Terminology Review 8-Buying A House

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Generational Wealth

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The assets, resources, and financial advantages passed down within a family.

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Counteroffer

Back

A response to an offer that suggests specific changes.

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Home Appraisal

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

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Home Inspection

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To assess the condition of a home before purchase.

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Closing Costs

Back

Fees for appraisal, title insurance, and inspections.

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Down Payment

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An upfront payment made when purchasing a home, typically a percentage of the purchase price.

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Mortgage

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A loan specifically for purchasing real estate, secured by the property itself.

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Equity

Back

The difference between the market value of a home and the amount owed on the mortgage.

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Title Insurance

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Insurance that protects against losses from defects in the title to a property.

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Escrow

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A financial arrangement where a third party holds funds or documents until certain conditions are met.