Homebuying

3. A lender’s confirmation of how much money you are qualified to borrow.
6. Legal ownership of a property.
8. A condition that must be met for a home purchase to go through.
10. – An account where money for taxes and insurance is held by a lender.
11. – The amount of money borrowed for a mortgage, not including interest.
13. – A loan used to purchase a home, paid back over time with interest.
14. Mortgage Insurance (PMI) Insurance required when the down payment is less than 20%.
15. Insurance Insurance that protects the home against damage or loss.
17. Costs – Fees and expenses paid at the finalization of a home purchase.
18. Insurance Protection against problems with ownership history.

1. The gradual repayment of a loan through scheduled payments.
2. – A professional estimate of a home's value.
4. – The value of the home that you truly own (home value minus mortgage balance).
5. A formal proposal to buy a home at a specific price.
7. – A detailed evaluation of a home's condition before purchase.
8. Disclosure A document outlining all final loan terms and costs.
9. Payment – The upfront amount of money paid toward the purchase price of a home.
12. Rate – The cost of borrowing money, expressed as a percentage.
14. Taxes Local taxes paid annually based on the value of the home.
16. / Real Estate Agent A professional who helps people buy or sell homes.