Buying a home in today’s marketplace is a bit intimidating.
Posted by Admin in blog, extra, media, newsletter, updates.
Buying a home in today’s marketplace is a bit intimidating.
Down Payment
Cash paid by the buyer at closing that makes up the difference between purchase price and the real estate online mortgage amount.
Earnest Money
Money given by a buyer to a seller as a deposit to commit the buyer to the future transaction. Earnest money is real estate search subtracted from closing costs.
Equity
The value an owner has in real estate over and above the obligation against the property. Equity is fair market value minus the current indebtedness.
Escrow
Funds given to a third party which will be held to cover payments such as tax or insurance payments and earnest money deposits.
Fixed Rate Mortgage
A mortgage in which the interest rate remains constant throughout the life of the loan.
