Bank-owned houses (a.k.a foreclosures) are houses taken away from previous owners who couldn’t fulfill their loan terms and now owned by the lenders (banks). Bank-owned house is usually in a bad shape and rarely the house could be filled with intentional
Property tax is tax due to owning a real estate property, as long as you maintain the ownership. Property tax is calculated based on percentage of a purchase price. Property tax rate varies by state and county although the rate is
How do you qualify for a mortgage loan? Here are important metrics that determines your mortgage APR and maximum mortgage amount. Proof of income Whether your income is documented or has evidence such as tax report or company pay stub.
What is Mortgage Loan? It is referring to a loan a person could take to aid their property purchase. The loan takes collateral on the borrower’s property, meaning that there is a legal mechanism that allows loaner to take possession of
Homeowner association (HOA) is a group of people that dictates common area and rules for all included properties. HOA rules are outlined by development document called CC&Rs (Covenants, Conditions & Restrictions). CC&R governs all properties and common area and can enforce
Below is the description of house categories in physical/visual terms for ease of understanding. Please be advised that house categories in legal terms can be different with the same exact identifier (such as Single House), which will be explained later. Condo – Owner