Remove Development Remove Due diligence Remove Principal Remove Title search
article thumbnail

How to Get a Mortgage Loan: A Step-By-Step Guide for First-Timers

HomeLight

FHA loans are backed by the Department of Housing and Urban Development and accept credit scores as low as 500. The principal and interest portion of your mortgage payment will never change (although the amount you pay into escrow for taxes and insurance can change). Step 9: Do your due diligence. Title search.

Loans 81
article thumbnail

131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

How else would you and your clients understand how much is being paid in principal and interest over the years? Chain of title is an historical record of previous owners of a property that’s essential in establishing the legal ownership of the property. Clear title. Due diligence period. Original principal balance.