Real Estate Agent: A licensed professional who can help with the procedures involved in the purchase or sale of real property. Real estate agents accept a percentage of the sale price of a home as their commission payment for their services.
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Earnest Money: The money placed on a purchase agreement that shows a buyer wants to purchase a home. This money is given to the real estate or title agent so that the seller holds the home until necessary appraisals and inspections can be completed and th
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Rate Lock: A specific fixed interest rate for a specified amount of time that is guaranteed by the mortgage lender.
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Due on Sale: When you sell a property which has a mortgage lien, the remaining balance of the loan is paid to the lender at the time of the sale.
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Qualifying Ratios: Lenders look at asset-to-debt and other ratios in order to determine exactly how much the borrower can financially afford as a maximum mortgage amount. The more you owe in debt, the less you will be able to borrow. This is because the l
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Down Payment: The amount of money you put down on the purchase of a home. The amount of a down payment is usually a certain percentage of the price of a home which varies from lender to lender, but is anywhere from 3-10%. Some lenders accept gift funds fo
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Purchase Contract: The contract that is signed once the buyer and seller finish negotiating the terms of the sale of the home.
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Discount Points: When you get a mortgage loan, you may pay these discount points in order to get better terms on your long-term mortgage loan. One point is usually equal to 1% of the loan value, so if you are taking out a loan for $200,000, one point woul
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Purchase and Sale Agreement: An agreement between the seller and buyer of a property that states the terms of the sale of the home. Related Article: Purchase Agreement Information
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Depreciation: When the value of a property gets lower due to the real estate market in the area or the property owner not keeping up with home repairs and allowing the property to fall into disrepair.
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