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Expert Insights: What Is a Lease Option?

Expert Insights: What Is a Lease Option?

A lease option is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property. The option only binds the seller; the tenant has a choice to make a purchase or not. Lease options are common among buyers who...
Expert Insights: What Is Seller Financing?

Expert Insights: What Is Seller Financing?

Also known as a purchase money mortgage, it is when the seller agrees to “lend” money to the buyer to purchase and close on the seller’s home. Usually sellers do this when money is tight, interest rates are high or when a buyer has difficulty qualifying for a...
Expert Insights: What Is a Bridge Loan?

Expert Insights: What Is a Bridge Loan?

It is a short-term bank loan of the equity in the home you are selling. You may take out a bridge loan, or interim financing, to help with a knotty situation: closing on the home you are buying before you close on the property you are selling. This loan basically...
Expert Insights: What Is a Wraparound Loan?

Expert Insights: What Is a Wraparound Loan?

Also called an all-inclusive mortgage, it is where a new home loan is placed in a subordinate or secondary position to the original mortgage and the new loan includes the unpaid balance of the first. The wraparound allows the buyer to purchase a home without having to...
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