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Say What? Home-Buying Lingo You Should Know

07/26/2021 by Noelle Cummings Leave a Comment

If you’re a first-time homebuyer or even a repeat buyer, you realize real estate has a language all its own. Understanding some of the “lingo” can help you navigate the process a little easier. Learning just a few critical terms will better position you to ask the right questions and make the best decisions.

  • Buyer’s Market – A real estate climate where the number of listings outnumbers qualified buyers.
  • Seller’s Market – A real estate climate where the number of qualified buyers outnumbers the properties listed for sale.
  • Contingencies – Specific conditions of an offer that protect the buyer against unexpected situations, such as inspection, loan, and appraisal issues.
  • Earnest Money – A sum of money deposited by the buyer when the seller accepts their offer. Subject to any contingencies, this money protects the seller from a buyer who changes her mind.
  • Escrow Agent – A neutral 3rd party who manages the paperwork in states where attorneys are not responsible for concluding a purchase contract.
  • Closing Costs – Both buyer and seller must pay certain fees to conclude the sale.
  • Conforming Loan – A loan that meets specific guidelines set by Fannie Mae and Freddie Mac.
  • Jumbo Loan – A loan in an amount that exceeds the limits set by Fannie Mae and Freddie Mac.
  • PMI – Private mortgage insurance is a fee charged if the borrower’s down payment was less than 20%.

These are just a few of the common terms you will hear used in the real estate industry. If you are involved in a real estate transaction, learn a bit of the common lingo. Doing so will help you understand the process better and make your home sale or purchase a smooth one.

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Filed Under: Buyer Tips

About Noelle Cummings

Raised in Walnut Creek, Noelle Cummings understands and appreciates the many unique benefits of living in the Bay Area - with its unmatched beauty, culture, shopping, and marvelous restaurants!

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Noelle Cummings
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