If you’ve looked into buying a house in Greenville, you probably already know that it’s not as easy as HGTV makes it look. The process is a lot more involved — and often confusing.
From determining your budget to figuring out funding, there’s a lot of jargon that comes with house hunting. That’s why we’ve tapped into the experts at Greenville Federal Credit Union to break down 10 must-know real estate terms.
Property + permissions
- Appraisal — The estimated value of the home or property you want to purchase.
- Zoning — What your city will allow you to do with your property (think: additions, pools, and fences). Psst... A home equity loan can help you check off some projects.
- Inspection — A professional examination of a home to outline and detail its current condition. It’s like a physical for your house.
Financing
- Mortgage — A loan used to purchase a home or other real estate. Calculate your loan.
- Adjustable-rate mortgage (ARM) — A mortgage with an interest rate that can fluctuate throughout the life of the loan.
- Fixed-rate mortgage — A mortgage with a constant rate of interest. Check current rates.
- Pre-approval — A document from your lender outlining how much you can borrow based on several factors, which will help you develop your budget. See how much house you can qualify for.
- Down payment — Your upfront payment toward the purchase of your new home.
Final steps
- Escrow — A neutral account not related to the buyer or seller that will hold the funds until the end of the transaction.
- Closing costs — Fees that are associated with the purchase of your home for things such as the appraisal and inspection.
Pro tip: Greenville Federal Credit Union experts are always available to answer your questions.
