Colorado Springs Vintage Homes Blog
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Real Estate Dictionary, “G” is for Gift letter
Knowledge is Power, Real Estate Dictionary
What is a gap loan? A gap loan is very similar to a bridge loan, it’s used for temporary financing
My Great Aunt is very ill; can we get a guardian appointed to make legal decisions for her? You’ll want to discuss this with a legal counsel, as a guardian is lawfully appointed by a court who is vested with the power and duty to care for and manage the affairs of a person who is legally incompetent and unable to do so himself.
My Colorado Springs Realtor said I need a gift letter from my aunt, as she is giving me the money for the downpayment on a house I like in the north part of Colorado Springs. Not sure what they need A gift letter states that money you’ are receiving is a gift and doesn’t need to be repaid; your lender can tell you exactly what they need.
What is a good-faith estimate? It an estimate that the lender gives potential borrowers that summarizes the closing costs.
My mortgage broker told me that I have a grace period every month on the payment of my loan, not sure I understand this? A grace period refers to the date that you can pay your monthly mortgage without being considered late. As an example, your payment may be due May 1st, but as long as you pay by May 10th it’s considered current, consequently you have a 10 day grace period.
My realtor in Colorado Springs has the initials GRI behind his name, what is this? GRI stands for Graduate Realtor Institute which is a professional designation for a Realtor who has completed the 18 classes covering such topics as law, finance, investment, appraisal, sales, marketing, etc.
I’m buying a house in Pleasant Valley in Colorado Springs and the inspector on our house said that we needed to put GFI’s in our kitchen, what are they? It’s a safety device that is a part of special electrical outlets or circuits that immediately breaks the circuit if a short occurs. In Colorado Springs, new homes are required to have GFI’s in all areas exposed to water or weather such as bathrooms and kitchens,
Do most of the new subdivisions in Colorado Springs have greenbelts? I’ve heard some people talk about this and I don’t know what it means? Greenbelts are an area of undeveloped land around a residential area with the intention of preserving the open space and a natural environment. And yes, many new subdivisions in Colorado Springs have greenbelts.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
