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Buying a house
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egal document that serves as proof of ownership, transferring title from one person to another
deed
The legal right to ownership of a property.
title
I might hire a professional to evaluate the structural and mechanical condition of a property before I purchase it. What is this process called?
Home inspection
What the bank charges you to borrow money.
interest
A portion of the price of a home that the buyer deposits as evidence of good faith to indicate a serious purchase offer.
earnest money
The seizure of property from borrowers who are unable to repay their loans.
foreclosure
The time period between signing the purchase agreement and closing where money is held by a third party.
escrow
The expenses which owners and sellers incur during the purchase/sale of a home in addition to the price of the property (recording fees, escrow fees, title insurance, etc.)
closing costs
If I have to pay PMI, when will I stop?
Once you've reached the 20% threshold
What type of a mortgage loan may a very wealthy person have?
jumbo
What FOUR items may be a part of your mortgage payment?
taxes, principal, interest, PMI, insurance
How do you become a realtor?
4 classes + pass state/national tests
What is a broker?
realtor boss / owns realty company
When I take out a loan, the actual loan amount is called ____
principal
How does an appraiser determine the value of a house?
Value of the home itself as well as comparable sales
The 36% rule says...
No more than 36% of my gross monthly income can go toward all debt payments
The 28 of the 28/36 rule says ....
28% of my gross monthly income can go toward housing costs
What is the rule to help me determine how much of a mortgage payment I can afford?
28/36
If I make $50,000 a year, I can afford a house that costs about $_______?
$150,000
Name two other types of mortgage loans besides ARM and fixed rate
jumbo, VA, FHA...
If I only put down 10% at closing, what will be an extra cost to me every month?
PMI
What does PMI stand for?
Private mortgage insurance
Current mortgage rates are ...
6%-7%
The difference between the value of your house and the amount that you owe is
equity
The first step you need to take before meeting with a realtor is...
get pre-approved
An ARM and fixed rate are types of what?
mortgage
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