Mortgage Matters
Required when a buyer puts down less than 20%
What is PMI- Primary Mortgage Insurance?
MLS stands for
What is the Multiple Listing Service
This is the typical upfront deposit buyers make to show serious intent.
What is an EMD- Earnest Money Deposit?
What are comps?
This is based on actual verified finances from the lender
What is a Pre-approval?
Versus a pre-qualification which is an estimate based on unverified information
What is a Home Inspection?
A condition that must be met for the contract to move forward.
What is a contingency?
Ex- inspection, financing, appraisal
The seller will NOT make any repairs or offer credits for condition.
What is AS-IS?
A mortgage that can change periodically based on market rates.
What is an ARM- Adjustable Rate Mortgage?
A home that is not listed on the MLS but may still be available for sale.
The document that shows you have the legal right to own the property.
What is a Title?
A response to an initial offer, with revised terms.
What is Counter Offer?
Not a government-insured loan type and may require higher credit scores.
What are Conventional Loans?
Versus FHA loans which are government-backed with lower credit requirements.
A written agreement with the purchaser that is signed PRIOR to showing homes.
What is an Exclusive Right to Represent Buyer Agreement?
The physical document that transfers ownership.
What is a deed?
What is Dual Agency?
This government-backed loan program allows for 0% down for eligible rural buyers.
What is a USDA loan?
This type of contingency protects the buyer if their current home doesn't sell (and needs to sell to proceed).
What is a Right of First Refusal?
The buyer typically pays for this type of insurance to protect their lender's interest.
What is Lender's Title Insurance?
What is a FSBO?