Across
- 1. ________ costs: Fees associated with the purchase of a home that are due at the end of the sales transaction. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Buyers should budget for an amount that is 1% to 3% of the home’s purchase price.
- 7. Your Home Sold _________ or Selector Realty will buy it
- 9. _______ market: Market conditions that exist when buyers outnumber homes for sale. Bidding wars are common.
- 10. Under _______: A period of time (30 days or longer) after a buyer has made an offer on a home and a seller has accepted. During this time, the home is inspected and appraised, and the title is searched for liens, etc.
- 14. ______ payment: A certain portion of the home’s purchase price that a buyer must pay. A minimum requirement is often dictated by the loan type.
- 15. A property repossessed by a bank when the owner fails to make mortgage payments.
- 18. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc.
- 19. Tax _______: The government’s legal claim against property when the homeowner neglects or fails to pay a tax debt.
- 20. Or comparable sales, are homes in a given area that have sold within the past six months that a real estate agent uses to determine a home’s value.
- 22. Pre-_______l: A thorough assessment of a borrower’s income, assets and other data to determine a loan amount they would qualify for. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home.
- 24. _______ loan: A home loan not guaranteed by a government agency, such as the FHA or the VA.
- 26. A buyer’s final inspection of a home before closing.
- 27. ________ broker: A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution.
- 28. The name of your next real estate agent.
- 29. A process a lender follows to assess a home loan applicant’s income, assets and credit, and the risk involved in offering the applicant a mortgage.
Down
- 1. ______-______ policy: A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur.
- 2. _____-_____ ratio: One of two debt-to-income ratios that a lender analyzes to determine a borrower’s eligibility for a home loan. The ratio compares the borrower’s monthly debt payments to gross income.
- 3. Homeowners ___________ (HOA): The governing body of a housing development, condo or townhome complex that sets rules and regulations. They charge dues used to maintain common areas.
- 4. _______ market analysis (CMA): An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home based on recently sold homes of similar condition, size, features and age that are located in the same area.
- 5. ______ loan: A combination of loans bundled to avoid private mortgage insurance. One loan covers 80% of the home’s value, another loan covers 10% to 15% of the home’s value, and the buyer contributes the remainder.
- 6. _______ market: Market conditions that exist when homes for sale outnumber buyers. Homes sit on the market a long time, and prices drop.
- 8. ________ insurance: A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur.
- 11. ______ ratio: One of two debt-to-income ratios that a lender analyzes to determine a borrower’s eligibility for a home loan. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income.
- 12. Our philosophy: _______ come first!
- 13. Pre-________: A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home.
- 16. _________ money: A security deposit made by the buyer to assure the seller of his or her intent to purchase.
- 17. ______ price: The price of a home, as set by the seller.
- 21. _______ listing service (MLS): A database where real estate agents list properties for sale.
- 23. _______ sale: The sale of a home by an owner who owes more on the home than it’s worth. The owner’s bank must approve a lower listing price before the home can be sold.
- 25. A percentage of the home’s value owned by the homeowner.