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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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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New Home Sales is an economic indicator that tracks the number of newly constructed homes sold in a given…
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Personal Consumption Expenditures (PCE) is an economic indicator representing the value of household goods and services…
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The House Price Index (HPI) is an economic indicator that tracks changes in home prices across the United States. The Home Price Index rose 6.6% in…
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A home inspection is a thorough examination of a property's condition, typically conducted by a qualified…
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A flipped home is a property that has been purchased, renovated, and sold for a profit within a short period, usually nine months or…
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A Master Condo Policy is an insurance policy held by a condominium's homeowners association (HOA) that covers common areas and the overall structure…
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A deductible is the amount of cash a homeowner must pay out of pocket before insurance coverage kicks…
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Homeowners insurance is an insurance policy that pays out when a home is damaged by weather, fire, or other means.…
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A high-cost area is a city, county, or parish where the median home value significantly exceeds the national average, leading to higher loan limits…
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The National Association of REALTORS® (NAR) is a real estate trade organization and owner of the registered trademark…
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Payment shock refers to a significant and abrupt increase in a first-time home buyer's monthly financial obligations, particularly when transitioning…
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Principal balance is the amount of unpaid money on a mortgage…
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Free-and-clear refers to a property that is owned outright without any mortgages or liens against…
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Earnest money is a deposit made by a home buyer to show they are serious about purchasing a…
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Mortgage default is when a homeowner fails to meet the legal obligations of their home loan, typically by not making its required monthly mortgage…
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A mortgage cosigner is a person who agrees to make mortgage payments on behalf of a home buyer in the event the buyer falls behind on their mortgage…
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