BEAUTIFUL 2 Level Condo in Sterling's Dominion Station!

Common Real Estate Terms ~

Here are definitions of some of the most commonly-used real estate terms.  Learning the terms may help you navigate more confidently through your next transaction:   Contract ~ The document that states the price, mortgage amount, closing and possession dates, and what items stay with the property.   LTV ~ Loan-to-Value ratio is the comparison of the amount of money you are borrowing and the price of the property.  The smaller the amount of your down payment, the riskier the mortgage is perceived to be by mortgage lenders.   PMI ~ Private Mortgage Insurance protects the lender in case you default on your home loan.  If your down payment is less than 20% of the selling price, most lenders will require that you buy PMI.Home Inspection ~ This is a thorough review of the property and its systems by a qualified inspector.  Many buyers request an inspection as a condition of the sale, so that an independent third party can determine the condition of the property they are buying.   PITI ~ This is a statement of the Principal, Interest, Taxes and Insurance.  Lenders look at the PITI amount in relation to the gross income of the borrower to make sure the borrower can afford the payments.   Don't hesitate to call if you would like more information.  My goal is always to make the buying or selling process as smooth and comfortable for you as possible.  Then all you have to do is pick your home and pack! Respectfully,Trish ~

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