*Tulsa has ranked #1 in the top real estate markets in the country based on median price (Based on Zillow.com).
Common Mortgage Terms Some mortgage terms can be difficult to understand at times. For some home buyers and sellers, they may not have ever known what these terms mean. No matter your profession, there is always terminology that goes with that business that many people will not understand. Don't be intimidated by the mortgage process or terms and don't be afraid to ask if you don't know. If they are condescending or rude to you, find someone else.
Equity- the difference in what you owe versus what your property is valued (what you are likely to sell your property for or market value). If my home sold for $100,000 and my mortgage was $80,000. I have $20,000 in equity. You can gain equity by paying down your mortgage or through property value increases that happen over the course of time.
Underwriting Processing Fee- these are fees that get paid to the lender. They are divided up and given to the different departments that help process your loan. These fees can be different with each mortgage company.
Important Insurance Terms When you hear inherent vice- they are discussing wear and tear. For commercial insurance- If you have a exclusion- there is an old roof (not caused by a recent hail store, etc) and it causes a leak which damages the contents of the store, the insurance will not cover the damage.
Open window exclusion in commercial insurance- if you get rain blown into your property due to an open window, it is not covered by your insurance.
Latent defect- there is a device that deteriorates over time. This is basically the same as inherent vice.
Exterminating Carpet Mites in Tulsa They are everywhere and in everyone's carpet. They are also known as Dust Mites or Straw Itch Mites. They will get worse over time as they populate. They feed on all the organic matter that gets into our furniture, beds, carpets, etc. If you notice you have a lot of skin irritation, get that treated by your Doctor. Here are some tips to reduce Dust Mites.
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