Ep. 206: STEP Seven Terms & Definitions 

 November 13, 2023

One of the biggest challenges for first-time home buyers is navigating all the terms and definitions that are associated with buying a home. In the step seven of David’s 10-part How to Buy a Home series, he talks all things real estate jargon so you can empower yourself with the knowledge you need. 

Here are some key takeaways from today’s conversation:

  • Pre-qualified vs. pre-approved loans
  • What escrow really means
  • Who are these people involved in the process?
  • Acronyms, acronyms, acronyms!

Episode Highlights:

[01:25] There Are a LOT of Terms to Know

From differences between loans to all the crazy acronyms, it can feel overwhelming when someone starts talking to you in real estate language. What’s the difference between a real estate agent and a real estate broker? What’s up with lenders and mortgage brokers? And don’t even get David started on the acronyms: FHA, DTI, USDA, ROI… the list is long. Not knowing what these terms mean can leave first-time home buyers behind when it comes to making those tough decisions. The best way to start learning these terms? Start by going back to listen to Episode 94 for the whole A-Z of terms you need to know.

[05:32] Why Is This Step Seven?

Feeling confident is super important when it comes to buying a home and the best way to feel confident is to know what you’re talking about. There’s no room for uncertainty when making this SUPER important life decision and knowing your stuff will give you the boost you need.

You Might Also Be Interested In:

Ep. 208: STEP Eight – Do Your (Online) Research
Ep. 206: STEP SIX – Setting Your Goals
Ep. 205: STEP FOUR & FIVE – Managing Debt & Creating Savings
Door Opener Vs. Unicorn: Choosing The Right First Time Home Buyer Real Estate Agent