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First-time home buyer guides, helpful mortgage tips, and easy-to-follow articles to make you a better first-time buyer.

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What is a Warrantable Condominium?
Buying Soon
4 min read

What is a Warrantable Condominium?

A warrantable condominium is a condo unit or building that meets specific financing and operations standards required for a government-backed…

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What is a Non-Warrantable Condominium?
Buying Soon
4 min read

What is a Non-Warrantable Condominium?

A non-warrantable condominium is a condo unit or building that fails to meet the minimum financing standards of government-backed mortgage groups.…

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What is Existing Home Inventory?
Just Starting
2 min read

What is Existing Home Inventory?

Existing Home Inventory is the total number of previously owned homes available for sale at a given…

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What is Existing Home Supply?
Just Starting
3 min read

What is Existing Home Supply?

Existing Home Supply measures the months it would take to sell the complete inventory of existing homes at the current pace of…

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What is Existing Home Sales?
Just Starting
3 min read

What is Existing Home Sales?

Existing Home Sales is a monthly report that counts the number of previously constructed homes, condos, and co-ops sold in the United…

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What is a Multi-Unit Home?
Just Starting
4 min read

What is a Multi-Unit Home?

A multi-unit home is a residential building divided into multiple housing units, each with a living space, kitchen, and…

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What is a Due on Sale Clause?
Under Contract
4 min read

What is a Due on Sale Clause?

Due on sale is a mortgage contract clause that requires the full loan balance to be paid when the property is…

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What is For Sale By Owner?
Just Starting
4 min read

What is For Sale By Owner?

For Sale By Owner (FSBO) is a method of property sale where a homeowner sell their home directly, without the services of a real estate agent or…

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What is Flood Insurance?
Buying Soon
3 min read

What is Flood Insurance?

Flood insurance is a specific type of homeowners insurance that covers losses and damage due to overflowing bodies of…

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What is Household Income?
Just Starting
3 min read

What is Household Income?

Household income is the combined gross income of all members of a household who are 15 years or older, regardless of whether they are…

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What is a Contingency Clause?
Buying Soon
4 min read

What is a Contingency Clause?

A contingency clause is an addition to a real estate contract to let parties back out without penaltyunder certain…

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What is Listing Price?
Buying Soon
3 min read

What is Listing Price?

Listing price refers to the amount of money a seller sets as the asking price for their property when it is put up for…

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What is a Mortgage Rate Lock?
Under Contract
5 min read

What is a Mortgage Rate Lock?

A mortgage rate lock is a mortgage lender's commitment to honor a quoted mortgage through closing to a home…

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What is PITI?
Buying Soon
3 min read

What is PITI?

PITI is an acronym in mortgage lending that stands for Principal, Interest, Taxes, and Insurance, the four components of a monthly mortgage…

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What is Personal Liability Insurance?
Buying Soon
3 min read

What is Personal Liability Insurance?

Personal liability insurance is a component of homeowners insurance that provides coverage for legal responsibility for bodily injury or property…

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What is Dual Agency?
Just Starting
4 min read

What is Dual Agency?

Dual agency is when the same real estate agent represents the buyer and the seller in the same home purchase…

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What is a Non-Occupant Co-Borrower?
Just Starting
3 min read

What is a Non-Occupant Co-Borrower?

A non-occupant co-borrower is a person who co-signs a mortgage loan but does not live in the property that the mortgage is…

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What is HO-6 Insurance?
Just Starting
3 min read

What is HO-6 Insurance?

HO-6 Insurance, commonly known as "condo insurance" or "co-op insurance," is homeowners insurance for people who own units in a condominium or a…

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