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    • Home
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  • Home
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  • About
    • Reviews
    • Meet the Team!
    • Contact
    • Careers
  • Buyers
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  • Real Estate Info

The MRE Group, powered by Red Door Real Estate

Michel Ann Maroney

256-227-0455

Email:  HomesByMRE@gmail.com

Office:  256-541-6316

Things to know when buying a home.

Real Estate Acronyms

  1. APR: Annual Percentage Rate - The total cost of a mortgage, including fees.
  2. ARM: Adjustable-Rate Mortgage - A mortgage with an interest rate that changes over time.
  3. CMA: Comparative Market Analysis - An estimate of a property's value.
  4. FHA: Federal Housing Administration - Insures loans for low down payments.
  5. FSBO: For Sale By Owner - When the homeowner sells without a realtor.
  6. HOA: Homeowners Association - An organization that manages shared properties.
  7. MLS: Multiple Listing Service - A database of properties available for sale.
  8. PMI: Private Mortgage Insurance - Insurance to protect lenders in case of default.
  9. REO: Real Estate Owned - Properties owned by a lender after foreclosure.
  10. ROI: Return On Investment - The potential profit from a real estate investment.
  11. USDA: United States Department of Agriculture - Offers home loans for eligible rural properties.
  12. VA: Veterans Affairs - Offers home loan programs for eligible veterans.


Real Estate Terms

Real Estate Terms:

  1. Appraisal: An evaluation of a property's value by a qualified professional.
  2. Closing Costs: Fees associated with finalizing a real estate transaction.
  3. Down Payment: The initial payment made by the buyer toward the purchase price.
  4. Earnest Money (Trust Money): A sum of money paid by the buyer as a show of good faith when making an offer on a property. It's held in escrow until the closing of the transaction.
  5. Escrow: A neutral account where funds are held during the buying process.
  6. Equity: The difference between a property's value and the mortgage owed.
  7. Inspection: A thorough examination of a property's condition before purchase.
  8. Listing: A property that's officially on the market for sale.
  9. Mortgage: A loan used to buy a home, paid back over time with interest.
  10. Title: Legal ownership of a property.
  11. Under Contract: A property that has an accepted offer but hasn't closed yet.

What Will I Need When Applying For A Loan?

While other items may be needed, this is a list of common documents a lender may request:


Proof of Identity and Residence:

  • Driver's license or government-issued ID
  • Proof of your current residence (utility bills, lease agreement, etc.)

Proof of Income:

  • Pay stubs for the past 2-3 months
  • W-2 forms or tax returns for the past 2-3 years
  • If self-employed, business tax returns and profit/loss statements

Employment Verification:

  • Contact information for your current employer
  • Recent pay stubs or an employment verification letter

Credit Information:

  • Consent for the lender to pull your credit report

Assets:

  • Bank statements for the past 2-3 months to verify savings and checking accounts
  • Documentation of any other assets, such as stocks, bonds, or retirement accounts


Copyright © 2020 The MRE Group 

All Rights Reserved.


#HomesByMRE  256-227-0455

Red Door Real Estate 256-541-6316

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