House Buying Terms May 2026

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

: 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.

Real estate professionals often use specific "rules" to help buyers determine if they can afford a home: house buying terms

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

When people refer to the "papers" for a house, they usually mean the documents that prove you own it or the legal contract used to buy it. : The portion of the home's value that

: 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.

: A neutral third party that holds funds and documents until all conditions of the sale are met. Real estate professionals often use specific "rules" to

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