buying florida’s First Coast
your trusted
Real Estate Professional
A United States Navy Veteran and a skilled tradesman with 11 years of experience in residential and commercial plumbing, Robby made the leap into real estate to try a new challenge in his life and to have more quality time with his family. His children are his driving force for success day in and day out. Robby leverages his expertise to help his customers not only find the perfect home, but answer questions about their new home along the way. He was born and raised on the Eastern Shore of Maryland and relocated to St. Augustine, Florida. He enjoys helping others, which is his favorite part of working as a Realtor. Robby volunteers as a local youth football coach here in St. Augustine and is a proud supporter of K9s For Warriors.
Process the
Below is an outline of the steps you’ll be taking as part of becoming a homeowner.
• How much can you afford?
• Deciding on a lender
• Fine tuning your budget
• Begin searching for a home
• Making an offer
• Your offer is accepted
• The closing
Started getting
You’ve decided to purchase a home! Buying a home is an exciting and smart investment. Homeownership brings a sense of security and the freedom of having your own space. Financially, it can provide a tax shelter and the opportunity to build equity.
This guide is designed to walk you through the process of buying a home so you are prepared to act quickly when you find the perfect one. As you work through the home buying process, you’ll find that your professional real estate agent is a valuable resource, and you can feel confident your search for a new home will be successful.
Your agent will help you find the home that fits your lifestyle and your budget.
Essential why a buyer’s agent is
Expert Guidance
With my expertise and insight into the complex real estate process, I'll help you make informed decisions every step of the way.
Local market knowledge
I have the inside scoop on trends, pricing, and availability, giving you a competitive edge in finding the perfect home. Consider me your very own local market guide!
Time-saving Convenience
I'll simplify the process for you by coordinating offers, inspections, showings, and more on your behalf, and I'll connect you with necessary vendors like mortgage professionals.
Negotiation skills
I will be your fearless advocate, armed with data and negotiation strategies that can lead to smooth resolutions and winning deals, saving you time and money.
Peace of Mind
Working with me, you can rest easy knowing that a professional is there to help you navigate any unexpected challenges or delays with professionalism and clarity.
A Little About Our Company
Since 1927, Coldwell Banker Schmidt Family of Companies experienced phenomenal growth and has had the distinct pleasure of providing services to thousands of individuals and families. Founded by Harold F. Schmidt in Traverse City, Michigan, the company is now led by his great-grandson. We are a sixth-generation, full-service brokerage firm — proudly known as one of the country's largest and most successful real estate affiliates — and we’re so excited and honored to count you among the many we’ve assisted in finding their dream homes.
At a Glance: Schmidt Family of Companies
• 85+ offices company-wide, located throughout Michigan, Florida, Ohio, and the U.S. Virgin Islands
• Over 1,800 real estate agents
• $5 Billion in sales volume and 14,000+ closed sales transactions in 2023
• Ranked among the RealTrends Top 50 Real Estate Brokerages worldwide
• Principal Broker for Anywhere Real Estate, Inc., the world’s largest real estate relocation and referral company — designated as one of the 2023 World’s Most Ethical Companies by Ethisphere Institute (for the 13th year in a row!)
• Ranked #1 by number of offices and #3 by sales volume out of 900 Coldwell Banker affiliate companies around the world
• Coldwell Banker Global Luxury handles more than over $200 Million in luxury home sales every day, representing nearly 40,000 transactions of $1 Million+ homes and attaining a $1.9 Million average sales price for $1 Million+ homes
Buyer & Seller Services
• Multiple Listing Services
• National Relocation and Referral services
• State-of-the-art advertising systems
• Buyer agency
• Residential and Commercial real estate services and representatives
• Mortgage and Title services
• Home Warranty services
• Property Management services
Pre-Approved getting
A lender will only allow you to borrow money if they are sure your credit is strong and if they are confident you can pay them back.
To determine if you’re a good candidate for a loan, they look at your credit score and study your financial history, income, federal tax returns and long-term debt such as credit cards, auto loans, child support, etc. If your credit looks good, you have an excellent chance of obtaining a mortgage.
Getting pre-approved for a mortgage is an important first step when buying a home. Your agent will help you find the home that fits your lifestyle and your budget.
