An estimate or judgment of the value of a property and its permanent structures.
A period, often a few days, for both parties in a real estate contract to have their attorneys examine, negotiate, and potentially modify the contract before it is legally binding.
An estimate or judgment of the value of a property and its permanent structures.
A plan for managing money, estimating income against expenses over a specific period.
A special type of check that is guaranteed by a bank, rather than an individual's personal account.
Closing is the final step in a real estate transaction where all legal documents are signed, money is exchanged, and ownership of the property is transferred from the seller to the buyer.
The final step in a real estate transaction where all legal documents are signed, money is exchanged, and ownership of the property is transferred from the seller to the buyer.
Closing is the final step in a real estate transaction where all legal documents are signed, money is exchanged, and ownership of the property is transferred from the seller to the buyer.
Closing is the final step in a real estate transaction where all legal documents are signed, money is exchanged, and ownership of the property is transferred from the seller to the buyer.
A five-page form that provides the final, detailed information about your mortgage loan, including loan terms, projected monthly payments, and all final closing costs. It must be provided by the lender at least three business days before closing.
A commitment letter is a formal document from a lender stating that your loan application has been approved, outlining the loan terms, conditions, and any requirements that must be met before final closing.
A building or complex where each unit is individually owned, while the shared areas like the hallways, grounds, and amenities are jointly owned by all the unit owners.
Conditions that must be met for a sale to proceed.
An amount of money available to you because you paid for something earlier, or a record of this money.
A request by a lender or company to check your credit report to assess your creditworthiness.
A detailed recored of your credit history, including how you've managed loans and bills.
A company that compiles and sells your credit report, which is a detailed record of your borrowing and repayment history.
A three-digit number that predicts your credit worthiness, indicating how likely you are to repay borrowed money on time.
Considered to be financially sound enough to be trusted to repay borrowed money.
A summary document of your insurance policy that lists your specific coverage, limits, deductibles, premium, and personal information.
An initial, partial payment made when purchasing a high-priced item, with the rest of the cost paid later.
Financial aid to help qualified homebuyers cover the down payment and closing costs.
A sum of money a buyer pays to a seller as a show of good faith when making an offer on a home, demonstrating their serious intent to purchase.
A temporary, neutral holding account managed by a third party to hold funds or assets for a transaction until all conditions are met.
When money is provided for something to happen.
A temporary agreement allowing borrowers to pause or reduce mortgage payments due to financial hardship, acting as an alternative to foreclosure.
A type of loan where the borrower is not required to repay some or all of the debt if they meet specific conditions.
A measure that lenders use to see what percentage of your gross monthly income would go towards housing expenses, including mortgage payments, property taxes, and homeowners insurance.
A sum of money given for a specific purpose that does not need to be repaid.
The total amount of money you earn in a month before any taxes or other deductions are taken out.
A professional, visual evaluation of a house's physical condition, from the foundation to the roof.
An organization in a residential community that creates and enforces rules for properties and residents. It manages and maintains common areas like parks and pools and collects fees from homeowners to pay for these services and administrative costs.
Mandatory periodic fees paid by homeowners in a community to fund the maintenance and management of shared areas and amenities.
An insurance policy that protects your home and belongings from damage or theft, and provides liability coverage if someone is injured on your property.
A permanent restructuring of a loan agreement between a lender and a borrower facing financial hardship designed to make payments more affordable and avoid foreclosure.
A financial professional who helps individuals obtain loans from a financial institution.
A loan where the borrower pledges property as security but retains possession of it.
A loan where the borrower pledges property as security but retains possession of it.
Private Mortgage Insurance (PMI) is a required fee for conventional home loans when the down payment is less than 20% of the home's value, protecting lenders if the borrower defaults.
The regular, typically monthly, installments made to a lender to repay a home loan.
The costs associated with moving from one home to another.
A single property that contains two or more separate housing units for different families or individuals.
In lending, "points" are fees paid upfront, with each point equaling 1% of the total loan amount.
A lender has given providional approval for a loan after a preliminary review of your information. This is not a final guarantee, but it indicates that you are likely to be approved for the offer.
Principal is the amount of money borrowed or loaned, while interest is the additional cost charged by the lender for the use of that money, typically calculated as a percentage of the principal.
Personal attributes that are legally safeguarded against discrimination, ensuring equal treatment in areas like employment and education. Examples of protected characteristics include age, disability, race, religion, sex, sexual orientation, and national origin.
A licensed professional qualified to help clients buy and sell property.
Tax that local governments charge on land and any permanent structures built on it.
A licensed real estate professional who is a membor of the National Association of Realtors (NAR) and is required to follow its strict code of ethics.
The discriminatory practice of denying services like mortgages, insurance, and loans to people based on the racial or ethnic makeup of the neighborhood where they live.
A freestanding house on its own property, meaning it does not share any walls with other residences.
The length of time you have to repay a loan.
A third-party organization that verifies the legal ownership of a property and ensures a property's title is transferred smoothly and legally.
A one-time payment policy that protects agains past title problems, such as liens, fraud, or errors in public records, that could cause a financial loss.
An attached, multi-floor dwelling that typically shares at least one wall with a neighboring property.
A fast and secure way to move money electronically from one bank account to another, either within the same country of internationally.