Mortgage:
The home loan.


Appraisal:
The estimated value of the property.


Certificate of Title:
Document that proves the property is legally owned by the person who claims it.


Closing Costs:
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.


Contingencies:
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.


Escrow:
An account where all the closing costs are stored while the lender approves the deal.


FICO Score:
Numerical value assigned to lenders based on their credit history.


Fiduciary Duties:
The responsibilities of the broker.


HOA:
Home Owner's Association. They decide rules and standards for certain communities.


Pre-qualification:
When a buyer has obtained a letter that says they will be qualified for a home loan.