Michael Petruccelli asks; What is a biweekly mortgage?

A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty year mortgage. They charge a set-up fee and a transfer fee for every payment. Your funds are deposited into a trust account from which your monthly payment is then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce your principle. You could save money by doing the same thing yourself, plus you have to have faith that once you transfer money to them that they will actually transfer your funds to your lender.

Michael Petruccelli asks; What is a bill of sale?

Michael Petruccelli says;  A written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds.

Michael Petruccelli asks; What is a bridge loan?

Michael Petruccelli says;  Not used much anymore, bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment. One reason for their fall from favor is that there are more and more second mortgage lenders now that will lend at a high loan to value. In addition, sellers often prefer to accept offers from buyers who have already sold their property.

Michael Petruccelli asks; What is a broker?

Michael Petruccelli says;  Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. (See the Home Loan Library that discusses the different types of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.

Michael Petruccelli asks; What is a buydown?

Michael Petruccelli says;  Usually refers to a fixed rate mortgage where the interest rate is "bought down" for a temporary period, usually one to three years. After that time and for the remainder of the term, the borrower's payment is calculated at the note rate. In order to buy down the initial rate for the temporary payment, a lump sum is paid and held in an account used to supplement the borrower's monthly payment. These funds usually come from the seller (or some other source) as a financial incentive to induce someone to buy their property. A "lender funded buydown" is when the lender pays the initial lump sum. They can accomplish this because the note rate on the loan (after the buydown adjustments) will be higher than the current market rate. One reason for doing this is because the borrower may get to "qualify" at the start rate and can qualify for a higher loan amount. Another reason is that a borrower may expect his earnings to go up substantially in the near future, but wants a lower payment right now.

Michael Petruccelli asks; What are some methods for controlling groundwater?

Michael Petruccelli says;  Not all water that enters a house comes from the roof or ground surface. Subsurface water, or groundwater, which is typically the result of a high local water table, may try to up-well into a basement through the slab from underground. In a basement this water is most easily controlled by a sub slab sump and electric pump system that collects the under ground water and pumps it to the surface and away from the foundation area. Occasionally, depending upon the size of the basement, a second sump system may be required.

Michael Petruccelli asks; What is an escrow analysis?

Michael Petruccelli says;  Once each year your lender will perform an "escrow analysis" to make sure they are collecting the correct amount of money for the anticipated expenditures.

Michael Petruccelli asks; What is the Fair Market Value?

Michael Petruccelli says; The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

Michael Petruccelli asks; What are some tips for first time home buyers?(7)

Michael Petruccelli says; Many sellers won't look at an offer if the seller doesn't have assurance that the buyer can get a loan.

Michael Petruccelli asks; What are some tips for first time home buyers?(5)

Michael Petruccelli says;  Most buyers conduct a lot of research online before ever stepping foot in a home. Buyers spend an average of 6 to 8 weeks, according to the National Association of REALTORS, trying to figure out where they want to live. But once the neighborhood is selected, most buyers end up buying a home after 2 or 3 home tours.

Michael Petruccelli asks; Is Generation Y bigger than boomer, but full of financial woe? (8)

Michael Petruccelli say;  Gen Y wants protection, but they also want to be able to meet their financial obligations comfortably. They need alternative benefits solutions that reduce their risk and give them the security and peace of mind they need. And they need affordable benefits.

Michael Petruccelli asks; How do you prepare for an Open House? (3d)

Michael Petruccelli says; Make sure the A/C unit is uncovered and de-winterized.

Michael Petruccelli asks; Roofs are always a big question mark, what are some of the roof basics?(7)

Michael Petruccelli says;  Check for worn or damaged flashing around projections through the roof such as vent pipes or hoods, skylights, radon vents, and chimneys. You might also look for metal flashing in the valleys, inspecting for rust.

Michael Petruccelli asks; How do you prevent your pets from taking a bite out of your sale? (13)

Michael Petruccelli says; Get well soon. Maintain your animal's health. 

Not only will your pet thank you, but so will your home. A sick animal 
can be extremely damaging (long term) to your carpeting and/or furniture. 

Inspections will note stains on your flooring materials as areas of concern. 

Michael Petruccelli asks; How do you prevent your pets from taking a bite out of your sale? (8)

Michael Petruccelli says;  SHED no tears. Cats and dogs shed. But a, perhaps, surprising fact? Much of that hair/fur debris commonly ends up under the refrigerator. This is an insurance company documented fire safety issue and shouldn't be ignored. Vacuum under your refrigerator at least twice a year. Also, don't forget your air conditioning and heating supply registers. Hair/fur absolutely can—and will—affect the functioning and efficiency of these systems.

Michael Petruccelli asks; How do you prevent your pets from taking a bite out of your sale? (7)

Michael Petruccelli says;  Nothing to sneeze at. Pets, for some, mean allergies and unpleasant smells. Some buyers’ allergies are so strong that dander in carpets and furniture can cause an attack within minutes and make a walk-through miserable or even impossible. So keep carpets and furniture vacuumed regularly—and let’s not forget about general pet odors. Without going overboard, carpet deodorizing treatments, air fresheners or some strategically-placed potpourri dishes (not where Fido can reach them) should do the trick.

Michael Petruccelli asks; How do you prevent your pets from taking a bite out of your sale? (6)

Michael Petruccelli says; How do you avoid this kind of damage in the first place? Keep your pet’s nails groomed and avoid locking your pet behind a door or in another room while you entertain guests,or leave the house for long periods of time. Give your dog chews and reward him for good behavior. Give cats carpet pieces or scratching poles.

Michael Petruccelli asks; What can you do to prepare your family in the event of a home fire? (part 11)

Michael Petruccelli says; Know This Life Saving Rule. Instruct all members that no one is to return to the interior of the house once outside.

Michael Petruccelli asks; What is a Judgment?

Michael Petruccelli says;  A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lein against the debtor's real property as collateral for the judgment's creditor. Alternative spelling is "judgement."

Michael Petruccelli asks; What is a HUD-1 settlement statement?

Michael Petruccelli says; A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."