Buying a House Practice

on the market

• When a home is officially for sale

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

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

prepayment

• 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.

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

foreclosure

• A bank loan for the purchase of a home.

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

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

escrow

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

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

• When a home is officially for sale

equity

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

• When a home is officially for sale

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

commission

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

• 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.

master

• A real estate agent - represents buyer or seller

• A bank loan for the purchase of a home.

• A principal bedroom in a house or apartment, usually the largest, and usually with an attached bathroom..

half bath

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

• A principal bedroom in a house or apartment, usually the largest, and usually with an attached bathroom..

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

deed

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

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

• A bank loan for the purchase of a home.

homeowners insurance

• Money borrowed, must be repaid with interest

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

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