Catskill Country Living FAQs

What is a Conservation Easement?

permanent legal restriction on land that keeps property in private ownership while limiting development.

What is a title insurance policy, and do I need one?

Title insurance protects against past title defects like liens, errors, or undiscovered claims.

What does "term" mean in the context of a mortgage?

Mortgage term is the total repayment period; longer terms mean lower payments but more interest paid.

What is a property survey?

A property survey precisely maps boundaries, easements, and structures on a parcel of land.

What is a real estate sales contract?

A sales contract is the legally binding written agreement governing all terms of a property sale.

What is a rate lock?

A rate lock guarantees your quoted interest rate will hold through the closing date.

What is a rate cap on an ARM?

Rate caps limit how much an ARM's interest rate can change per adjustment and over the loan's life.

What is Private Mortgage Insurance (PMI)?

PMI protects the lender when your down payment is under 20% and can be removed once equity reaches 20%.

What is a prepayment penalty?

A prepayment penalty is a lender fee for paying off a mortgage before a set period expires.