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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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3 min read

What is Seller Concessions?

Seller concessions are an agreement within a real estate contract whereby the home seller agrees to pay for some or all of a home buyer's closing…

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3 min read

What is Rent-to-Own?

Rent-to-own is a real estate agreement where a tenant leases a home with an option or obligation to purchase it at the end of the rental…

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3 min read

What is Multiple Listing Service?

The Multiple Listing Service (MLS) is a comprehensive database of homes for sale, often managed by groups of real estate professionals.…

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3 min read

What are Lender Overlays?

Lender overlays are additional qualification standards that lenders impose on home buyers, over and above the minimums established by the official…

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3 min read

What is Real Estate Taxes?

Real estate taxes, also known as property taxes, are levies imposed by governments on a homeowner. Real estate taxes are based on the home's assessed…

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2 min read

What is a Credit Bureau?

A credit bureau is a company that gathers, maintains, and provides information to mortgage lenders about a home buyer's credit…

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3 min read

What is Underwriting?

Underwriting is the process by which a mortgage lender evaluates a home buyer's mortgage application and determines whether the mortgage should be…

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3 min read

What is a Letter of Explanation?

A Letter of Explanation is a personal document provided by a mortgage applicant to a lender, explaining specific details within their mortgage…

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3 min read

What is Seasoning?

Seasoning refers to the length of time that money is in a home buyer's bank account before it's used to purchase a home. Longer seasoning periods are…

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3 min read

What Is Title?

Title refers to the legal right to own, use, and dispose of real estate…

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3 min read

What Is Title Insurance?

Title insurance is a form of indemnity insurance that protects lenders and home buyers from financial loss related to defects in a title to a…

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2 min read

What Is A Soft Credit Check?

A soft credit pull, also known as a soft credit inquiry, is a credit check that does not affect a home buyer's credit score. Soft credit pulls are…

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3 min read

What Is A Balloon Mortgage?

A balloon mortgage is a home loan that offers a low, fixed interest rate for five to seven years, after which the remaining loan balance is due in a…

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3 min read

What Is Prepaid Expenses?

Prepaid expenses are specific charges home buyers must pay at closing, including prepaid interest, property taxes, and insurance…

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3 min read

What Is Clear-to-Close?

"Clear-to-close" is the final stage of mortgage underwriting, signifying that all prerequisites have been met and your mortgage lender has given the…

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3 min read

What Is Boarder Income?

Boarder income is a homeowner's earnings from people who rent and live in spare rooms or sections of a…

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2 min read

What Is A Basis Point?

A basis point is a unit of measure in finance. One basis point equals 0.01%, or one-hundredth of a…

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3 min read

What Are Mortgage-Backed Securities?

Mortgage-backed securities (MBS) are investment products based on groups of mortgage loans, which play a significant role in determining mortgage…

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© 2021-2024 All rights reserved. Growella Inc d/b/a Homebuyer. Homebuyer.com is powered by Novus Home Mortgage, a division of Ixonia Bank, NMLS 423065. www.nmlsconsumeraccess.org Homebuyer is located at 230 Findlay Street, Cincinnati, Ohio 45214. Novus Home Mortgage, a division of Ixonia Bank, is located at 20225 Water Tower Blvd. Suite 400, Brookfield, WI 53045. We have no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture, or any other government agency. US Government agencies have not reviewed this information and this site is not connected with any government agency. Equal Housing Lender. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. The receipt of the application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.