Buying A Home? Do You Know the Lingo? 
To start you on your path with confidence, we have 
compiled a list of some of the most common terms 
used when buying a home. 
Appraisal - A professional analysis used to estimate the value 
of the home. A necessary step in validating the home's worth to 
you & your lender to secure financing. 
Closing Costs - The cost to complete the real estate 
transaction. Paid at closing, they include: points, taxes, title 
insurance, financing costs, items that must be prepaid or 
escrowed. Ask your lender for a complete list of closing cost items. 
Credit Score - A number ranging from 300-850, that is based 
on an analysis of your credit history. Helps lenders determine the 
likelihood that you'll repay future debts. 
Down Payment - Down payments are typically 3-20% of the 
purchase price of the home. 0% down programs also exist, ask 
your lender for more information. 
Mortgage Rate - The interest rate you pay to borrow money to 
buy your house. The lower the rate, the better. 
Pre-Approval Letter - A letter from a lender indicating that 
you qualify for a mortgage of a specific amount. 
Real Estate Professional - An individual who provides services 
in buying & 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 to help you know 
exactly what's going on in the housing market. 
The best way to ensure that your home-buying 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', putting your family's needs first. 

 

To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home. 

Appraisal - A professional analysis used to estimate the value of the home. A necessary step in validating the home's worth to you & your lender to secure financing. 

Closing Costs - The cost to complete the real estate transaction. Paid at closing, they include: points, taxes, title insurance, financing costs, items that must be prepaid or escrowed. Ask your lender for a complete list of closing cost items. 

Credit Score - A number ranging from 300-850, that is based on an analysis of your credit history. Helps lenders determine the likelihood that you'll repay future debts. 

Down Payment - Down payments are typically 3-20% of the purchase price of the home. 0% down programs also exist, ask your lender for more information. 

Mortgage Rate - The interest rate you pay to borrow money to buy your house. The lower the rate, the better. Pre-Approval Letter - A letter from a lender indicating that you qualify for a mortgage of a specific amount. 

Real Estate Professional - An individual who provides services in buying & 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 to help you know exactly what's going on in the housing market. 

The best way to ensure that your home-buying 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', putting your family's needs first. 

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers Representative who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at Pete@nmelite.com.

 

He has a great website full of the latest information at www.NMElite.com