VIP Buyer Packet by Robb Realty Group powered by EXP Realty

VIP BUYER PACKET

C O N T E N T S
Mission, Vision, Values | PG 2
Our Story | PG 3
Meet The Closing Team | PG 4
14 Critical Questions to Ask | PG 5
Before Hiring an Agent
We Handle The Complexities So You Can Focus on You | PG 6
Robb Realty Group Website and Mobile App | PG 7
Best Search at Your Fingertips
Financing Your Dreams | PG 8
Mortgage Pre-Approval Process | PG 10
Making The Offer | PG 12
Robb Realty Group VIP Buyer Advantage | PG 13
A Buyer’s Agent is On Your Side | PG 14
Robb Realty Group VIP Buyer Agreement | PG 15
HSA Home Warranty Info & Plan | PG 16
Satisfaction Guarantee /Cancellation Policy | PG 17
Real Estate Defined Pages | PG 18
ROBB REALTY ROBB REALTY ESTATE GROUP SERVICES 1

OUR
MISSION
STATEMENT
To Glorify God by putting
our clients interests above
our own inspiring a positive,
lasting impact in all we do.
OUR VISION
To be a top of mind, trusted residential
real estate team in the Southeast
OUR CORE VALUES
Honesty - We will be positive and virtuous in all
our affairs to build trustworthy relationships with
everyone we come in contact with on a daily basis.
Integrity - We promise to always do the right thing
for our team, clients and our business,
even when no one is watching.
Servant’s Heart - We think not less of ourselves but put
ourselves less and put the needs of others before our own
to help them achieve their goals above ours.
Passion - We are committed to a superior customer experience and
creating raving fans through exceeding expectations.
Commitment - We are committed to providing the
highest level of service by being solution-based
and always finding a way to meet our clients needs.
Charity - We want to give back what has been
freely given to us to make a positive impact in
our community by helping those in need.
2
ROBB REALTY GROUP

OUR
STORY
All of our agents have
in-depth ongoing
knowledge of the
Greater Atlanta
communities we serve.
Eric Robb grew up in upstate New York and took his hospitality and management
skills as a professional chef into Real Estate in 2014. In 2015 he sold $12 million
dollars worth of real estate and helped 48 clients sell or purchase a home.
Hanging his chef’s hat paid off - in 2016 Eric moved into a leadership role as the
buyer team director for one of the largest real estate teams in the country where he
helped double the production in less than a year. After growing his buyer team from
240 transactions to 520 within an 18 month time span, Eric decided to branch out
on his own and form Robb Realty Group.
In 2017 Robb Realty Group was formed. Eric has expanded his real estate team
by adding a lead agent, several buyer’s agents as well as an administrative and
marketing assistant. Robb Realty Group is ranked 1% nationally and achieved over
$40 million dollars in sales in 2019 plus has been named to Newsweek’s America’s
Top Real Estate Agents in Atlanta. Eric and his team have continued their success
by recently joining the growing, global network of EXP Realty and through this
partnership with EXP the Robb Realty Group will continue to offer their professional
real estate services and expertise to their growing clientele.
All of our agents have in-depth ongoing knowledge
of the Greater Atlanta communities we serve.
Our agents’ ability to remain engaged with the external real estate community
through various affiliations, organizations and the Atlanta Board of Realtors sets
us apart. We are experts in focusing on our clients’ needs, marketing and market
analysis, contract negotiations, and are top agents in sales with over 98% of our
listings selling in less days on market than the average.
Today, our team is proud to be ranked nationally in the top 1% nationally..
We welcome you to our office in the heart of downtown Avalon. Or if you prefer
to schedule a complimentary 30 minute consultation with Eric or one of our team
members please don’t hesitate to give us a call at 770-331-1590.
ROBB REALTY GROUP 3

