Buying A House Vocab

The expenses in addition to the purchase price including escrow fees and real estate commission

• Deed
• Closing Cost
• Down Payment
• Equity

A legal document transferring ownership of the property

• Equity
• Agreement of Sale
• Mortgage
• Deed

The difference between how much a house is worth and how much is owed on the house.

• Closing Cost
• Equity
• Points
• Purchase Price

1% of the loan amount. Amount charged by the lender providing the loan.

• Interest
• Points
• Purchase Pricve
• Principle

Cost of borrowing money.

• Points
• interest
• mortgage
• Principle

Amount of the loan still to be repaid.

• Interest
• Points
• Principle
• Mortgage

Legal term applied to the action of a lender forcing the re-payment of the debt on the home by taking the home and selling it.

• HUD
• Escrow
• Mortgage
• Forclosure

A licensed professional who specializes in selling homes.

• HUD
• Real Estate Agent
• Escrow
• Title Insurance Broker

US Department of Housing and Urban Development

• HUD
• GOV
• USDOD
• HAD

The amount of money the buyer pays to the seller immediately upon signing the agreement of sale.

• Deed
• Escrow
• Principle
• Down Payment