Terms
A good faith deposit is called?
What is Earnest Money
This is the minimum credit score typically required to qualify for a conventional mortgage
What is 620
This professional helps buyers find and purchase their homes?
What is a real estate agent?
This type of insurance protects your home and belongings against damages?
What is homeowner's insurance
This is the portion of your home's value you actually own, free of any loans.
What is home equity
This is the first step in the home-buying process?
What is getting pre-approved
Who are veterans
This is the financial and legal term for transferring ownership of a home?
What is closing?
What is a mortgage payment?
You build equity by making these regular payments to your lender.
What is mortgage payments
Conditions that need to be met in a contract is called?
What is a contingency clause
The most common length of a traditional mortgage term in the U.S. is this many years?
What is 30 years
You sign what when you have a consultation with your agent?
What is Buyer Agency
These taxes are based on the value of your property tax.
What are property taxes?
A cash-out refinance allows homeowners to access this part of their home's value.
What is home equity
This the report that determines a home's value for lending purposes.
What is an appraisal
Lenders use this three-digit number to assess a borrower's creditworthiness.
What is a credit score?
What document will you go over with your agent when touring homes?
What is a Sellers Disclosure
This insurance protects you from any unpaid taxes, liens, or judgments against property
The value of your home minus the amount you owe on your mortgage equals this.
What is your net equity?
This is a period when the buyer can inspect the home and negotiate the repairs
What is the Contingency/due diligence period
This employment-related document is often required to prove income stability.
What is a W-2 or pay stub
This type of account holds a buyer's deposit until closing?
What is an escrow account?
This is the term for an increase in a home values over time?
How do you get net equity profit out of your home?
What is sell or refinance