Election years often bring a bit of uncertainty to the real estate market. Many buyers and sellers tend to take a “wait and see” approach, watching for potential changes before making major decisions. Now that the election is behind us, attention is shifting to the factors that will shape the market moving forward—most notably, interest […]
What is Escrow: Understanding Real Estate Vocabulary
“Escrow” is something of great significance, like an item of value, money, or important documents. The item of significance is given to a third party for safe keeping until certain conditions have been met and the item can be delivered to the receiving party. For example, The context in which the term escrow is used […]
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What is Refinancing: Understanding Real Estate Vocabulary
While refinancing is a term that can be applied to many types of loans, in real estate it generally refers to the mortgage loan. There are many options for refinancing, but the new plan must be approved by the lender. Refinancing is a process the homeowner (borrower) may choose to go through to change the interest rate […]
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My appraisal came in low, now what?
An appraisal is a bank’s version of a home inspection. Typically an appraisal’s main focus is determining the value of the home is at or above the purchase price. However, depending on the loan program, the appraiser may be making sure the home meets certain health and safety standards as well. If the home you […]
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For Your Protection, Get a Home Inspection
Home inspections at a minimum can provide peace of mind or even possibly allow you to negotiate with the seller to have certain repairs completed. The ability to have a home inspection completed is negotiated as part of your offer. You can indicate in your offer that you wish to do an inspection and whether […]
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What is the First Step? Getting Pre-Approved or Meeting with an Agent?
What is the first step you should take when you’ve decided it’s time to purchase your first home? Either meeting with a trusted mortgage lender or real estate agent is a great first step! It’s important to align yourself with people you trust early on in the process. If you already know and trust a […]
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What is Equity: Understanding Real Estate Vocabulary
Equity is the share of your home that you “own” (have paid off) versus what you still owe on your mortgage (and any other liens you might have). For example, if your home is worth $330,000 and you have a remaining mortgage balance of $280,000, your home equity would be $50,000. Your equity will increase […]
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Down-Payments: The Facts and the Fiction
One of the biggest hurdles many first-time homebuyers face is coming up with a down payment. However, many don’t realize the many options available to them. One of the biggest myths about down payments is that you need 20% of the purchase price. This is far from the truth. Here are some loan programs that […]
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What is Earnest Money: Understanding Real Estate Vocabulary
This is like making a down payment. An earnest money deposit shows that you are committed to buying that house. It is deposited within a few days of your offer being accepted. The earnest money is typically credited back to the buyer at closing. If the transaction doesn’t close, the earnest money may refunded to […]
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What is a Mortgage: Understanding Real Estate Vocabulary
While you may be thinking, I know what a mortgage is, this is a silly term to be included, it’s probably one of the most used words in real estate so it’s good to revisit and burn into your brain. A mortgage is a loan agreement between a lender and the home buyer (you), that lets you borrow money […]
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