Real Estate Buzzwords
What is Earnest Money?
The good faith deposit you submit to show the seller your seriousness in purchasing. (Goes towards your down payment)
What is DTI?
Debt to income ratio
You need 20% down to purchase a home.
False
When you find a ghost in your house?
Ghostbusters!
What is the name of the Buffalo Bills Quarterback.
Josh Allen
What is contigency?
a condition written into a home purchase agreement that must be met for the sale to go forward
What is appraisal?
Professional estimate of a property's fair market value
You have to have a home inspection.
False.
You need to know how much money you can borrow?
Lender.
What is the ever changing name of the sports arena in downtown Buffalo?
KeyBank Center
What is addendum?
A change in the contract agreed upon by the buyer and seller.
What is mortgage commitment?
A mortgage commitment is a formal, written promise from a lender to give you a home loan.
A higher credit score can help you qualify for better mortgage terms.
True.
You want someone to check the condition of the home before purchasing.
Home inspector.
What is PINA?
Property Inspection Notice and Addendum. It is a formal document used during a home purchase to state whether a buyer accepts or rejects a home inspection
What is the document a lender provides to show how much a buyer is qualified to borrow?
Making a large purchase right before closing can create problems with your loan.
True
You want to buy or sell your house.
Realtor.
What is the number one tourist destination in WNY?
Niagara Falls
What is title search and survey?
What is title search and survey?
What is rate lock?
A rate lock is a promise from a mortgage lender to hold your specific interest rate and points for a set time
True.
You need legal representation during your real estate transaction.
Attorney
What lake is responsible for Buffalo's legendary lake effect snow?
Lake Erie