mortgage terms

Discover the pros, cons, and options of seller financing. Learn how it works, its benefits, and the risks for buyers and...

Deed of trust is a legal instrument in which the buyer transfers the title of the property to a trustee as security against a mortgage. Learn how a deed of trust...

Mortgage amortization refers to the process of paying off a mortgage loan through a series of regular payments over a fixed period of...

A promissory note refers to a borrower's promise to repay a loan within a specific time. It provides legal protection to the...

The national average mortgage loan limit in 2023 is $726,200 for a single-unit property. For Alaska and Hawaii, the limit is $1,089,300. The homebuyer’s purchasing power increases with larger loan...

Principal and interest are the two main components of your mortgage repayment structure. Understanding interest and principal is essential for every mortgage borrower. Mortgage payments are the cornerstone of...

The average mortgage payment is the amount a homeowner pays each month to their lender to repay the loan used to purchase their...

Roger and Amber realized early that they couldn’t afford a mortgage loan at the current interest rate of 7.6%. So, they inquired if their seller’s mortgage was assumable. They found out that it was...

In 2023, nationwide home appreciation grew by 3.9%. This appreciation indicates that the homeowners have gained more home equity. They can opt for a second mortgage against their property’s equity. A...

The average annual payment for a 30-year fixed mortgage is $3,759 at 7.17% interest rate. However, the IRS allows homeowners to take advantage of the mortgage interest deduction. This deduction enables...