The estimated value of the property.
Certificate of Title:
Document that proves the property is legally owned by the person who claims it.
All the fees and expenses associating with a closing on a home, usually about 6% of the cost of the home.
Comparative Market Analysis (CMA):
an examination of the prices at which similar properties in the same area recently sold.
Conditions that must be met in order for an offer on a home to proceed.
Debt to Income Ratio:
DTI is calculated by dividing total recurring monthly debt by gross monthly income. In order to qualify for a home loan, your DTI ratio must be under 43%.
Earnest Money Deposit:
Payment made to the seller to secure the the offer or prove intent.
An account where all the closing costs are stored while the lender approves the deal.
Numerical value assigned to lenders based on their credit history.
The responsibilities of the broker.
Home Owner's Association. They decide rules and standards for certain communities.
When a buyer has obtained a letter that says they will be qualified for a home loan.