FIRST TIME HOME BUYER
WHAT TO KNOW ABOUT BUYING A HOME STARTS WITH KNOWING THE LINGO!
Glossary of home buying terms
Closing statement (HUD-1) – details all funds changing hands between the buyer and seller Truth in Lending statement – a final summary of the terms of your loan
Mortgage note – a legal obligation to repay the lender according to stated terms
Deed of trust – the legal transfer of ownership; gives the lender a claim against your home if you fail to meet the terms of the mortgage note Affidavits – any binding statements by the buyer or seller Riders
Pre-qualified-Pre qual is just the initial conversation where buyer gives basic income, asests, and credit information.
Pre-approved– The buyer has submitted paystubs, tax returns, credit has been run, credit application has been filed out, and assets reviewed.
Underwriter– the person with your bank who goes through all your paperwork with a fine-tooth comb validating your information before issuing an approval
Gift letter– any money given to you to aid with closing costs from your parents, friends, etc. must be documented that it is just a gift and not meant to re-pay.
Comparative Market Analysis or CMA-This report compares the subject property with other properties that are currently listed and recently sold to help you formulate your offer.
HOA-Home owner’s association. Communities have a governing body that protects and enforces rules. There is normally a monthly, quartlerly or annual fee. Common in communities with pools and well manicured lawns. HOAs help protect your home by keeping up the integrity of the community.
CCR– Community Covenants and Restrictions explain what is allowed and not allowed in the community. Make sure you review these before even writing an offer.
GUIDE TO CHARLOTTE MLS CODES
Knowing Charlotte multiple listing service codes can save a lot of time chasing homes that you may not be interested in. Many people are hesitant to view or make offers on homes that are already under contract or have multiple offers because they do not want to be in a ‘bidding war’. Being familiar with the codes can help narrow your list based on these factors.
ACT-Active property and available
UCS- Under contract show- showings are available
UCNS- Under contract no show
EXP-Expired
WITH-Withdrawn
To set up your complimentary MLS search with real time data contact Realtor, Danielle Edwards with REMAX EXECUTIVE.
