7 Key Terms In The Home Buying Process

Dated: December 1 2020

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7 Key Terms In The Home Buying Process

Understanding Key Terms

Buying a home can be intimidating if you're not familiar with the key terms used throughout the process. To point you in the right direction, here's a list of some of the most common language you'll hear along the way.   

7 Key Terms In The Home Buying Process

1) Real Estate Professional

An individual who provides services in buying and selling homes.

Real estate professionals are also known as Realtors® or Real Estate Agents, are there to help you through the confusing paperwork, find your dream home, negotiate any of the details that come up, and so you know exactly what's going on in the housing market.

2) Credit Score

A number ranging from300-850 that's based on an analysis of your credit history.

Helps lenders determine the likelihood you'll repay future debts.

3) Mortgage Rate

The interest rate you pay to borrow money when buying a home.

The lower the rate, the better.

4) Pre-Approval Letter

A letter from a lender indicating you qualify for a mortgage of a specific amount.

This is a critical step in today's competitive market.

5) Down Payment

Down payments are typically 3-20% of the purchase price of the home. Some 0% down programs are also available.

Ask your lender for more information.

6) Appraisal

A professional analysis used to estimate the value of a home.

A necessary step in validating a home's worth to you and your lender as you secure financing.

7) Closing Costs

The fees required to complete the real estate transaction. Paid at closing, they include points, taxes, title insurance, finance costs, and item that must be prepaid or escrowed.

Ask your lender for a complete list of closing cost items.

The best way to ensure your home buying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with 'the heart of a teacher'  by putting your needs first.  If you're thinking of buying, selling, or investing in real estate, The Sandy Hartmann Group is here to guide you through the sale of your properties, and help you achieve your real estate goals!

Give us a call to get started today! (727) 398-2310

The Sandy Hartmann Group

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Abbie Sasser

Abbie is a Licensed Realtor with 10+ years of industry experience in our local real estate market. With her background of sales, marketing and business development in the title insurance industry, she....

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