Monthly Archives: April 2017

Real Estate Term of the Week

Home Equity Loan: A type of loan in which the borrower uses the equity of his or her home as collateral. The loan amount is determined by the value of the property, and the...

Real Estate Term of the Week

FHA Loan: A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment....

Real Estate Term of the Week

Construction Contract: A legal document which specifies the details of a construction project. A good construction contract will include (1) the contractor’s registration number; (2) a statement of work quality such as ‘Standard Practices...

Real Estate Term of the Week

County Auditor: In regard to real estate, the County Auditor is responsible for assessing value of all real and personal property. The auditor must assess property values for the purpose of taxation as well...