When you buy your first home or get ready to sell your home, there are a few terms you may be intimidated by. However, there's no reason to be. Here are a few common real estate terms you should know before buying or selling a home.
This term refers to the guarantee of a lender giving you the required capital to purchase the home before you start looking. You will need to go through the full application process and the lender will pull your credit. If everything checks out, they will pre-approve you and give you a conditional approval letter.
After you have been pre-approved for a mortgage, you will need to submit documentation backing up the income you claimed on your application. As long as everything checks…