Homeownership is a big investment. From repairs and maintenance to renovations and building equity, this guide will help you confidently pay for and enjoy your home.
Foreclosure is the process that lenders use to take possession of property from borrowers who can't pay their mortgages. Once in possession of the home, the lender can sell the property to recover the amount of the loan.
A loan modification is a change to your current home loan, whether that’s changing the length of repayment, interest rate, or other terms.
Home insurance provides financial protection to you as a homeowner against sudden and accidental damage to your home and everything inside it, as well as any additional structures on your property.
A reverse mortgage allows you to receive payments based on your home’s equity. You must be age 62 or older and must live in the house. The loan must be repaid when you move out, sell the house, die, or at the term’s end.
Home equity is the value of a homeowner's interest in a home. It can increase over time if the property value increases or as you pay down the mortgage loan balance.
Property insurance includes the insurance types purchased to protect dwellings and belongings inside and outside the home.
Property tax is a tax that an owner of the property—which can include a home, vehicle, or vacant land—pays to the local government based on the property's assessed value.
A mortgage forbearance agreement is a contract between a mortgage lender and a borrower wherein the lender agrees not to foreclose on the home and the borrower agrees to a plan that eventually gets them caught up on their monthly payments.
A home warranty is a service contract that pays to repair or replace major home systems such as electrical components, kitchen appliances, and plumbing. Home warranties come in different forms and the components they cover varies.
A lessee is an individual or company that rents property from another person or company, signing an agreement known as a lease to make it official.
If you have borrowed money for your home, loan principal is the original amount of money you borrowed from the lender and must repay. In addition to the principal, you may also have to pay interest charges and other fees until you have reduced the principal to $0.
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