Your Comprehensive Guide to Home Buying Jargon
Purchasing a home can seem daunting, especially if you are unfamiliar with the terminology. To assist you in navigating this process, we have compiled a home buying glossary to assist you in comprehending the terminology.
Mortgage Terminology
Mortgage: A type of loan utilized for buying a home.
Principal: The borrowed amount for a mortgage.
Interest Rate: The percentage of the loan amount charged as interest.
Down Payment: The upfront payment made when purchasing a home.
Closing Costs: The expenses linked with the purchase of a home, including title insurance, appraisal fees, and attorney fees.
Real Estate Vocabulary
Realtor: A licensed professional in real estate who aids both buyers and sellers in property transactions.
Listing: A property that is available for sale.
Contingency: A condition that needs to be met prior to finalizing a sale.
Escrow: An account managed by a third party to hold funds until all sale conditions are fulfilled.
Home Inspection Language
Home Inspection: A comprehensive assessment of a home’s condition.
Structural Integrity: The stability of a home’s foundation and framework.
HVAC System: The heating, ventilation, and air conditioning system.
Plumbing System: The network of pipes and fixtures that supply water to a home.
Electrical System: The wiring and outlets that provide electricity to a home.
Frequently Asked Questions
Q: What is a mortgage?
A: A mortgage is a loan used for purchasing a home.
Q: What is a Realtor?
A: A Realtor is a licensed real estate professional who facilitates property transactions for buyers and sellers.
Q: What is a home inspection?
A: A home inspection is a thorough evaluation of a home’s condition.
