Understanding your buying power from the start puts you in a strong position. Getting pre-qualified early clarifies your budget, streamlines your home search, and signals to sellers that you’re a serious, ready-to-act buyer. Connect with one of our trusted lending partners below to begin your seamless journey to homeownership.
We believe that informed buyers are confident buyers. Below are some common terms you’ll hear during your home buying journey. Think of this as your quick-reference guide to feel empowered every step of the way.
Single Family Home: A standalone home that doesn’t share walls, built for one household and sitting on its own lot.
Multi-Family Home: A property with two or more separate units, like a duplex or apartment building, often great for investors.
Condo: You own your individual unit and share common areas like hallways or a pool with other residents.
Townhome: A multi-story home that shares one or more walls with neighbors but has its own entrance.
Twin Home: Two separate homes joined by one shared wall, each owned individually.
MLS (Multiple Listing Service): The main platform agents use to list and find homes.
Off-Market/Office Exclusive: A home that’s for sale but isn’t listed publicly; only shared internally within a brokerage.
Days on Market (DOM): How long a home has been listed before it goes under contract.
Dual Agency: When one brokerage represents both the buyer and the seller in a transaction.
Underwriter: The person who evaluates your loan application and final approval.
Earnest Money: A deposit showing you’re serious about buying the home.
Down Payment: The portion of the purchase price you pay upfront at closing.
Debt-to-Income Ratio (DTI): Compares your monthly debt to your income. It helps determine how much you can borrow.
Discount Points: Optional fees you can pay upfront to lower your interest rate.
Cash to Close: The total amount you’ll need to bring to the closing table, including your down payment and closing costs.
Appraisal: A professional estimate of a home’s value, required by lenders to justify the loan amount.
Backup Offer: An offer waiting in line if the first buyer backs out.
Escalation Clause: Automatically increases your offer if competing offers come in.
Appraisal Gap Coverage: You agree to pay the difference if the appraisal comes in lower than the purchase price.
Sight-Unseen Offer: Making an offer on a home without physically touring it.
As-Is Sale: The home is sold in its current condition, with no repairs promised by the seller.
Multiple Offers: More than one offer on a home
Seller Concessions: Costs the seller agrees to pay to help reduce what you owe at closing.
Home Inspection: A detailed evaluation of the home’s condition by a licensed inspector (recommended).
Sewer Inspection: A camera is run through the sewer line to check for clogs or damage (recommended).
Chimney Inspection: Checks for blockages, cracks, and overall chimney health (optional).
Radon: A naturally occurring, odorless gas that can pose health risks if levels are high (optional).
Radon Test: Measures the radon level in your future home during inspections (optional).
Title Insurance: Protects you if someone later claims ownership of the property.
Title Examination: Verifies legal ownership and identifies any liens or claims on the home.
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