Helpful Links and Resources
Use Our Home-Buying Tools and Resources
- How Much House Can I Afford? (Calculator)
- Mortgage Calculator
- Cost of Living Calculator
- Saving for a Down Payment Guide
- Ramsey Relocation Guide
- EveryDollar (Free Budgeting App)
- Financial Peace University (The Proven Plan to Win With Money)
Connect With a Home Professional
- Find Top Real Estate Agents Near You
- Talk to a Churchill Mortgage Loan Specialist
- Get Coverage From an Independent Insurance Agent
- Get a Quote From Our Friends at PODS Moving and Storage
Watch Videos on Home-Buying Advice
- Should I Save for a House or Pay Off Debt?
- Am I Ready to Buy a Home?
- Is Buying a Foreclosure a Good Idea?
- Should You Get a Mortgage From a Bank or a Mortgage Broker?
Read More on the Home-Buying Process
- How Long Does It Take to Buy a House?
- Buying a Fixer-Upper Home
- How to Buy and Sell a Home at the Same Time
- Should You Build or Buy a House?
Read More on Home-Buying Costs
Read More on Down Payments
Read More on Getting a Mortgage
- Types of Mortgages
- How to Get a Mortgage
- What’s Included in a Monthly Mortgage Payment?
- What’s the Average Monthly Mortgage Payment?
Read More on Moving and Relocating
Read More on Homeownership
- What Does Home Insurance Cover?
- How Much Home Insurance Do I Need?
- Property Taxes and Your Mortgage
- How to Create a Home Renovation Budget
Common Home-Buying Terms
There are a ton of real estate terms out there, but let’s cover some of the basics:
Multiple Listing Service (MLS)
When you work with an agent, you’ll have access to their multiple listing service (MLS), a list of properties for sale gathered by real estate agents and brokers. An MLS gives you the first choice and an upper hand over competing home buyers who only search free websites.
Active vs. Pending
A house listed as active is one that’s on the market and available for you to buy. But you’ll have to think fast because other buyers may already be interested. If you see a house status that’s pending, you’ll need to keep looking. That means a buyer has made an offer and the seller has accepted. They just have a few more real estate hoops to jump through before the sale is final.
Now let’s decode some common listing abbreviations:
- BA: Bathroom (for example, “2.5 ba” stands for two full bathrooms and one half bathroom)
- BD or BR: Bedroom
- DR: Dining room
- FB: Full bathroom (toilet, sink and shower/bathtub)
- FP: Fireplace
- HB: Half bathroom or powder room (only toilet and sink)
- LR: Living room
- SQ FT: Square footage
- HOA FEE: Homeowners association fee (for neighborhood amenities and maintenance)
- W/D: Washer and dryer
This is a professional appraiser’s unbiased estimate of a home’s fair market value. Their estimate is based on recent sales of similar homes in the surrounding area called comparables or comps. In a typical mortgage loan process, a lender chooses a licensed appraiser to determine the value of the property you want to buy. This knowledge protects you from a seller who puts a ridiculously inflated price on their home.
An assessed value is an estimate determined by a local or state government for property tax purposes. Once a value is assigned, the government applies a property tax rate to the assessed value, which you’ll pay for as long as you own the house (womp, womp). A home’s assessed value is usually a different amount than its appraisal, so be careful not to confuse the two.