First Time Home Buyer
First time home buyer refers to someone who’s buying a home for the very first time. If you own a home and have sold it a long time ago. You are not a first-time homebuyer. If your husband or wife owns a home in her name. You are not a first-time homebuyer. To apply for a government first-time homebuyer assistance /grant program you might still qualify. If the last time, you own home more than 3 years ago. You might still qualify. For qualification of the program please consult directly with the program provider.
Mortgage Pre-Approval Hard Pull Credit Report
Hard inquiries are necessary for certain financial actions, such as applying for a loan or credit card, but they should be minimized. A hard inquiry might lower your credit score by several points and will remain on your credit report for up to two years.
A mortgage preapproval is a letter from a lender indicating the type and amount of loan you can qualify for. The preapproval letter is issued after the lender has evaluated your financial history — including pulling your credit report and score.
Getting preapproved for a mortgage helps you shop for homes within your means and shows you’re a serious buyer.
A mortgage preapproval letter usually valid for 60 to 90 days.
Newly constructed buildings sometimes receive abatements so that owners do not have to pay taxes on their units for a specified amount of time.
A fee paid to the local government to officially report a sale of a home; usually paid by the buyer.
Debt to Income Ratio
The percentage of an individual’s monthly gross income relative to the amount of debt owed.
Common Charge is a monthly maintenance fee paid by condo owners. Property taxes are not included in the common charge.
Appraisal is assessment of the property’s market value, typically done for the purpose of obtaining a mortgage.
A broker’s agent is a real estate professional employed by a real estate broker to assist clients working with their agency.
An FHA Loan is a mortgage that’s insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5%. Usually require to have a good credit score to qualify.
The written document that is used to transfer ownership of a property.
The last inspection of the property before signing the closing documents.
The final meeting where both parties sign the require paper works and the ownership of the property transfer from the seller to buyer.
The additional fees associated with transaction, not include the cost of the property.
The upfront cash payment for property. The remain usually is paying through mortgage.
The deposit that pay to seller when sign the contract to show you are a serious buyer.
Adjustable-Rate Mortgage (ARM)
A mortgage loan with an interest rate that changes base on the financial index causing the monthly payment rise and fall.
Fixed Rate Loan
A loan with interests rate that stay consistent.
It is commonly refer to the real estate agent that representing only the seller/landlord. It is acting on the seller best interest.
It is a real estate agent representing only the buyer. It owe the buyer undivided loyalty.
Real Estate Salesperson/Agent
Ideally, all New York licensed real estate agent is a real estate salesperson. However, anyone with a real estate broker license they likely to have a real estate broker or associate broker title. Also, New York is not legally allowed to uses a real estate agent as the title.
Real Estate Associate Broker
It is someone have passed the real estate broker exam. But, he/she decided to work for under another broker or a real estate company.
Real Estate Broker
In New York State Real Estate Broker usually refer to someone who’s own a realty company and, has other licensed real estate agents work for him/her. Also, has a real estate license for a minimum of 2 years, passed the state broker exam.
A REALTOR® is a licensed real estate salesperson who belongs to the National Association of REALTORS®.