Mortgage Matters
House Hunting
Contracts and Closing
Real Estate Lingo
100

Required when a buyer puts down less than 20%

What is PMI- Primary Mortgage Insurance?

100

MLS stands for

What is the Multiple Listing Service

100

This is the typical upfront deposit buyers make to show serious intent.

What is an EMD- Earnest Money Deposit?

100
The comparable properties used to determine a home's market value.

What are comps?

200

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

200
Performed to help uncover costly hidden issues.

What is a Home Inspection?

200

A condition that must be met for the contract to move forward.

What is a contingency?

Ex- inspection, financing, appraisal

200

The seller will NOT make any repairs or offer credits for condition.

What is AS-IS?

300

A mortgage that can change periodically based on market rates.

What is an ARM- Adjustable Rate Mortgage?

300

A home that is not listed on the MLS but may still be available for sale.

What is an off market listing or a pocket listing?
300

The document that shows you have the legal right to own the property.

What is a Title?

300

A response to an initial offer, with revised terms.

What is Counter Offer?

400

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.

400

A written agreement with the purchaser that is signed PRIOR to showing homes.

What is an Exclusive Right to Represent Buyer Agreement?

400

The physical document that transfers ownership.

What is a deed?

400
When one agent represents both the buyer and the seller in a transaction.

What is Dual Agency?

500

This government-backed loan program allows for 0% down for eligible rural buyers.

What is a USDA loan?

500

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?

500

The buyer typically pays for this type of insurance to protect their lender's interest.

What is Lender's Title Insurance?

500
The seller chooses to represent themselves in the sale of their home.

What is a FSBO?