Real Estate

• A freestanding structure on their own pieces of property is Single Family Home 
• A Single Family Home is a house intended for one family to live in and not attached to homes owned by others 
• A Duplex is a split unit with two doors 
• A duplex is a house divided into two apartments with a separate entrance
• Condominium owners only have possession over the interior of the unit .
• Townhouse owner controls the interior , exterior, and the land the structure sits on .
• A conventional loan is a type of mortgage that is not insured or guaranteed by a government agency . It is backed by banks ,mortgage companies , or private lenders
• A conventional loan requires a down payment of 10 to 15% of the homes purchase price .
• An FHA loan is a type of mortgage that is backed by the government. 
• A FHA loan was created to help people with lower incomes or credit scores to qualify for a home loan by providing insurance to lenders reducing their risk 
• An FHA loan requires a down payment  of 3.5% of the homes purchase price. 
• Private Mortgage Insurance is a type of insurance that some home buyers need to pay if they make a down payment on a house less than 20% of its purchase price 
• Private mortgage Insurance because statistically you are more likely to default on the loan 
• FHA loans usually comes with a high interest rate and (PMI) private mortgage insurance .
• According to a 2023/2024 Census 72% of all homes were purchased with a conventional loan .
• Equity - The value you own in a home  ( As you pay off the mortgage , your equity increases) 
• The Difference between What you have - What you owe = Equity