What is a Conventional Loan? A conventional loan is any mortgage loan that is not insured or guaranteed by the government. Conventional loans can be conforming or non-conforming. ...
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What is a Homeowners Association (HOA)? A homeowners association (HOA) is an organization that makes and enforces rules and guidelines for a subdivision, planned community, or condominium building. Like many ...
A FICO score is a type of credit score that indicates a person’s creditworthiness. Named after the Fair Isaac Corporation, which created the scoring model, a FICO score ranges from ...
Debt-to-Income (DTI) Ratio is a financial term that compares a person’s recurring monthly debt payments (credit cars, car loans, etc.) to their gross monthly income. Lenders use the DTI ratio ...
What is a Settlement Statement (aka HUD-1)? 🤔 A settlement statement, also known as a HUD-1, is a document that lists all the costs associated with buying or selling a ...