PRE-APPROVAL

Getting pre-approved means your lender confirms your eligibility to borrow a specific amount of money, considering factors like your credit score and debt-to-income ratio. With a pre-approval letter, you can share it with your realtor to narrow down home options that fit your budget. This streamlines the process and increases your chances of finding your ideal home.

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HOME WARRANTY

A home warranty is a service contract that covers the repair or replacement of major home systems and appliances. It provides financial protection to homeowners by offering coverage for unexpected repairs due to normal wear and tear. Home warranties typically have a set duration, often one year, and require an annual premium payment. When a covered item breaks down, the homeowner can file a claim with the warranty provider and arrange for a qualified technician to assess and repair the issue. Home warranties can offer peace of mind and potential cost savings by reducing the financial burden of unexpected home repairs.

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APPRAISAL

An appraisal is an evaluation of a property's value conducted by a certified appraiser. It considers factors like location, size, condition, and comparable sales in the area. The appraiser provides an unbiased estimate of the property's worth, which is used for buying, selling, refinancing, or insurance purposes. The appraisal report helps parties make informed decisions based on the property's value.

 

BUYERS AGENT

A buyer's agent is a real estate agent who works exclusively on behalf of the buyer in a real estate transaction. They represent the buyer's interests throughout the home buying process and provide guidance and support. A buyer's agent helps the buyer search for properties, negotiate offers, navigate contracts and paperwork, and coordinate inspections and other necessary steps. Their primary goal is to ensure that the buyer's needs and preferences are met, and to help them make informed decisions when purchasing a home.​

 

CLOSING COSTS

Closing costs are the fees and expenses associated with the finalization of a real estate transaction. They typically include charges for services such as title insurance, loan origination, appraisal, and attorney fees. These costs are paid by the buyer and/or seller at the closing of the sale.

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CLOSING (SETTLEMENT) STATEMENT

A closing statement, also known as a HUD-1 statement, is a document used in real estate transactions to provide a detailed breakdown of the financial aspects of the transaction. It outlines the costs, credits, and prorations for both the buyer and seller, including items such as loan fees, property taxes, and prepaid expenses. The closing statement is typically prepared by the closing agent or settlement agent and is an important part of the closing process.

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DOWN PAYMENT 

A down payment in real estate refers to the initial payment made by a buyer toward the purchase of a property. It is typically a percentage of the total purchase price and is paid upfront at the time of closing. The down payment is subtracted from the total purchase price, and the remaining amount is financed through a mortgage or other form of financing. A higher down payment generally leads to a lower loan amount and can impact the interest rate and terms of the mortgage.