An estimation of a home’s market value by a licensed appraiser based on comparable recent sales of nearby homes.
An offer on a home under contract that becomes active if the primary contract falls through.
An offer that is accepted by the seller, but certain conditions must be met before the sale is final.
The percentage of the home purchased price (usually between 5% and 20%) paid upfront in cash
A neutral third party that holds funds from the buyer and distributes them when all conditions have been met.
The government agency that insures loans designed for low- to moderate-income borrowers.
A form used by lenders to give to borrowers with an estimate of fees due at closing. This form was replaced by the Loan Estimate in 2015.
A management organization within a community, subdivision or neighborhood that creates and enforces rules for properties within its jurisdiction.
An examination of a property and its systems performed by a qualified professional, usually before the sale of a home.
A mortgage that exceeds the conforming-loan limit, commonly used forluxury home purchases.
An interest rate set by the federal government that determines the cost to borrow money—in this case, a mortgage to buy a new home.
The risk assessment ratio used by lenders. To calculate the LTV, divide the mortgage by the appraised value.
A database for real estate agents to list and market for-sale homes.
The amount received by the seller at closing after all other costs have been deducted.
An event hosted by a listing agent to showcase a home to potential buyers.
A letter indicating that a lender is willing to loan a specific amount of money for a home purchase; pre-approval does not guarantee a loan.
A deed that transfers property rights without any validation of ownership; typically used between spouses and family members.
A repossessed property owned by a lender after an unsuccessful sale at auction.
A document completed by the seller disclosing the property’s history and defects.
The right to ownership of real property recognized and protected by the law.
A buyer has submitted an offer and the seller has accepted, but the closing is not final.
A mortgage loan for veterans and their spouses, made by private lenders and guaranteed by the U. S. Government.
The final inspection conducted before a home sale is final.
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The amount a lender pays a mortgage officer for selling a loan with a higher interest rate than the par rate.
A residence build very close to—or directly on—the property line.