A budget mortgage is a type of mortgage that necessitates monthly payments covering property taxes and insurance alongside principal and interest.
An agency within the U.S. Department of Housing and Urban Development, founded in 1934, that administers various loan, loan guarantee, and loan insurance programs to increase housing availability.
A home loan, also known as a mortgage, is a financing arrangement in which an individual borrows money from a financial institution to purchase residential property.
Homeownership refers to the state of living in a structure that one owns, rather than renting or serving as a tenant. Owning a home provides financial stability and potential asset appreciation over time.
The mortgage interest deduction is a tax incentive provided to homeowners, allowing them to reduce their taxable income by the amount of interest paid on a qualified home loan. This deduction is a substantial financial benefit for many taxpayers, promoting homeownership.
Formerly referred to as the primary residence, a principal residence is the main home where an individual lives and spends the majority of their time. Certain tax benefits and legal protections can be tied to the designation of a property as a principal residence.
A Reverse Annuity Mortgage (RAM) is a financial instrument that allows elderly homeowners to convert home equity into a steady stream of income or a lump sum, while continuing to live in their home. This facility is especially useful for retirees needing to access additional funds without selling their property.
Upfront charges are fees that are charged to homeowners at the time of closing a real estate purchase. These include various costs such as points, recording fees, mortgage title policy, appraisal, and credit report.
Upgraders are individuals or families who currently own a home and are in the process of seeking to buy a new one that they consider an improvement over their current residence, often referred to as 'move-up' buyers.
