A month into 2022, we are still in a buyers market, and families are still preparing to move into their future homes. In part 01, we wrote about the importance of understanding some of the terminologies associated with the home buying and selling process.
In part 02, we are continuing to share some of the words from N to Z, so let's get ready to continue learning some new terms.
LETTER N TO Z
N is for Net Income: "Net Income is the profit or money remaining after the expenses have been deducted from all income."
O is for Open House: "Open House is a property that is being presented without the need for an appointment that is available for inspection by potential purchasers."
P is for Pre-approval: "Pre-approval is a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer."
Q is for Qualifying Ratios: "A Qualification ratio refers to the measure of a borrower's creditworthiness that helps lenders decide whether to extend them credit."
R is for Rural Housing Service: "An RHS offers mortgage programs to help low- to moderate-income rural residents purchase, construct, and repair homes."
S is for Short Sale: "A Short Sale in real estate involves selling a home for less than the balance remaining on the mortgage."
T is for Title Insurance: "A Title Insurance protects lenders and buyers from financial loss due to defects in a title to a property."
U is for Under Contract: "An Under Contract means that a seller has accepted an offer on the property, but the sale is not final until all contingencies are met."
VA Loan: "A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs and issued by a private lender, such as a bank, credit union or mortgage company."
W is for Walk Through: "A Walk Through is when a buyer and their real estate agent will go through the property. They'll check that there's no new damage, that all the home's systems and appliances included in the sale are still working, and that the house is in a clean condition."
Z is for Zoning: "Zoning refers to municipal or local laws or regulations that govern how real property can and cannot be used in some geographic regions."
We hope this mini-series helped you whether you are in the beginning or middle of your process. Let us know if we should make this into a Youtube Series with our agents?
LATEST YOUTUBE VIDEO
Did we miss something? You may send us an email at maverickhomegroup@gmail.com.