Items that are not permanently attached to the home or other property structures, e.g. furniture and freestanding appliances. An inspection for termites and other wood-destroying pests. The total monthly payment cost. Private Mortgage Insurance, required on conventional loans, protects lenders when borrowers default. One percent of the loan amount.
Borrowers sometimes pay points to lower the interest rate on a loan.
An informal process that determines how much home a borrower can finance. However, all details are not officially checked and being pre-qualified does not guarantee being able to obtain the loan. Written by a lender, is presented with the sales agreement to vouch for the buyer's ability to obtain a mortgage for the home. The seller acts as the lender. Buyers pay a fee as they agree to buy a property for the amount listed in the contract within a stated time period.