Frequently Asked Questions

Get the answers you need for your Palm Beach Gardens mortgage questions here.

Real Estate Agent Services FAQ

Palm Beach Gardens Real Estate Agent Services provides the most common terms used. Here are some of the most Frequently Asked Questions (FAQs) in the Palm Beach Gardens Real Estate industry:

Appraisal

A home Appraisal determines the value.

ARM

The ARM stands for Adjustable Rate Real Estate interest rate, which can change based on capital markets.

Can someone with Bad Credit purchase a home?

Yes, some lenders offer Bad Credit Real Estates.

Balloon Payment

A Balloon Payment is a large lump sum paid on your mortgage.

?Cash-Out Finance?

The ?Cash-Out Finance? allows you to take out a higher refinance loan than the home is worth to pocket the difference.

Closing Costs

Closing Costs are the final fees charged before you can take the keys for your new home.

FHA

FHA stands for the Federal Housing Administration.

Fixed Interest Rate

The Fixed Interest Rate remains the same over the course of the loan.

Home Equity

Home Equity is the difference between the home market value and any property debts (mortgages and liens).

Home Equity Line Of Credit

The Home Equity Line Of Credit (HELOC) is an account from which you can draw funds.

Home Insurance

Home Insurance protects the property against fire, theft and other dangers.

Interest Rate

The Interest Rate is the cost of capital.

Real Estate Insurance

Real Estate Insurance protects the lender if you should default.

Principal

The Principal is the payment applied directly to the amount borrowed to purchase property.

VA

The VA is the Veterans Administration, which has its own loan program.

Which is better for remodeling – Home Refinance or HELOC?

The Home Refinance replaces your old mortgage with a new mortgage; it might be better for large remodeling projects. The Home Equity Line Of Credit (HELOC) is a second mortgage on top of your first mortgage; it might be better for smaller fix-it projects.