Buying a House Vocabulary

Front

An estimate of a home's value based on its features and the value of comparable homes.

Back

Home Appraisal

Front

An agreement where a third party holds assets (eg. money) during a transaction. For example, a buyer may put a deposit in escrow when buying a house.

Back

Escrow

Front

A type of real estate agent who works for the buyer. They help buyers find and purchase properties that meet their specific needs and budget.

Back

Buyer's Agent

Front

A loan that is taken out by people and businesses to buy real estate without paying the entire price up front

Back

Mortgage

Front

Homeowners association fees cover the cost of maintaining common community areas.

Back

HOA Fees

Front

An examination to certify the condition of a home, including the roof, foundation, basement.

Back

Home Inspection

Front

A document from a lender that states how much and what type of loan you are expected to qualify for.

Back

Mortgage Preapproval

Front

A response to an offer that suggests specific changes.

Back

Counteroffer

Front

The difference between the typical assets of households of different races and ethnicities. This gap/disparity is due to a variety of factors, including income inequality, generational wealth, housing policies, discrimination in education and employment, and more.

Back

Racial Wealth Gap

Front

Programs that help people pay for some of the upfront costs of buying a house. These programs are usually available at the state or local level.

Back

Down Payment Assistance