#2 Home Credit |5th/8th

Front

What is mortgage preapproval?

Back

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

Front

How long does the average home buying process take?

Back

200-245 days.

Front

What is an appraisal?

Back

An estimate of how much a property is worth.

Front

What is the role of a real estate agent after closing?

Back

A real estate agent is likely to reach out after the closing day.

Front

What does a mortgage represent?

Back

A loan specifically for purchasing real estate.

Front

What is the purpose of a down payment?

Back

To reduce the amount of money borrowed and show the lender the buyer's commitment.

Front

What is equity in real estate?

Back

The difference between the market value of a property and the amount owed on the mortgage.

Front

What is a closing cost?

Back

Fees and expenses paid at the closing of a real estate transaction.

Front

What is a fixed-rate mortgage?

Back

A mortgage with an interest rate that remains the same throughout the term.

Front

What is a variable-rate mortgage?

Back

A mortgage with an interest rate that can change based on market conditions.