Home Buying Terminology
Every home sale starts with a real estate purchase agreement—a contract signed by buyers and sellers with the purchase price, closing date, and other terms. Thinking about buying a home? we have information that can help! got questions? talk to one of our housing counselors! need help? 1. figure out how much you can afford. what you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. home economics; homebuying programs in your state. Borrower/buyer. these terms are generally used interchangeably, though technically there's a difference. the buyer of course is the person buying a property, and the borrower is a person who gets a loan to buy a property. we use "buyer" when we're talking about the purchase, and "borrower" when we're talking about the loan. Homebuyingglossary. to help you as you journey through the homebuying process, we have compiled a list of definitions to common terms you may enc...