The Real Estate Settlement Procedures Act, commonly known as RESPA, includes Section 10, a provision designed to safeguard homeowners by regulating escrow accounts. These accounts are used by mortgage lenders to pay property taxes, homeowners insurance, and other charges related to property ownership. Section 10 of RESPA sets forth specific rules governing the amount of … Read more
Navigating the complexities of real estate transactions can be challenging, with numerous regulations and legislations to consider. Among them, the Real Estate Settlement Procedures Act (RESPA) plays an essential role in protecting home buyers and sellers. Established in 1974, RESPA provides guidelines to ensure transparency during the real estate settlement process, attempting to eliminate hidden … Read more
Adjustable-rate mortgages (ARMs) stand out as a distinct home loan option, offering a lower initial interest rate compared to fixed-rate mortgages. This initial rate, however, is not permanent and can fluctuate over time with market conditions. ARMs start with an introductory period where the interest rate remains constant, after which it adjusts at predetermined intervals. … Read more