Homebuyer's Understanding Basics
Buying a home can feel confusing, especially with so many unfamiliar words and terms. That’s why we created HUB—a simple guide to help you understand the most common real estate terms in plain, easy-to-read language. Whether you're just starting to think about buying or already looking at homes, HUB will help you feel more confident and informed every step of the way.
HUB Glossary
Mortgage
A loan you get from the bank to help buy a house. You pay it back a little every month.
Down Payment
The first big chunk of money you pay when buying a house. It shows you’re serious.
Interest Rate
Extra money you pay the bank for letting you borrow money.
Real Estate Agent
A person who helps you buy or sell a home. They know what to do and help you make smart choices.
Closing Costs
Extra fees you pay when you finally buy the house, like for lawyers or paperwork.
Appraisal
A check to see how much the house is really worth.
Inspection
When a pro looks at the house to make sure everything works and there are no big problems.
Pre-Approval
A letter from the bank saying how much money they might let you borrow for a house.
Escrow
A safe place (like a holding tank) for money or papers until everything is ready to finish the sale.
Offer
The price you tell the seller you want to pay for the house.
Contingency
A rule that says something has to happen before the sale is final, like the house passing inspection.
Closing
The last step—when you sign papers and finally get the keys to your new house.
Equity
The part of the house you really own, not the bank. It grows as you pay off your loan.
Title
A paper that proves who really owns the house.
Listing
An ad that shows a house is for sale.
HOA
A Homeowners Association is a group that makes rules for a neighborhood and takes care of shared things, like parks or gates.
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Nashville, TN 37215