Pre-Approved the power of getting
The first step in any home search is finding out exactly how much home you can afford and securing the financing to make the purchase. While you can get a rough estimate through pre-qualification, taking the extra step to get pre-approved will give you some added advantages.
Pre-approval helps you:
• Understand your financial condition
• Know exactly how much home you can afford before you begin your home search
• Strengthen your purchasing power when making an offer
When you find a home you love and are ready to make an offer, your mortgage preapproval lets the seller know you're serious and fully prepared to buy their home, which puts you in a stronger position than other buyers. To help get things moving, I can connect you with an experienced mortgage broker — they will pull your credit and provide you with low rates, fantastic customer service, and a fast, simple process.
The Pre-Approval Process
Here are some of the documents that you'll need to provide your lender to get the preapproval process started:
Establishing good credit
At one time or another, many people blemish their credit report. If your credit report is tarnished, there are steps you can take to repair the damage.
First, examine the credit report thoroughly and make sure it’s accurate. If there are mistakes on the report, contact the credit reporting agency and ask them to remove the mistakes immediately.
Here are some other helpful tips:
- Pay your bills on time and in full
- Limit how many credit cards you have
- Keep separate checking and savings accounts
- Stay at your current job for a few years; the longer the better.
Be sure your credit report is accurate and take steps to remove any mistakes immediately.
Mortgage decide on a
After you are pre-approved for a mortgage, it’s time to decide on a mortgage type. There are many types of mortgages, and choosing the right one for you is an important decision. The two most common mortgages are a Fixed Rate Mortgage and an Adjustable Rate Mortgage (ARM). If you are interested in exploring additional mortgage programs, talk to a local mortgage professional.
FIXED RATE MORTGAGE:
The interest rate remains the same for the entire term of the loan -usually 15 to 30 years -- meaning the principal and interest portions of your loan will never change. With a Fixed Rate Mortgage, your payments are stable and predictable; however, interest rates tend to be higher than with an adjustable rate.
ADJUSTABLE RATE MORTGAGE:
The interest rate is linked to the financial index so the rate fluctuates with changes in market conditions. With an Adjustable Rate Mortgage, your payments will vary over the life of the loan,
but it usually includes a lifetime cap on the interest rate increase in order to protect the borrower. The advantage of an Adjustable Rate Mortgage is that it offers lower initial payments, making it easier for buyers to qualify. When you apply for a mortgage, have the following items available for each applicant:
- Two most recent pay stubs
- Summary of current debt (credit cards, loans, child support, etc.)
- W-2s for the last two years
- Federal tax returns for the last two years
- Last two months’ bank statements
Mortgage Approval things to avoid after
After being approved for a mortgage, it is crucial to maintain financial stability and avoid certain actions that could jeopardize your loan or your financial well-being. Here are some things you should avoid:
1. Changing your employment. Changing jobs or careers shortly before or during the mortgage process can be risky. Lenders typically prefer to see stable employment and income. If you must change jobs, consult with your mortgage lender to understand how it might affect your affect.
3. Missing payments. Continue to pay all your bills on time. Late payments, especially on existing loans and credit cards, can negatively impact your credit score, which can, in turn, affect your mortgage rate.
2. Making large purchases. Avoid making significant purchases on credit before closing on your home. Large credit card transactions or taking out new loans can impact your credit score and debt-toincome ratio, potentially affecting your mortgage terms.
4. Opening new credit accounts. Avoid opening new credit accounts, such as credit cards or personal loans, as it can increase your overral debt load and impact your credit score.
5. Co-signing for others. Co-signing for someone else’s loan or credit can affect your debt-to-income ratio and credit score, potentially causing issues with your mortgage approval.
6. Draining your savings. Don’t use up your savings for the down payment and closing costs. It’s essential to have an emergency fund for unexpected expenses, repairs, and mortgage-related costs.
7. Making large cash deposits. Large, unexplained cash deposits into your bank accounts can raise concerns for mortgage lenders. Always document the source of any significant deposits.
8. Neglecting homeowners’ insurance. Ensure you have homeowners’ insurnace coverage in place before closing on your home. Lenders typically require insurance to protect their investment.
9. Skipping home inspections. Don’t skip a professional home inspection. It’s essential to identify any potential issues with the property before closing, as this can impact your decision or provide an opportunity to negotiate repairs or price adjustments with the seller.
