Where cozy means tiny and charming means needs work.
The percentage of a property's value that's financed through a loan versus down payment. Higher LTV means less cash down but more risk for the lender and more PMI for you.
A property owned by a lender after foreclosure because nobody bought it at auction—basically the bank's accidental property. These often sell at discounts but come with inspection nightmares.
An acronym for East Downtown Houston, a neighborhood designation in Houston, Texas that real estate and locals use to pinpoint specific districts.
That short private road connecting your house to the street, where you park your car and contemplate life's decisions. Real estate's way of saying 'personal road to your personal space.'
A formal notice that a borrower has failed to make mortgage payments and is in breach—basically the bank's official 'we're really upset' letter. The beginning of the foreclosure process.
Prepaid interest charges (1 point = 1% of loan amount) used to buy down mortgage rates. The lender's way of letting you pay extra now to pay less later.
The disbursement of funds held in escrow upon satisfaction of contingencies, basically permission to finally relax.
The timeframe during which buyers can have the property inspected and back out without penalty, the due diligence phase.
A mortgage with an interest rate that changes over time, basically a financial time bomb for those who can't do math.
A temporary pause or reduction in mortgage payments for homeowners facing hardship, financial CPR for struggling borrowers.
A hybrid agreement where you rent with the option to buy, basically rent-to-own for people who can't decide.
Filing a deed or other document at the county recorder's office, making ownership official in the eyes of the law.