Buying a home can always keep you on your toes, after all it is one of the biggest financial decisions that you will ever make. To give you some confidence in going through the home purchasing process, here are some real estate jargons that you may encounter once you decided buying a home.
- Credit Score is value that may range from 300 to 850 resulting from an analysis of your credit history; this will assist your lender evaluate if you’ll be able to repay future loans
- Mortgage Rate refers to the interest rate you’re required to pay to loan an amount to purchase a home
- Pre-approval Letter is a letter coming from your lender proving that you are qualified for a specific amount of loan for mortgage
- Down payment which usually ranges from 3 to 20% of the purchase price of the home for sale; for better options check up with your lender, in order to have more information
- Appraisal a required step in professional evaluation for an estimate on the property value to validate and secure financing
- Closing Cost refers to the comprehensive cost that includes: taxes, points, title insurance, items for escrow, and other financing costs, required for the completion of the real estate transaction
- Real Estate Professional is an individual who offers services in selling/buying a home, in order to save you from the efforts and pressure of paperwork, negotiations, and the market
If you are looking for a way to securing a good investment in your home buying process, partner with a real estate professional who make a priority of your needs in every step of the transaction; give me a call at (704) 237-0313 or (704) 617-0847.
Source: Keeping Current Matters