February 28, 2011

Michael Petruccelli asks; Is the Florida Real Estate market improving?

Michael Petruccelli says; Real estate sales sped up substantially across Florida in January 2011 compared to the same month a year ago, as sales of existing homes and condos increased 14% and 36% by volume over the year.

Michael Petruccelli asks; What is a trustee?

Michael Petruccelli says; A fiduciary who holds or controls property for the benefit of another.

Michael Petruccelli asks; What is a variance?

Michael Petruccelli says; An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in accordance with your city’s setback requirement, you could apply at the appropriate office for a variance allowing you to build closer to a boundary line.

February 27, 2011

Michael Petruccelli asks; what is Truth-in-Lending?

Michael Petruccelli says; A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

Michael Petruccelli asks; What is underwriting?

Michael Petruccelli says; The process of verifying data and approving a loan.

Michael Petruccelli asks; What is a VA mortgage?

Michael Petruccelli says; A mortgage that is guaranteed by the Department of Veterans Affairs (VA), a federal agency. These loans are made to qualified veterans on approved property.