May 8, 2007

Home Buying Glossary

Home Buying Glossary

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Are you in the market for a new house or already in the process of buying a house?� There are some terms you should be familiar with:

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Assessed Value � The value of a real estate property, based on a percentage of the house's overall market value, placed on a property by city or county assessors who� regulate property taxes.

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Cash Reserve � The amount of money, determined by the lender, held in reserve as an addition to the down payment and closing costs.

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Contingency � The term referring to any condition which has to be met before an agreement is confining.

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Default � A failure to meet the legal requirements of an agreement. If homebuyers fail to pay their monthly payments on a mortgage they "default" in their payments.

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Escrow � The term refers to the funds usually set aside and kept by a neutral third party who uses it to issue tax payments and insurance. (Also ESCROW ACCOUNT)

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First Mortgage � The term refers to the primary loan taken against the property. The first mortgage has first claim in the event of default.

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If you want to learn more terms associated with the home buying process, we encourage you to keep coming back to our blog.

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If there are any terms associated with the home buying process that you are unfamiliar with, contact us or leave us your question below.

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