Confused by all the different real estate lingo?
I often get a lot questions from Pearland home buyers on the meaning of certain real estate terms. It can all be overwhelming for a new home buyer or even an "old pro" as the real estate market is always changing. Below is a list of common real estate terms and definitions that may help you in your search to buy a home in Pearland. This is not a definitive list but it can help you understand the Pearland real estate market better.
REALTOR®- a real estate broker or sales associate who is a member of the National Association of REALTORS®. Not all real estate agents are REALTORS®.homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.
Contingency - a addendum to the executed contract stating that the sale is contingent on the buyer closing on and funding on another property..
Underwriting - The process in which lenders evaluate the risks posed by a particular borrower and set appropriate conditions for the loan.
Underwriting Fee - A fee charged by the lender to verify information on the loan application, authenticate the property's worth as collateral, and make a final determination about whether to grant a loan to the applicant.
VA Loan - A loan through the Veterans Administration program, which allows most veterans to purchase a house without a down payment.
Discount Points - Points a lender charges to reduce interest rate; may be paid by either buyer or seller on conventional loans; one point is equal to 1 percent of the loan value.
Variable-Rate Mortgage - Any real estate loan in which the interest rate varies over time according to a prescribed formula or set of conditions; usually changes in economic conditions. (Also known as an adjustable-rate mortgage).
Adjustable Rate Mortgage - Any real estate loan in which the interest rate varies over time according to a prescribed formula or set of conditions, usually changes in economic conditions. (Also known as a variable rate mortgage).
If there are some real estate terms you have heard that you are not sure what they mean, please give me a call! I have over 15 years of helping people buy and sell houses in Pearland. Let me know how I can help you find your Pearland home today!
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Whether you are buying or selling Real Estate in Pearland Texas it just makes sense to use a Realtor® that knows the area! I live here, work here and play here - I call Pearland Texas home! For more information regarding Pearland Texas be sure to visit my website:
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