mortgage terms for dummies

how do i know how much my house is worth My house was left to me when my parents passed. It is paid off so there is no mortgage. I do owe some back property taxes and the house is in bad shape. It is a large lot in a very good location. I want to sell but I dont know how much to ask for. Ive seen a valuation of $186,000 online but the house is not in very good shape.

Use this glossary of mortgage terms to better understand the overall mortgage process as well as any specific mortgage terms that may be unfamiliar to you. A Abstract of title [skip to next word] A written history of all the transactions related to the title for a specific tract of land.

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Home mortgages for dummies 101! What is a mortgage and the basics of mortgages. In this video, I explain how mortgages work! Make sure to follow me on Instag.

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"The stock market of the last couple of years has given people a stunning appreciation of what the `real’ in real estate means," says Ray Brown, co-author of "Home Buying for Dummies. rate mortgage.

Closed mortgage. A closed mortgage cannot be prepaid or refinanced before the current mortgage term is finished, although limited prepayments may be allowed. This keeps the interest rate a little lower than open mortgage rates. Open mortgage. An open mortgage gives you the ability to payout, prepay, rewrite or renew at any time, without a penalty.

But that amount may not be what you can afford to pay, said Eric Tyson, co-author of "Home Buying for Dummies." "What if you have a lot. Keep in mind that shorter-term mortgages will cost more per.

And if you choose a 15 or 30 year mortgage, Handling Your Mortgage For Dummies can allow you to know your choices for paying off it much quicker and possibly saving tremendously. Not until the subsequent years of your mortgage term can you quickly start to pay off your loan balance.

The guide even includes a glossary that explains real estate terms you’ll hear again and again throughout the home buying process, such as contingencies, down-payment, escrow, private mortgage.

Mortgages encumber (burden) real property by making it security for the repayment of a debt. A first mortgage ever so logically describes the very first loan secured by a particular piece of property. The second loan secured by the same property is called a second mortgage, the third loan is a third mortgage, and so on.

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Conventional Fixed Rate Mortgage: A fixed-rate mortgage offers you a set interest rate and payments that do not change throughout the life, or "term," of the loan. A conventional fixed-rate loan is fully paid off over a given number of years-usually 15, 20, or 30.