11. Failing to maintain good credit. Continue to monitor and manage your credit responsibility. Avoid maxing out credit cards, paying only the minimum balance, and running up new debts.
10. Changing your financial situation. Avoid major financial changes, such as divorces, large gifts, or substantial investments, as these can complicate your mortgage approval.
12. Ignoring your lender’s advice. Stay in close communication with your mortgage lender. Follow their guidance and instructions throughout the process to ensure a smooth closing.
It is important to remember that mortgage approval is not the end of the process; it is the beginning of your homeownership journey. Maintaining financial stability and responsible financial behavior is critical to a successful and stress-free homeownership experience. Always consult with your mortgage lender if you have any questions or concerns about your financial decisions during this period.
Frequently Asked Questions
What types of mortgage programs are offered? There are many types of mortgages, and choosing the right one for you is an important decision. Below lists several programs, but talk to a local mortgage professional to see which program is right for you.
- 15, 20, or 30-year Fixed Rate loans
- Adjustable Rate Mortgage (ARM)
- New Construction financing
- VA and FHA loans
How long does a mortgage application take to process? It typically takes 30 to 45 days to process an application. The time depends on how quickly the lender can get an appraisal of the property, review your financial statements, employment and credit information.
What’s included in my house payment?
Principal and interest on your loan.
Depending on the terms of your loan, the payment may also include homeowner’s insurance, mortgage insurance and property taxes.
Can I pay those other things separately?
With most loans you can pay taxes and insurance separately if you borrowed no more than 80 percent of the purchase price or appraised value of your home.
Check with your lender to be sure.
What could delay my loan approval? Delays could result if the lender discovers credit problems or if your employment and/or financial status changes between the time you submitted an application and the final loan approval. There may also be a delay if the home you selected appraised for less than the agreed purchase price.
What do the closing costs include?
Closing costs cover processing and administration of your loan. You may also have to prepay interest charges to cover the partial month in which you close and deposit money into an escrow account for property taxes, homeowner’s and mortgage insurance.
Fine Tune your budget
Now it’s time to calculate your budget in more detail. To help you, here are three major costs associated with purchasing a property. Work with your agent to determine all costs associated with purchasing a home.
1. Down Payment: This is how much you pay upfront. The larger the down payment, the smaller your mortgage. The standard down payment is 20% of the cost of the home, but other programs are available, especially for first-time homebuyers. Your real estate agent can help you determine which program is the best fit for you.
2. Monthly Mortgage Costs: Include the mortgage, homeowner’s insurance, mortgage insurance (if applicable), property taxes and escrow deposits, which can be combined with the monthly mortgage payment.
3. Closing Costs: Include appraisals, title insurance, inspections, attorneys, title transfers and additional fees.
To estimate fees and other closing costs, fill out the Estimated Closing Costs Worksheet on the next page. Your agent will help you estimate these costs.
The Fun Begins
Your financial papers are in order, you’ve been pre-approved for a mortgage, and you’ve calculated your budget, now it’s time to start searching for a new home! One of the many advantages of working with me is having access to multiple listings. I can provide a detailed description of any property that interests you. The more I know about what you’re looking for, the easier it will be to find the perfect match.
make an
Offer
You’ve found the perfect home! Now it’s time to make an offer. Your real estate agent will help you decide on an offer based on your pre-approved loan, current market conditions and competition.
After you’ve determined an offer amount, your agent will present it to the seller on your behalf. Negotiations may follow between you and the seller as you work toward an agreement. This is normal, and your agent can support you through the process objectively and professionally.
Congratulations, Your Offer's Accepted!
Once your offer has been accepted, the closing process begins! Here are the steps that are typically involved.
Home inspection
Most property sales are contingent on the results of a home inspection, which is paid for by the buyer. The inspection typically occurs within 10 days of offer acceptance. It includes a review of the home's exterior elements, like the roof, siding, trim, and windows, as well as kitchen and bathroom fixtures and appliances, and major systems like heating and cooling, plumbing, and electrical.
If defects are discovered during the inspection, you may exercise the remedy described in your offer or negotiate with the seller to determine what repairs will be made.
Title search
This is a historical review of all legal documents relating to ownership of the property to ensure there are no claims against the title of the property. It's also recommended that you purchase title insurance, in case the records contain errors or there are mistakes in the review process.
