definition
A 401(k) loan is a loan that can be taken against the vested funds in an employee's 401(k) account. This type of loan usually has a short repayment term of 1 to 5 years. However, if the funds are to

What is a 403b? - Definition

What is a 403b? - Definition
A 403b is an investment plan non-profit organization employers that allows employees to invest tax deferred income for either retirement or emergency purposes. (The non-profit version of the 401k) While 403b accounts

What is a 401k? - Definition

What is a 401k? - Definition
A 401k is an investment plan generally sponsored by corporate type employers that allows employees to invest tax deferred income for either retirement or
emergency purposes. While 401k accounts

What is a Land Contract? - Definition

What is a Land Contract? - Definition
A land contract exists when a seller acts as the bank (provides the financing) in a purchase transaction (typically on existing real estate). This type of transaction usually involves a significant cash down