Real Estate Partners
A non-biased third party that distributes the money for the transaction.
Who is escrow
The most popular loan term
What is a 30 year fixed loan?
This loan product works best for low credit or recent bankruptcy
What is an FHA loan?
A good faith deposit made by the buyer.
What is Earnest Money?
Amy's favorite color
What is Red?
Someone who thoroughly inspects a home
Who is a home inspector?
A term that might be beneficial if you are close to retirment
What is a 15 year mortgage?
This loan is strictly for Veterans
What is a VA loan?
What are fees required for a transaction that are over and above your down payment?
What are closing costs?
The name of the aerial apparatus Amy enjoys
What is a Lyra?
The person who decides the market value of a home
Who is an appraiser?
A term where the entire loan is due within a set timeframe (usually a few years).
What is a balloon?
This is a $0 down loan only offered in rural areas.
What is a USDA loan?
What is the actual amount of your home that you truly own?
What is Equity?
Amy's previous profession
What is a Cosmetologist?
The person who approves a loan
Who is an underwriter?
A term where the interest rate can fluctuate every few years
What is an adjustable rate mortgage?
This loan is used soely for investment properties
What is a DSCR loan
(Debt Service Coverage Ratio)
A metric tracking the total number of days a property has been listed for sale
What are Days on Market (DOM)?
The water sport Amy enjoys
Wakesurfing
A person who can quote loan rates/fees
Who is a loan officer/broker?
A term that is attractive to investors.
This loan would be used only by a self-employed person
What is a bank statement loan?
A professional estimation of a property's value.
What is an appraisal?
The name of the Broadway production that Amy was in
What is Joseph and the Amazing Technicolor Dreamcoat?