A loan specifically for purchasing a home, secured by the property itself. Monthly payments typically include principal and interest.

A numerical representation of a borrower's creditworthiness, influencing loan approval and interest rates.

The initial upfront payment made when purchasing a home, usually expressed as a percentage of the home's price.

A licensed professional who assists buyers and sellers in the real estate transaction process.

A thorough examination of a property's condition, typically conducted before finalizing a purchase.

An assessment of a property's market value, often required by lenders to ensure the loan amount is justified.

A mortgage with a constant interest rate throughout the loan term, providing predictable monthly payments.

A mortgage with an interest rate that may change over time, affecting monthly payment amounts.

A lender's conditional commitment to loan a specific amount, based on a borrower's financial status.

A financial arrangement where a third party holds funds or documents until specific conditions are met.

Insurance that protects against losses due to defects in the title of the property.

Fees and expenses incurred during the finalization of a real estate transaction, often including taxes, attorney fees, and title insurance.

A deposit made to demonstrate a buyer's serious intent to purchase a property, typically held in escrow.

Insurance that covers damages to a home and the homeowner's belongings, often required by lenders.

A tax assessed on real estate properties, usually calculated based on the property's assessed value.

A database that real estate agents use to share information about properties for sale.

An event where a property is open for public viewing, allowing potential buyers to explore the home.

A detailed report of an individual's credit history, used by lenders to assess creditworthiness.

A real estate agent who is a member of the National Association of Realtors, adhering to a specific code of ethics.

A service contract that covers the repair or replacement of major home systems and appliances.

A legal document that transfers ownership of property from one party to another.

A property that requires repairs or renovations, often purchased at a lower price.

A legal process where a lender takes possession of a property due to the owner's failure to make mortgage payments.

Regulations that govern how land can be used in certain areas, affecting property development and use.

The economic environment in which properties are bought and sold, influenced by supply and demand.