A homeowner’s association, or HOA, is an organization within a subdivision, planned community, or condo building that makes and enforces specific rules for the properties and residents. A homeowner’s association (HOA) is usually found when you purchase a condominium, townhome, or other development property.
Total number of homes sold in San Diego during a given time period.
Homeowner’s insurance is a type of property insurance that covers losses and damages to a house, as well as assets within the home. When you purchase a home, it’s also necessary to purchase homeowner’s insurance to cover any losses or damages you might incur, such as natural disaster, theft, or damage.
The total number of homes in San Diego that were pulled off the market during a given time period.
Total number of active listings currently on the market in San Diego within a given time period.
Judicial foreclosures require all foreclosures go through the court system to confirm the debt is in default before putting the property up for auction. The goal of judicial foreclosures is to protect property owners from corrupt lenders.
A jumbo mortgage, or jumbo loan, is a home loan for an amount that exceeds the conforming loan limit set on mortgages eligible for purchase by Fannie Mae and Freddie Mac, the government-sponsored enterprises that ultimately buy and administer most single family-home mortgages in the United States.
A lease option is like rent-to-own for real estate. It gives the lessee the ability to lease property with the option to buy.
In real estate, the lender refers to the individual, financial institution, or private group lending mortgage money to a buyer to purchase property with the expectation the loan will be repaid with interest, in agreed upon increments, by a certain date.
A property lien is a legal claim on assets that allows the holder to obtain access to the property if debts are not paid. These can be granted for repossessing property, including a home, if the owner has defaulted on mortgage payments.
A life cap refers to the maximum amount an interest rate on an adjustable rate loan can increase over the lifetime of the loan. A life cap is also known as an absolute interest rate or interest rate ceiling and keeps interest rates from ballooning too high over the term of the loan.
While real estate agents focus on the buying and selling of a certain property, loan officers deal with the financial side of obtaining a mortgage. A loan officer will help you make sound financial decisions and obtain the right home loan for you.