Real Estate Term of the Day: Flood Insurance FLOOD INSURANCE – an insurance policy that covers property damage due to natural flooding. Flood insurance is offered by private insurers but is subsidized by the federal government (Barron’s Dictionary of Real Estate Terms) When you purchase your home, your lender will always require a flood certificate … More Real Estate Term of the Day: Flood Insurance
Real Estate Term of the Day: Fixed-Rate Mortgage FIXED-RATE MORTGAGE – a loan secured by real property featuring an interest rate that is constant for the entire term of the loan (Barron’s Dictionary of Real Estate Terms) Contrast to: ADJUSTABLE RATE MORTGAGE (ARM) When financing a new home, it is key that you work with your … More Real Estate Term of the Day: Fixed-Rate Mortgage
Real Estate Term of the Day: First Mortgage & Second Mortgage FIRST MORTGAGE – a mortgage that has priority as a lien over all other mortgage. In cases of foreclosure the first mortgage will be satisfied before other mortgages (Barron’s Dictionary of Real Estate Terms) SECOND MORTGAGE – a subordinated lien (lower priority than another), … More Real Estate Term of the Day: First Mortgage & Second Mortgage
Real Estate Term of the Day: Federal Housing Administration FEDERAL HOUSING ADMINISTRATION (aka: FHA) – an agency, within the U.S. Department of Housing and Urban Development, that administers many loan programs, loan guarantee programs, and loan insurance programs designed to make housing available (Barron’s Dictionary of Real Estate Terms) According to the Hud.gov, Congress created the … More Real Estate Term of the Day: Federal Housing Administration
LESLIE MONACO REAL ESTATE 