Monthly Archives: August 2017

Real Estate Term of the Week

Jumbo Mortgage: A mortgage loan on a home where the loan value exceeds the standard limits for conventional loans set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy loans from banks....

What You Need to Know About Jumbo Loans

The steady rise in home prices has created a greater demand for jumbo loans. As of mid-2017, the average cost of a single-family home in the U.S. reached $371,200 (according to ycharts.com). That’s heading...

Real Estate Term of the Week

Appraisal: An estimation of a home’s market value by a licensed appraiser based on comparable recent sales of homes in the neighborhood. Appraisals are ordered on behalf of a home buyer’s lender to protect...

Real Estate Term of the Week

Creosote: A dark brown or black flammable tar deposited from wood smoke on the walls of a chimney. Homeowners using wood burning fireplaces should have chimneys cleaned regularly to prevent house fires

Real Estate Term of the Week

Inspection Contingency: Is an optional clause stated in a home purchase contract that gives the buyers the right to get the home inspected and negotiate further if there are repair issues. The inspection usually...