Terminology Flash Cards 8-Buying A House

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Buyer's Agent

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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.

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Closing Costs

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Fees you pay your lender at the time you buy a house. These costs can include fees for appraisal, title insurance, and inspections.

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Contingency

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A condition that must be met before a sale is finalized.

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Counteroffer

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A response to an offer that suggests specific changes.

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Down Payment Assistance

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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.

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Escrow

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

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FHA Loan

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A type of mortgage that is insured by the government. FHA loans approve borrowers with lower credit scores and/or lower down payments than a conventional mortgage.

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Generational Wealth

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The assets, resources, and financial advantages that are passed down from one generation to the next within a family.

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Home Appraisal

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

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Home Inspection

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An examination of the condition of a home, typically conducted before the purchase.