PROPERTY LAW FAQ

Brokers know something about the inventory in your target neighborhoods and, if they’re good at what they do, they’ll quickly know something about you. But brokers are legally – and in fact – agents of the sellers who pay them a commission that usually runs from five to seven percent of the purchase price. As […]

A mortgage is a loan from a financial institution to buy property that is then used as collateral for the loan. The three main elements of a mortgage are: amount, the total sum you owe the financial institution, interest rate, which is determined by current market conditions, competition among lenders, and your credit-worthiness, and loan […]

Mortgage lenders use two formulas to determine if you’re likely to meet your monthly payments. In regard to the amount of monthly payments, the rule of thumb is that you should pay no more than 30 percent of your gross income. If your gross income is $3,500 a month, the mortgage payment should not exceed […]