Appraisal
As a standard part of the mortgage process, your lender will order an appraisal report to ensure that the loan will be guaranteed by the home's value.
Final walk-through
If it's requested in the contract, you'll be given the chance to look at the home to make sure it's in the same condition as when you signed the sales agreement.
Closing costs
In addition to your deposit and down payment, there are a variety of other costs involved in closing, including:
• Loan origination fees, appraisals, and reports
• Surveys and inspections
• Mortgage insurance
• Hazard insurance
• Taxes
• Assessments
• Title insurance, notary, and escrow fees
• Recording fees and stamps 17.
With the offer accepted, there are a few things we'll need to do next in a timely manner to expedite the purchase of your new home.
Earnest Money Deposit (EMD)
By date:
We will need this as soon as possible, but no later than 48 hours from when the offer is fully executed. Your deposit should be a personal check (or cashier's check) made out to Coldwell Banker. Keep in mind that your lender will need to verify that the money came from your personal account, so please refrain from using any cash.
Inspections
By date:
I've included a few of my top inspectors in the area. Please feel free to compare them and schedule an appointment with one at your earliest convenience. Once you've done so, please let me know the time and date so I can schedule it with the sellers. Keep in mind that inspectors' schedules can fill up quickly, and we only have 10 days to complete all inspections from the time the offer was accepted.
Start the Loan Process
By date:
Typically, sitting down with your lender as soon as your offer is accepted is a good idea, but let's make sure the appraisal isn't ordered until inspections are complete and approved. That way, we avoid an appraisal cost in the event that the home has unforeseen issues that are discovered during inspection.
Order Title Work
By date:
I'll order title as soon as I have a fully executed contract. It typically takes 5-8 days. Once I've received it, I'll look it over and point out anything that might be an issue or cause a delay.
Accepted your offer is
Now it’s time to finalize your loan and have inspections completed. Based on the inspection results, repairs may need to be completed. The property is appraised, the title analyzed, the title insurance commitment is issued and the property is surveyed if necessary. At this point you need to secure homeowner’s insurance.
Closing the
This is the day you’ve been waiting for! If closing is a new experience, try not to worry, your real estate agent will guide you through it.
Bring identification, documents requested by the title company, your lender and agent and the closing money owed. All fees and transaction charges will be disclosed as separate line items within the statement. Check with the title company to determine how they want fees to be paid (i.e. cashier’s check, wire transfer).
During closing, the sale transaction is finalized. The Disclosure Statement* is released, money is exchanged, all paperwork and agreements are signed, and the title of property is transferred--the home is now yours!
*Often in real estate transactions, the seller will present a Disclosure State. The statement includes the age and condition of the property and a list of any additional features (pool, garage, etc.) The Disclosure Statement protects the seller against liability from a buyer who charges that they were not informed of a particular condition, as well as providing the buyer with an extensive review of the property so that they can make a full-informed decision before they purchase the house.
20.
Pet Movingchecklist
Pets have many needs which become complicated when moving off island. This moving checklist for pets lists all of the hurdles of pet relocation.
q Visit the vet. Make sure to pick up your pet’s medical records. Have your pet vaccinated and stock up on any pet meds needed until you settle into your new home. If your move is difficult for a pet, as your vet to prescribe sedatives to be given on and around moving day.
q Update your pet ID tags. Have new tags created with the pet’s name and your new contact information.
q Check licensing laws. Contact the proper authority in your new location for information on pet licensing requirements. Secure a valid license for your pet.
q Flying with your pet. If your move requires flying with your pet, check with your airline to see what requirements they may have for pet travel. Try to choose nonstop flights since pets may become unsettled by air pressure changes and airport handling. Be aware of airline policies regarding temperatures, permitted animal breeds, and carrier requirements.
q Moving pets internationally. Those moving to another country should check with that country’s embassy or consulate about any quarantine or health issues related to pet moving. If moving a bird, make sure to secure proper documentation required by the Convention on International Trade in Endangered Species.
