Mystery Round
This insurance program implemented by the government to encourage banks to make home loans after the depression. Borrowers are only required to make a 3.5% down payment
What is an FHA loan?
The city of Summerville resides in these counties
What are Berkeley, Charleston, and Dorchestor counties?
The main 2 types of foundations of on a house
What is a slab/crawlspace?
During a Traditional Real Estate Transaction, this first step is completed by the buyer
What is Pre Approval
The Entity that files a lawsuit
What is a Plantiff
When a borrower is looking to get a new mortgage to lower the interest rate
What is a rate refinance?
The zip code that is recognized in the Western most part of West Ashley
What is 29414?
The trim that runs vertical on the edge of the roof
What is fascia?
Once a seller accepts the buyers offer, the buyer must do this before anything
What is depositing earnest money?
The second step of the Foreclosure process AFTER a missed payment and before PreForeclosure is started.
What is Notice of Debt Collection
When a lender reimburses funds for construction or rehab in periodic intervals after you pay first
What is a draw?
Outside of the main city of Charleston, this city is the most populous city in the tri county
What is North Charleston?
The part of a home is generally a triangular portion of a wall between the edges of intersecting roof pitches.
What is a gable?
In a traditional transaction, after due diligence is completed, this process could save you time, money, and headaches.
What is Seller Concessions
The items in a monthly payment (Hint: acronym PITI)
What is Principal interest taxes and insurance?
The city located in zip code 29492
What is Daniel Island?
A roofed structure usually containing a window that protrudes vertically from a pitched roof
What is a dormer?
The Mortgage company will request this a week or few days before closing.
What is Proof of Funds?
After a Lis Pendens is filed, the plantiff would have this time before the property is sent to Foreclosure
What is 1-3 months
A borrower wants to get equity from their home but they do not want to refinance their existing mortgage
WHAT IS HOME EQUITY LOAN (HELOC)?
The city of Folly Beach is represented by this zip code
What is 29439?
The kind of siding is no longer used and costly to remove
What is asbestos siding?
You are buying your first house, and the home needs a new HVAC. The buyer should....
What is Negotiate Repairs?
An Order of Reference is filed by the plantiff attorney for what reason.
What is moving to Master In Equity