Tami Savage, Realtor

Your Key to a New Lifestyle

  • Search for Homes
  • Blog
  • About
  • Contact
  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

Key Terms to Know in the Homebuying Process [INFOGRAPHIC]

November 27, 2020 By Tami Savage

Key Terms to Know in the Homebuying Process. Here's a list of some of the most common terms in the homebuying process. Appraisal = A professional analysis used to estimate the value of a home.  A necessary step in validating a home's worth to you and your lender as you secure financing.  Closing costs = The fees required to complete the real estate transaction.  Paid at closing, they include points, taxes, title insurance, financing costs, and items that must be prepaid or escrowed.  Ask your lender for a complete list of closing cost items.  Credit score = A number ranging from 300 to 850 that’s based on an analysis of your credit history.  Helps lenders determine the likelihood you’ll repay future debts.  Down payment = Down payments are typically 3 to 20% of the purchase price of the home.  Some 0% down programs are also available.  Ask your lender for more information.  Mortgage rate = The interest rate you pay to borrow money when buying a home.  The lower the rate, the better.  Pre-approval letter = A letter from a lender indicating you qualify for a mortgage of a specific amount.  This is a critical step in today’s competitive market.  Real estate professional = An individual who provides services in buying and selling homes.  Real estate professionals are there to help you through the confusing paperwork, find your dream home, negotiate any of the details that come up, and so you know exactly what’s going on in the housing market.  The best way to ensure your homebuying process is a confident one is to find a real estate pro who will guide you through every aspect of the transaction with ‘the heart of a teacher’ by putting your needs first.  Source:  Freddie Mac

Some Highlights

  • Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
  • To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way.
  • The best way to ensure your homebuying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher’ by putting your needs first.

Tagged With: Down Payments, First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up Buyers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Free eGuide. Things to Consider When Buying a Home. Send me this eGuide.

Free eGuide. Things to Consider When Selling Your House. Send me this eGuide.

A Guide to Buying Your First Home. Send me this eGuide.

Tags

Baby Boomers Buying Myths Community Demographics Distressed Properties Down Payments Events First Time Home Buyers Forbearances For Buyers Foreclosures For Sale By Owners For Sellers FSBOs Generation X Generation Z Gen X Gen Z Holidays Home Design Home Trends Housing Market Updates Infographics Interest Rates Interview Investors Lifestyle Luxury Market Millennials Move-Up Buyers moving New Construction Pricing relocation Remodel Rent vs Buy Report Reviews Selling Myths Senior Market Short Sales SOLD Tax Refund Veterans Video

About Me

I help homeowners sell their existing home and shift into a home more suitable to their needs in the North Metro Atlanta area (specifically around Cumming, Canton, & Milton). Read More…

Let’s Connect

770-744-2524‬ or
(888) 959-9461 x2543

Digitial Business Card

 

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

Calculate Mortgage Payments

Below is a mortgage calculator you may use to help give you an estimate on your monthly payment and other details.

Once calculated, next to the monthly payment on the far right is a small graphic you can click on to see the payment schedule.

Calculate Mortgage Payments

www.mlcalc.com
Copyright © 2019+ Tami Savage LLC. All Rights Reserved. Privacy Policy

DISCLAIMER: The information contained, and the opinions expressed, on this site are NOT intended to be construed as legal or financial advice. Tami Savage does NOT guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as legal or financial advice. You should ALWAYS conduct your own research and due diligence and obtain professional advice before making any legal or financial decisions. Tami Savage will NOT be liable for any loss or damage caused by your reliance on the information or opinions contained herein.