Jon Howard

- What are the closing costs?Closing costs are the fees and expenses paid during Closing. They are not included in the final purchase price of the property.- How much are the closing costs?Normally, the closing fees are somewhere between 2 to 5 percent of the final purchase price of the property.- W...

Also know as Fannie Mae, the FNMA accept bids from approved lenders as to the amount, price and terms wish to sell Fannie Mae. Upon deciding how much money it will spend during a given time period, FNMA notifies the successful bidders, and these bidders have a certain time period in which they can c...

Same as term housing expense. The sum of the monthly mortgage payment, hazard insurance, property taxes, and homeowner association fees. Housing expense is sometimes referred to as PITI, standing for principal, interest, taxes, and insurance....

Arrangement in which an unused deduction (credit carryover) to a profit sharing plan can be added to an employer's future contribution on a tax deductible basis. It occurs when the employer's contribution to a profit sharing plan is less than the annual 15% of employee compensation allowed by the Fe...