Credit inquiries (or credit pulls) are when a creditor or lender sends a request to one of the credit agencies to review your credit report. This inquiry may become part…
Category: Glossary
A home inspection is undertaken after an offer is accepted on a home, and before closing. The purpose of the home inspection is to identify any potential issues with the…
A contingency is a condition of a contract that must be fulfilled for the contract to move forward. They are common in the home buying process to protect buyers by…
Underwriting is the process a lender undergoes to determine if a potential loan is an acceptable credit risk i.e. is the borrower likely to repay the loan? An underwriter will look…
PMI, or private mortgage insurance, is a type of insurance that protects the mortgage lender in the event of default or foreclosure and is usually required if you put LESS than…
A depreciating asset is any item you purchase that decreases in usefulness and value as it is used every day. Some common examples are autos, campers, boats, furniture, etc. Depreciating…