A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- AppraisalA professional estimate of a home's market value, required by lenders to confirm the price matches the loan amount.
- Earnest MoneyA good-faith deposit you put down when making an offer to show a seller you are serious about buying.
- Closing CostsThe fees paid to finalize a home purchase, covering things like appraisal, title work, and loan processing.
- Rent vs. BuyThe decision of whether renting or buying a home makes more financial sense given your budget, timeline, and local prices.
- Homeowners InsuranceCoverage that protects your house and belongings against damage and covers you if someone is hurt on your property.
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Plain-English education — not personalized legal, tax, or investment advice.