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To buy a home, buyers can take out a mortgage loan to purchase a property if they are short on funds. They can then repay the loan over many years to their lender (e.g., the bank) in the form of mortgage payments. However, during such real estate transactions, the lenders are the most at financial…
Have you ever wondered how a house is legally owned? It’s not as simple as just owning the keys. A deed of trust is an important legal document used to secure a mortgage. It’s an additional contract between a lender, a borrower, and a trustee. A trust deed outlines the terms of the mortgage and…
As of 2023, 1.4% of all US mortgages were classified as defaulted, meaning they were 90 days or more late. This can have serious consequences, such as foreclosure, negative effects on your credit score, or even bankruptcy. First, let’s answer this: what does it mean if you default on a mortgage? Simply put, defaulting on a…
Have you ever wondered how investors manage their exposure to mortgage-backed securities? Collateralized mortgage obligations (CMOs) offer a unique way to invest in mortgage loans while mitigating certain risks. This specialized financial product has become increasingly popular among savvy investors seeking fixed-income opportunities. What is a Collateralized Mortgage Obligation? A collateralized mortgage obligation is a…
When a homebuyer gets a mortgage, they agree to pay back the money they borrowed from a lender, usually a bank. These payments are usually made over a period of many years with interest, which is how the lender makes money. If the borrower doesn’t make payments, the mortgage gives the lender the ability to…
When you’re looking to buy a home, you’ll likely come across terms like “mortgage,” “deed of trust,” “land contract,” “real estate contract,” and even “bond for deed.” It might feel like you’re learning a new language altogether, but there’s no need for alarm. A “mortgage” is a banking term and it basically means a loan…
Are you up to your neck in mortgage payments, but you don’t want the bank to foreclose on your loan? Well, you might want to consider a deed in lieu of foreclosure. This is an option that can be advantageous for both you and your lender. It’s a win-win situation that may be able to…
If you need a home appraisal, you may have run into a couple of challenges with traditional appraisers. Two of the most common challenges include: Price: A traditional house appraisal can be quite costly. It could cost as much as $1,200 depending on the appraiser and the details of the home. Availability: It could take…
Some terms are practically synonymous with the intricate world of real estate. Some, like mortgages, are fundamental things related to this field that everyone knows of. However, a few concepts like real estate owned (REO) are still confusing to some unless they do deep research. The term real estate owned (REO) relates to real estate…
If you’re considering selling your mortgage note, you may be wondering how long the entire process takes. You may have also heard terms like simultaneous closing or concurrent closing. So what do these terms really mean? What is Simultaneous Closing (SIMO)? SIMO Meaning: A simultaneous closing (SIMO), often referred to as back-to-back closing, is a…
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