Before Moving Moving Day
q Temporary residence. Your pet is best kept away from all your moving day activities. They’ll likely get agitated when seeing items being removed from the home. Have pets stay with friends or board them in a kennel for the day.
q Settling into your new home. Once you are somewhat settled into your new home, let your pet roam around and get used to the new space. Since pets will initially be confused about their new surroundings, keep them confined or leashed until you are certain they will not run away from home. Pets that are stressed and confused can be kept confined in a small room with their bed, toys, and other items.
q If your pet has a microchip, contact the company and provide your updated contact information.
Moving Young Kids
Tips and tricks to encourage a smooth transition.
Your family’s move can be an exciting time for you and your children. It can also be a stressful and sad time. Moving represents change, which can be difficult at any age. Sharing and reading picture books about moving is a great way to prepare kids for what’s ahead and give voice to the range of feelings that they may be experiencing.
Most children have an adventurous, curious side to them. Try appealing to this side when telling them that the family is moving. This way, you’ll help them view the move as an experience that can lead to exciting discoveries.
Even in their excitement, young children will feel sadness at leaving familiar people, places and activities. Help your kids with concrete ways to make the “old place to the new place” transition. Following are some tips for you to help your young children cope with the move.
What to Expect
Moving to a new place can affect a child’s behavior and emotions. Toddlers and young children are egocentric. When you show stress, they may think it’s because of something they did. Be mindful of your emotions and actions in their presence and give them plenty of reassurance.
Younger kids may be the most eager members of your moving team. Let your kids help by assigning tasks you know they can handle!
TELLING
YOUNGER CHILDREN ABOUT THE MOVE
• Explain where and why you are moving
• Highlight benefits of moving that your kids can understand
• Use maps and pictures to help illustrate where you are going and make the move more concrete
• Reassure them that their life won’t change dramatically
MOVING TIPS
• Make a list of all the questions your child has about moving.
• Create an address book
• Be sure to allocate enough time to say your special goodbyes
• Make a last visit to their favorite places
• Plan their new bedroom
HELPFUL ADVICE FROM PARENTS WHO HAVE BEEN THERE
• Keep your kids in the loop on important moving information
• Visit the new school and community before you move.
• Try to keep things and routines familiar
• Set up a toddler’s new room similar to their old one.
• Think about volunteering at school. It might be nice for your child to have a reassuring presence in an unfamiliar environment.
Address Change checklist
THE ESSENTIALS
q Request a Change of Address form at a USPS post office
q Friends and family
FINANCIAL INSTITUTIONS
q Banks and credit unions
q Credit card companies (including department store cards)
q Lenders (mortgage, home equity, auto, student loan)
q Insurance companies (health, renters, auto, home, medical, dental, disability, life)
q Retirement (pension plans, 401K, retirement accounts, Social Security, Veterans Affairs)
q Investments (investment agencies and brokers)
UTILITIES
q Phone services (cellular, land line)
q Electric
q Waste Disposal
q Internet (land line, wi-fi and satellite)
q Television (cable or satellite TV)
GOVERNMENT OFFICES
q Department of Motor Vehicles
q IRS
q Passport Office
q Veteran Affairs
q Unemployment Office (if you are currently receiving unemployment benefits)
JOBS
q Notify the Human Resources department
q Update your personal marketing materials (business cards, websites, resumes)
q Employment agencies (temp agencies and recruiters)
q Professional Memberships (licensing and certification boards)
q Past employers (for W-2)
HEALTH
q Physicians (doctors, dentists, optometrists, etc.)
q Pharmacies
q Health insurers (HMOs, DMOs, agencies and brokers)
SERVICE PROVIDERS
q Cable company
q Phone company
q Housecleaning services
q Delivery services
q Accountants
q Childcare (day-care center, baby sitters)
q Lawn care service
q Veterinarian (including pet groomer, pet sitters, and microchip service)
q Pool services
q Lawyers
AUTOMOBILE
q Auto insurers (insurance agencies and brokers)
q Auto lenders (car dealership, bank or loan place)
q Department of Motor Vehicles (changing your vehicle registration)
q Membership clubs (AAA or similar)
q Parking permits
q Warranty (if a car warranty is still in place)
MEMBERSHIPS
q House of worship (churches, synagogues, mosques)
q Health clubs
q Community groups (PTA, neighborhood associations, civic clubs)
q Children’s extracurricular activities (dance classes, music lessons, sport clubs)
q Social clubs, community centers
SUBSCRIPTIONS
q Magazines (The USPS will only forward magazine subscriptions for two months)
q Streaming services
OTHER
q Air miles reward program
q Update personal websites
q Register to vote!
