Home Buying Real Estate Terms
Appraisal The Estimate Value of the property
Building Codes Rules established by a local or state jurisdiction that cover how a house can be built or modified.
Certificate of Title Document that ensures the property is legally owned by the person who claims it.
Closing Costs All fees % expense associated with closing a home, usually around 6% of the cost of the home.
Comparative Market Analysis (CMS)
A study of how comparable local homes have sold to help determine a reasonable price for property.
Debt To Income Ratio
In Order to qualify for a loan, your monthly debt cannot exceed 43% of your monthly income.
Earnest Money Deposit
Payment made to the seller with the offer to show serious intention.
Escrow An account where all closing costs are collected while the lender approves the deal.
Good Faith Deposit Payment made to the lender with the offer to show serious intention.
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http://superzinggs.com
(951) 757-0681
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