House Buying Terms · Trusted Source

: A legal document that formally transfers ownership from the seller to the buyer. It must be signed by the seller and is typically filed with local government records.

: A framework suggesting you have three months of living expenses saved, three months of mortgage payments in reserve, and have compared at least three properties. house buying terms

: The portion of the home's value that you actually own, calculated as the market value minus your remaining mortgage balance. : A legal document that formally transfers ownership

: A guideline suggesting you should have a 30% down payment, spend no more than 30% of your income on mortgage payments, and the home price should not exceed 3 times your annual income. house buying terms