The Executive Team

TERMS TO REMEMBER

*  Agency - describes the relationship you and your Realtor have.  This could be a Buyers or Sellers Agency relationship.

* Earnest Money - Money paid by the buyer in good faith to assure performance of the contract. Usually submitted at the time the offer if made.

* Down Payment - The portion of the purchase price which will not be financed (based on LTV)

* LTV - Loan to Value, amount of loan that you are receiving minus the value.  This could be 100%, 97%, or 95%, whichever you qualify.

* Good Faith Estimate - A line item estimate from a lender of total closing costs needed to close.

* Closing Costs - Are those costs asscociated with purchasing your home ie: lender fees, survey, appraisal, inspections, attorney fees, taxes & insurance.

* PMI - (Private Mortgage insurance)  Insurance issued by private insurers  which protects the lender.

* PITI - Principal, interest, Taxes, and Insurance - the primary  components of a monthly mortgage.

* Home Owners Insurance - Insurance that insures for damages that effect the value of your home.  This type of insurance protects you as well as the lender.