Brick Building Title Corp

Navigating the complex world of real estate as a first-time homebuyer can be overwhelming and exciting. From understanding market trends to comparing mortgage options, the journey is filled with challenges. At McKesson Title Corporation, we’re here to guide you through the difficulties, making your home-buying experience smoother and more rewarding. Here are some common real estate terms every first-time buyer should know.

Realtor: Realtors, or real estate agents are crucial for first time home-buyers. They can help buyers navigate their desired area’s housing marketing. Agents will tailor showings that fit your specific needs. Some agents can have access to homes that have not been listed on the market yet. 

Mortgage: A loan that is used to finance the purchase of a home. It is typically repaid over a set period of time, with interest. 

Annual Percentage Rate: An APR is a percentage of the loan amount charged by the lender as compensation for the use of their money. It affects the overall cost of borrowing. 

Closing Costs: Various fees and expenses associated with the finalizing home purchase. It includes fees for services such as appraisals, inspections and legal processes. 

Equity: The value of the home minus the remaining balance on the mortgage. It represents the homeowner’s ownership interest in the property. 

Appraisal: An evaluation of the property’s value conducted by a qualified appraiser. Lenders use appraisals to determine the maximum amount they will lend for a property.

Home Inspection: A thorough examination of the home’s condition, conducted by a professional inspector. It helps identify potential issues or repairs needed. 

Pre-Approval: A formal commitment for a lender specifying the amount they are willing to lend to a homebuyer. It gives buyers a clear understanding of their budget. 

Amortization: The process of paying off a mortgage over time through regular payments. Amortization schedules detail of how much of each payment goes toward principal and interest. 

Fixed-Rate Mortgage: A mortgage with a constant interest rate for the entire term. Monthly payments remain stable, providing predictability for budgeting. 

Adjustable-Rate Mortgage: A mortgage with an interest rate that may change periodically based on changes in a corresponding financial index. Payments may increase or decrease over time. 

Escrow: A third-party account where funds are held during the homebuying process. It ensures that both the buyer and seller meet their obligations before the transaction is completed. 

Title Insurance: Insurance that protects the buyer and the lender against any legal claims to porperty’s ownership. It ensures a clear title transfer. McKesson Title Corporation offers a number of different title services to ensure proper protection to home buyers. 

Professional Title Services McKesson Title Corporation 

McKesson Title Corporation is a family owned and operated title service company since 1919. Each staff member is an expert in the field of land title and provides each and every client the time and attention to help them reach their home buying goals. If you’re in need of title services or just looking to see what your options are, we are happy to help. Fill out our inquiry form to schedule an appointment today!