When you begin your search for a new home, you’ll start hearing all kinds of new terms and language that you may not be familiar with. We’re here to help you understand the vocab and guide you through the process!
Mortgage
Pre-Approval
Preliminary evaluation stating how much a lender is willing to loan you for a new home
Refinance
A new loan with new terms, interest rates, and monthly payments that completely replaces your current mortgage.
Title
Title
The rights of ownership recognized and protected by law. It is a combination of all elements that constitute the highest legal right to own, possess, use, control, enjoy, transfer and dispose of real estate
Deed
Document that conveys title of real property
Conditions of Sale
Contingency
A condition that must be satisfied before a contract is binding. For example, an offer may be contingent upon buyer obtaining financing
As-Is
Property is being sold in its existing condition with no obligation to the seller to make repairs or upgrades
Foreclosure vs. Short Sale
Foreclosure
Legal process in which mortgaged property is sold to pay the loan of the defaulting borrower
Short Sale
Sale of a home for less than the balance remaining on the homeowner’s mortgage
Post-Accepted Offer
Inspection
Professional review of the property to determine it’s condition and any potential issues and problems
Appraisal
An estimate of the property’s value – typically requested through the buyer’s lender
When you are ready, connect with us to get started on your journey!
