CREDIT SCORES
Generally ranges from 300-850.
What is a credit score?
Most lenders want this before showing buyers how much home they can afford.
What is pre-approval?
A professional licensed to help buy or sell property.
What is a Realtor?
This account is commonly used for everyday transactions.
What is a checking/current account?
This person represents the vendor during a real estate transaction.
What is carriage of sale?
Paying these late has one of the biggest negative impacts on your score.
What are loan or credit card payments?
This is the amount paid upfront toward the purchase price.
What is a down payment?
This document outlines the terms of a property sale.
What is a Purchase and Sale Agreement?
Money deposited into a bank is protected up to specified limits by this.
What is deposit insurance?
These costs are paid when ownership transfers.
What are closing costs?
Typical TDSR for self employed individuals?
What is 35%
This ratio compares a borrower's monthly debt payments to their income.
TOTAL DEBT SERVICE RATIO (TDSR)
The saying goes these are the three most important things in real estate.
What is location, location, location?
This document summarizes deposits, withdrawals, and balances.
What is a bank statement?
Property taxes, maintenance insurance, and mortgage payments make up this monthly obligation.
What is a housing payment?
Applying for several loans in a short period may result in these.
what is a credit score reduction?
The cost of convenience is typically called ?
What is interest?
An inspection is conducted to identify these before purchase.
What are property defects?
Banks review this to determine a client's net worth
what is Assets and Liabilities
This fund helps homeowners cover unexpected repairs after purchase.
What is an emergency fund?
This factor usually carries the highest weight in most credit scoring models.
What is payment history?
This amount of time that needs to pass before a principal payment can be made to a mortgage without any penalty being incurred.
what is 12 months ?
This professional determines a property's market value for lenders.
What is an appraiser?
A secured loan where property serves as collateral.
What is a mortgage?
Buying a home generally helps build this over time.
What is equity?