Buying a House Vocabulary

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An estimate of a home's value based on its features and the value of comparable homes.

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Home Appraisal

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An agreement where a third party holds assets (eg. money) during a transaction. For example, a buyer may put a deposit in escrow when buying a house.

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Escrow

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A type of real estate agent who works for the buyer. They help buyers find and purchase properties that meet their specific needs and budget.

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Buyer's Agent

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A loan that is taken out by people and businesses to buy real estate without paying the entire price up front

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Mortgage

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Homeowners association fees cover the cost of maintaining common community areas. What are these fees called?

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HOA Fees

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An examination to certify the condition of a home, including the roof, foundation, basement.

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Home Inspection

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A document from a lender that states how much and what type of loan you are expected to qualify for.

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Mortgage Preapproval

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A response to an offer that suggests specific changes.

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Counteroffer

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The difference between the typical assets of households of different races and ethnicities. This gap/disparity is due to a variety of factors, including income inequality, generational wealth, housing policies, discrimination in education and employment, and more.

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Racial Wealth Gap

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Programs that help people pay for some of the upfront costs of buying a house. These programs are usually available at the state or local level.

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Down Payment Assistance