Home Buying Basics

provision stating fulfillment of a contract depends on certain conditions

• Closing

• Contingency

• Mortgage

• Inflation

increase in price levels and reduction in the value of money

• Inflation

• Equity

• Contingency

• Interest

fee charged by a lender for the use of borrowed money; expressed as a percentage of the amount borrowed

• Closing

• Interest

• Inflation

• Credit History

written proof a lender is willing and ready to lend an individual a specific amount of money for a mortgage based on verified income and asset

• Credit History

• Pre-approval

• Offer to Purchase

• Debt-to-income Ratio

person who is licensed to negotiate and arrange real estate sales

• Contingency

• Mortgagese

• Lender

• Real Estate Agent

value of an owner's share in a property; value minus debt

• Closing

• Mortgage

• Inflation

• Equity

percentage of a person's income which goes toward paying debts; one way lenders measure an individual's ability to borrow

• Offer to Purchase

• Debt-to-income Ratio

• Pre-approval

• Credit History

loan to finance the purchase of real estate

• Inflation

• Mortgage

• Closing

• Contingency

detailed written document which, once signed by

both parties, becomes a legally binding contract

• Credit History

• Pre-approval

• Debt-to-income Ratio

• Offer to Purchase

process during which the title to the property is transferred to the buyer, also known as settlement

• Inflation

• Contingency

• Interest

• Closing