Terms Every Home Buyer Should Know!

 

1.  Appraisal - is the professional analysis of the value of the property you are purchasing.

2. Closing Cost - costs paid at closing that can include a lot of different costs.

3.  Credit Score -  You better know this one

4.  Downpayment - This is the amount of money you will be putting towards the purchase of your home.

5.  Mortgage rate - This is the interest rate you pay on your mortgage

6.  Pre-Approval Letter - This is a letter from your lender that informs you how much you are qualified to buy.