q Children’s schools
TWO MONTHS PRIOR
q Acquire estimates from moving companies
q Create and maintain a file for all moving papers and receipts
q Talk with your accountant to determine if any parts of your move might be tax-deductible
q Create and maintain a file for all moving papers and receipts
SIX WEEKS PRIOR
q Complete a Change of Address card at the USPS post office and at the following places you do business: accountants, attorneys, banks, credit card companies, former employers, insurance agents, IRS/Social Security Admin, periodicals, physicians and dentists, relatives and friends, religious organizations, schools, stockbrokers
q Do some research on healthcare professionals and hospitals in your new location if moving off island
q Arrange to have family medical records transferred to new physicians if moving off island
q Arrange to have pet records transferred to new veterinarian if moving off island
q Arrange to have children's school records transferred if moving off island
q Select a reputable mover with good insurance coverage or reserve a rental truck
Moving checklist
ONE MONTH PRIOR
q Arrange for personal/family travel (air, hotel, car rental) if moving off island
q Arrange for the transportation of pets, plants and other delicate items
q Contact all utility companies (cable, gas, electric, phone, refuge collection, water, etc.) to arrange for disconnect, final billing and connection at your new address
q Contact insurance companies (auto, homeowner's, medical and life) to update policies
q Gather all legal documentation into one box and maintain in an accessible and safe place. Documents should include vehicle titles, registration documents and licensing, birth certificates, wills, deeds, stock, legal, medical, and insurance records
q Make arrangements to transfer funds and close bank accounts if necessary
q Notify landlord of pending departure and request security deposit refund
q Notify in-home contracted service providers (housekeeping, gardening, pool, pest control, etc.)
q Save receipts from the move (many moving expenses are tax deductible)
q Gather moving supplies (boxes, bubble wrap, tape, markers, rope)
q Start packing!
INVENTORY POSSESSIONS
q Sell and give away items you don’t want or need from closets and storage areas
q Donate unsold items to charity or otherwise remove them from property
TWO-THREE WEEKS PRIOR
q Arrange for child care on moving day
q Notify the Department of Motor Vehicles of your new address
q Review arrangements with the moving company
ONE WEEK PRIOR
q Fill all prescription medications
q Settle all outstanding bills with vendors
A FEW DAYS PRIOR
q Finish packing
q Pack first night items, including alarm clocks, change of clothes, flashlight, phone, sheets, toiletries and towels
MOVER'S SURVIVAL KIT
q Aspirin or ibuprofen
q Coffee, filters, and coffee maker
q Paper towels, toilet paper, soap
q Paper cups and plates, plastic utensils
q Pen and notepad
q Scissors, utility knife, masking and/or duct tape
q Trash bags and shelf liner
q Water, soft drinks, snacks
Top 5 Spots
Coffee Spots
Breakfast Spots
Kookaburra | Foxtail Coffee Co. | Dos Coffee
Sunrise Brew Coffee | City Perks Coffee
Beachside Diner | Roosevelt Room
The Spot Cafe | Ancient City Brunch Bar
Blue Hen
River and Fort | Sunset Grill | Columbia
Dinner Spots Attractions Beaches
The Black Molly | Harry’s Seafood Bar and Grille
Alligator Farm | Castillo De San Marcos
Old Jail | Fountain of Youth
St Augustine Lighthouse
Vilano Beach | Crescent Beach
Butler Beach | Mickler’s Beach
St Augustine Beach
The nation’s largest provider of Service Dogs to Veterans.
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YOU PROTECTED THE AMERICAN DREAM. NOW, LET’S MAKE IT YOUR REALITY.
As an MRP, I understand:
VA Financing
Military Benefits
BAH Rates
VA Loan Limits
Relocation Requirements
You’ve served bravely for our country, and now you’re ready for a new home. A Military Relocation Professional (MRP) has the understanding to address your situation and the knowledge to make the most of every selling and buying transaction. As an MRP, I can help you find a location with convenient access to the military benefits you’ve earned.
You’ll always be a veteran, and we’ll always get you home.
I am your MRP. Contact me today. Robby Whittington, MRP
Coldwell Banker Premier Properties, www.sellingflfirstcoast.com Phone:904-806-3265 Email: robby@jlhometeam.com 31.
