House Buying Terms Apr 2026

: A deposit made to the seller to prove you are serious about buying the home.

: Most lenders prefer your annual income to be between $100,000 and $125,000 to approve a $400,000 mortgage. Essential real estate terms you should know | Opendoor house buying terms

: A legal document that formally transfers ownership from the seller to the buyer. It must be signed by the seller and is typically filed with local government records. : A deposit made to the seller to

: The primary contract between a buyer and seller that outlines the price, terms, and conditions of the sale. It must be signed by the seller and

: The legal concept of ownership. The Title Deed is the physical (or digital) paper that serves as evidence of that ownership.

: A guideline suggesting you should have a 30% down payment, spend no more than 30% of your income on mortgage payments, and the home price should not exceed 3 times your annual income.

: The portion of the home's value that you actually own, calculated as the market value minus your remaining mortgage balance.