Definitions

Appraisals are most often done during the home purchase process as a tool for the bank to determine if the house is worth what the contract price is. Appraisals can be done at any point in time though, and are sometimes used outside of a home transaction when an owner or seller needs a professional opinion on the value of their property. 

🏡 Rate Buydown 101: Lower Your Payments 📉

A rate buy down can be a smart move when purchasing a home, especially in times of higher interest rates.

If you’d like to learn more, I’ll connect you with one of our trusted lenders at Success Mortgage. 

Contingencies are time periods that are written into your contract at the time of offer negotiation that give you time to research the home and property. Examples of contingencies include inspections or a time frame to review HOA documents

Curb Appeal: the magical charm that beckons you home and increase your home's marketability when selling. It's not just about aesthetics; it's about making a statement, creating a warm welcome, and boosting property value. 🏡✨ 

Earnest Money is paid by a buyer at the beginning of the contract process. Typically it is held in an escrow account and paid shortly after a purchase contract is ratified.

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Assumable mortgages can be a great way for buyers today to get into a home at lower-than-market interest rates. However, there are some things to consider when looking into a loan assumption during your purchase -

Pros :

- Buyers can take over the existing mortgage, potentially saving on closing costs

- If the original mortgage has a lower interest rate, you could save hundreds each month

Cons :

- You can only assume the loan balance, so if the home is being sold for more than that you’ll be required to make up the difference

- Assumable mortgage are less common, limiting property options

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Equity is the difference between the value of a home and what is owed on the mortgage. Equity can increase over time as the market value increases, or by paying down the mortgage.

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A rent-back agreement is when the buyer lets the seller stay in their home for a certain amount of time after closing. This usually happens when the seller hasn't found a place to live yet and needs more time before officially moving out of their old home.

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When working with your realtor or mortgage lender, several terms are brought up throughout the process. Swipe through these #RealEstateVocabTerms to see what each really means! 

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