Mortgage Basics
A loan used to buy a house
What is a mortgage?
HOA fee stands for this
What is a homeowners association fee?
Total homes for sale
What is housing inventory?
Number that affects loan approval
What is a credit score?
Transfers ownership
What is a deed?
Standard mortgage length
What is 30 years?
Insurance for small down payments in short
What is PMI?
High demand does this to prices
What is increases them?
Minimum score for a loan
What is 620?
Finds home issues
What is a home inspection?
APR stands for this
What is Annual Percentage Rate?
Two closing costs
What are loan fees and title insurance?
More sellers than buyers
What is a buyer’s market?
First-time homebuyer loan
What is an FHA loan?
Condition in the contract
What is a contingency?
Fixed vs. adjustable mortgage
What is interest rate stays vs. changes?
Holds taxes & insurance
What is escrow?
Agency setting interest rates
What is the Federal Reserve?
Max debt-to-income ratio
What is 43%?
Deposit showing intent
What is earnest money?
Upfront % paid by the buyer
What is a down payment?
Home losing value
What is depreciation?
Inflation does this to buying power
What is reduces it?
Proves how much you can borrow
What is pre-approval?
Protects against title disputes
What is title insurance?