GETTING READY TO BUY A HOME?
Buying a home? Get ready, in this article you will find a brief glossary of all the terms you need to know to search for your new home.
Are you preparingto buy a home? But will have to prepare a number of procedures that may confuse at first, especially if you are going to arrange a mortgage. Then we shared a brief glossary of terms frequently heard probably looking for your new home.
REAL ESTATE
Real estate are all those objects which by contrast to movable, have a fixed position in space and are not likely to be taken or transported, such as land, buildings and constructions of all kinds adhered to the soil .
MORTGAGE
Transfer of rights to property (such as a home) usually through a loan. A mortgage is canceled when the loan is paid in full. A mortgage is a loan that is granted to assist with the purchase of a house. The lender gives you a certain amount of money that you must repay within a certain period. While living in the house, you must make monthly payments of principal, interest, taxes and insurance.
CAPITAL
Capital is the amount of money that is borrowed as the selling price of the house.
INTERESTS
Interest is the cost of borrowing money.
TAXES
Taxes are paid to the local government and usually are a percentage of the property value. The amount of tax varies depending on where you live.
INSURANCE
Contract by which an insurance company is obliged to compensate damage or pay a sum of money, by paying to be done in a certain amount of money (premium), if there is a loss (theft, fire, etc..) or a pre-agreed circumstances (death, retirement, etc.).
CREDIT HISTORY
Payment patterns you've shown in the past helps the lender predict how you might act in the future.
ACCREDITED
Anyone who receives a loan or a credit.
CREDITBUREAU
Agency that provides information on the credit behavior of people who have or have had a credit at banks or companies affiliated with that organization.
JOINT DEBTOR
Person who is liable to pay a debt with the borrower, even without owning any property acquired by him.