By Kim Buish

HOUSTON – There’s no denying that buying a home is an exciting part of life but during the home buying process it can get a little confusing since there will be many terms that you’re going to hear referenced and you may not be able to understand them all.

In this post I will break down some of the most common Real Estate terms you can expect to hear when buying a home so you can be a more knowledgeable home buyer.

Mortgage Loan

Your mortgage loan is what you’re going to use to purchase Houston Real Estate.

Some of the most common types of mortgage loans include: 15-year, 30-year fixed, Adjustable Rate Mortgages, FHA, HUD, VA and USDA loans.

Down Payment

During the process of buying a home you will expected to come up with a down payment which is between five and 20 percent although with some mortgage loans like FHA loans you are only expected to come up with a down payment of just 3.5 percent.

Closing Costs

These are the fees you can expect to pay to the surveyor, attorney, home inspector and to the company you are using for title insurance.

Escrow

When you buy a home your down payment money will be put into escrow instead of that money being paid to the homeowner directly.

Principal

This Real Estate term refers to the total amount of money you are borrowing to buy Houston Real Estate.

Buy Houston Real Estate

For more information on common terms and their definitions when you buy Houston Real Estate, or to view homes for sale, contact me, Kim Buish, Realtor ® with Red Door Realty & Associates by calling me at: (713) 819-142, or click here to connect with me online.