Buying a House

realtor

• A bathroom that contains a toilet and sink but no bathtub or shower.

• The proportion of the loan that is charged with interest to the borrower.

• A real estate agent - represents buyer or seller

loan

• Money borrowed, must be repaid with interest

• A legal document that transfers title from one person to another, usually real estate.

• The amount of the house that you have paid for, or the amount you would get if you sold the house.

earnest money

• A percentage of the sale price that goes to the seller's and buyer's agents. Usually paid by the seller.

• A deposit made to a seller showing the buyer's good faith in a transaction. Refundable with some conditions.

• Coverage against damages to the house or possessions in the home. Also, liability coverage against accidents in the home or on the property.

appraisal

• Fees paid at the sale of a home. May be paid by either the buyer or the seller.

• When a homebuyer fails to pay the mortgage and the home is sold by the bank to get the money back.

• A formal evaluation of property by an expert, used to establish its market value.

home inspection

• When a home is officially for sale

• A close examination of a residence to identify defects or potential issues.

• A bank loan for the purchase of a home.

down payment

• An initial cash payment made when something is bought on credit.

• A percentage of the sale price that goes to the seller's and buyer's agents. Usually paid by the seller.

• The proportion of the loan that is charged with interest to the borrower.

mortgage

• A bank loan for the purchase of a home.

• A legal document that transfers title from one person to another, usually real estate.

• The amount of money you borrow, or the amount you owe before interest is calculated.

interest rate

• A third party who keeps money & documents during the real estate transaction.

• The proportion of the loan that is charged with interest to the borrower.

• When a person pays off a mortgage faster than planned

closing costs

• The amount of the house that you have paid for, or the amount you would get if you sold the house.

• When a person pays off a mortgage faster than planned

• Fees paid at the sale of a home. May be paid by either the buyer or the seller.

principal

• The amount of money you borrow, or the amount you owe before interest is calculated.

• A bathroom that contains a toilet and sink but no bathtub or shower.

• A bank loan for the purchase of a home.