Michael Petruccelli asks; What is a purchase money transaction?

Michael Petruccelli says; The acquisition of property through the payment of money or its equivalent.

Michael Petruccelli asks; What is a purchase agreement?

Michael Petruccelli says; A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

Michael Petruccelli asks; What are qualifying ratios?

Michael Petruccelli says; Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower's monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner’s association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt.

Michael Petruccelli asks; What is a rate lock?

Michael Petruccelli says; A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.

Michael Petruccelli asks; What is a quitclaim deed?

Michael Petruccelli says; A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.

Michael Petruccelli asks; Are you doing all you can to protect your identity? (part 4)

Michael Petruccelli says; Credit Card & Social Security Number monitoring. This is a key element in protecting yourself. Monitoring cyberspace for stolen information.