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VA
BAH
VA
Adjustable Rate Mortgage (ARM): A mortgage with an interest rate that changes over time in line with movements in a financial index. ARMs can also be referred to as AMLs (Adjustable Mortgage Loans) or VRMs (Variable Rate Mortgages).
Amortization: Repayment of a mortgage over the loan term through monthly installments of principal and interest, rather than interest-only payments.
Annual Percentage Rate (APR): The cost of a loan or other financing as an annual rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that a borrower is required to pay.
Appraisal: An estimate of the property's value.
Assessed Value: The value placed on a property for purposes of taxation.
Buy-Down: A permanent buy-down is prepaid interest that brings the note rate on the loan down to a lower permanent rate. A temporary buy-down is prepaid interest that lowers the note rate temporarily on the loan, allowing the buyer to more readily qualify and increase payments as income grows.
Cash Reserves: The amount of the buyer's liquid cash remaining after making the down payment and paying all closing costs.
Closing: The process of completing a financial transaction. For mortgage loans, the process of signing mortgage documents, disbursing funds, and, if applicable, transferring ownership of the property. In some jurisdictions, closing is referred to as escrow, a process by which a buyer and seller deliver legal documents to a third party who completes the transaction in accordance with their instructions. (Also referred to as a settlement).
Closing Costs: The upfront fees charged in connection with a mortgage loan transaction. Money paid by a buyer (and/or seller or other third party, if applicable) to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney’s fee, and prepaid items, such as escrow deposits for taxes and insurance.
Comparables: An abbreviation for “comparable properties,” which are used to help determine the current value of a property that is being appraised. Also referred to as "comps."
Concession: Something given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs.
Contingency: A condition that must be met before a contract is legally binding. For example, home purchasers often include a home inspection contingency; the sales contract is not binding unless and until the purchaser has the home inspected.
Conventional Mortgage: A mortgage loan that is not insured or guaranteed by the federal government or one of its agencies, such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS).
Debt Ratios: The comparison of a buyer’s housing costs to their gross or net effective income and the comparison of a buyer’s total long-term debt to their gross or net effective income. The first ratio is the housing ratio and the second is the total debt ratio.
Disclosure: To make known or public. By law, a seller of real property must disclose facts which affect the value or desirability of the property.
33.
Earnest Money Deposit: A deposit made by the potential home buyer showing that they are serious about purchasing the home.
Escalation Clause: A clause in the offer or contract that states that a buyer is willing to raise their offer price to a predetermined amount if the seller receives a higher competing offer for the property.
Equity: The difference between what is owed and the amount for which the property could sell. If you owe $100,000 on your house but it is worth $130,000, you have $30,000 of equity.
Escrow: An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.
Fair Housing Laws: Local, state, and federal laws that prevent discrimination against any individual or group based on race, color, religion, sex, handicap, national origin, or familial status.
FHA Loan: A loan insured by the Federal Housing Administration.
Fixed Rate Mortgage: A conventional loan with the same interest rate for the life of the loan.
Liabilities: A person’s debts and other financial obligations.
Mortgage (Deed of Trust): A legal document that provides security for repayment of a promissory note.
Multiple Listing Service (MLS): A database through which member real estate brokerage firms regularly and systematically exchange information on listings of real estate properties and share commissions with members who locate purchasers. The MLS for an area is usually operated by the local, private real estate association as a joint venture among its members designed to foster real estate brokerage services.
Point: An amount equal to 1% of the principal amount of the investment or note.
Purchase Agreement: A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell under stated terms and conditions. Also called a sales contract, earnest money contract, or agreement for sale.
REALTOR®: A real estate agent who is a member of the National Association of REALTORS® and subscribes to and adheres to its strict Code of Ethics.
Secured Loan: A loan that is backed by property such as a house, car, jewelry, etc.
Title: The rights of ownership recognized and protected by law. It is a combination of all elements that constitute the highest legal right to own, possess, use, control, enjoy, transfer, and dispose of real estate.
Unsecured Loan: A loan that is not backed by collateral.
Walk-Through: A common clause in a sales contract that allows the buyer to examine the property being purchased at a specified time immediately before the closing, for example, within the 24 hours before closing.
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