Thinking about purchasing a home but feel overwhelmed by all the terms and the process? Let this infographic help you to better understand some common terms that might come up.
Appraisal: A professional analysis used to estimate the value of a home.
Closing Costs: The fees required to complete the real estate transaction. Paid at closing, they include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed.
Credit Score: A number ranging form 300-850 that’s based on an analysis of your credit history.
Down Payment: Down payments are typically 3-20% of the purchase price of the home. Some 0% down programs are also available.
Mortgage Rate: The interest rate you pay to borrow money when buying a home.
Pre- Approval Letter: A letter from a lender indicating you qualify for a mortgage of a specific amount.
Real Estate Professional: An individual who provides services in buying and selling homes.
The best way to ensure your home buying process is a confident one is to find a real estate pro who will guide you through every aspect of the transaction with the “the heart of a teacher” by putting your needs first.