MEET THE
PEOPLE
“That I trust with
my life and Yours”
At Robb Realty Group we believe that every client at every price point deserves the
same level of service and marketing. This is the internal team that delivers on that
promise.
We’re on Your Side. With a Servant’s Heart, We Aim to Please.
KRISTINE HOOGACKER | TRANSACTION COORDINATOR
Kristine is excited to be joining the Robb Realty Group this year as their
Transaction Coordinator. Eric was her agent back in 2015 as a first time home
buyer, and is pleased to be working alongside him again as she starts her
career in the Real Estate industry. She spent three years doing the accounting
for a real estate appraisal management company, after spending ten years as a
private nanny. Kristine attended Gainesville State College for a few years until
she married her husband, Jay. They share two adorable little boys and enjoy
spending their time at Disney World every chance they get.
KATIE HOLMES | ADMINISTRATION | MARKETING | REALTOR
Katie Holmes is a top-producing, award winning real estate agent who has garnered
outstanding sales honors in the industry. Katie earned her Bachelors Degree
in Communication Arts and Design from Virginia Commonwealth University in
Richmond, Virginia, where she spent several years working for the Virginia Lottery
as a Graphic Designer. In 2005 a job relocation for her husband Chuck took her to
San Diego, California where she began her successful career in real estate. Katie
and her husband, who are now empty-nesters, moved to Atlanta over two years ago and enjoy the lifestyle
Atlanta offers in their community of Alpharetta.
In addition to assisting buyers and sellers with their real estate needs, Katie utilizes her experience in
marketing and graphic design in an administrative and marketing role for the Robb Realty Group real estate
team. In her spare time Katie enjoys painting in oils and acrylics and has even had her paintings featured in
several art galleries.
JAMIE MCCLURE | INSIDE SALES
Jamie McClure was born and raised in Marietta, GA. She graduated Summa Cum
Laude from Agnes Scott College with a Bachelor’s in English Literature/Creative
Writing and French. She is a proud member of Phi Beta Kappa, Sigma Tau Delta,
and Pi Delta Phi societies. An avid traveler, she spent semesters in Scotland and
France, taught English in South Korea, and has traveled throughout Europe and
Asia. Her favorite destinations include Prague, Florence, and Seoul.
In 2020, real estate called to Jamie to fulfill her wish to connect with people and
to be of service to others. Currently an Internal Sales Agent for Robb Realty Group, she is committed
to building trusting relationships with all of Robb Realty Group’s clients. She is excited to combine her
entrepreneurial spirit and her desire to support her community as an agent, providing excellence and
integrity to every family. Jamie currently still resides in Marietta and spends her free time teaching
English, reading, and writing.
4
ROBB REALTY GROUP

14
CRITICAL
QUESTIONS
TO ASK BEFORE HIRING AN AGENT
1: How long have you been selling real estate?
Eric Robb full time since 2014, our team members
experience varies, but we have over 30 years of
combined experience. We’ve handled hundreds
of successful transactions from starter homes to
estates. No lawsuits :)
2: What are your qualifications?
Our team is in the top 1% of agents. We hold ourselves
and our team members to a very high standard.
Every agent on our team is a member of the Atlanta
Board of Realtors and practices their craft fulltime.
3: What neighborhoods do you specialize in?
Your agent should be well-acquainted with the areas
you’re interested in, so search for someone who can
rattle off key info about your desired neighborhood,
including home prices, schools, safety, public
transportation, and cultural amenities. Our team
specializes in areas and subdivisions all over metro
Atlanta but our sweet spot is North Fulton and
Gwinnett counties.
4: Can you give me a list of client references?
Of course, we have references from clients, agents,
mortgage brokers, title companies, etc. We have
over 100 reviews on Zillow, Google and Facebook.
We invite you to look us up.
5: Can you show examples where you were
successful when other agents were not?
Absolutely, in fact there are several through this
guide and in our testimonials. With our proven VIP
buying plan we will help you navigate the process
effectively, negotiate fiercely and maximize our
communication together for a successful closing.
6. Can you recommend a home inspector/
handyman/real estate attorney in the area?
Local expertise matters not only with the real estate
agent you hire, but also with the other professionals
you could meet as you negotiate this real estate
deal. So, if you need recommendations for a home
inspector, handyman, real estate attorney, or anyone
else on your home-buying journey, our agents can
answer your questions and make recommendations
to boost the odds that it will be smooth sailing from
here on in.
7. What’s your schedule and availability?
Many real estate agents work only part time, which
presents a lot of problems: What if a bidding war
has just begun on the home you just have to have, or
you encounter last-minute closing snafus? Our team
of full-time agents ensures no balls are dropped and
that each client has access to us 24/7.
8. How will you keep in contact with me during the
buying process, and how often?
We will keep in contact via whatever method you
prefer. We are nearly always available via phone,
text and email. We talk with most of our buyers
daily, so we don’t miss out on anything in this fastmoving
market.
9. Do you work independently or with a team?
We are a team made up of Eric Robb as our Team
Leader and Listing Specialist as well as multiple
buyer agents, a transaction coordinator and an
administrative assistant.
10. What percentage of your business is working
with home buyers?
When you buy a home with Robb Realty Group, you
will be assigned a buyer’s agent who is specifically
focused and professionally trained to help clients find
and close on their dream home. About 60% of our
business comes from buyers and 40% from listings.
11. How long does it typically take buyers you’ve
worked with to find and purchase a home?
Buying a house takes time. In general it takes an
average of 30 to 60 days to shop for a house, and 14
to 60 days to go from contract to closing. However,
this number varies widely from area to area. In the
Atlanta market, our buyer clients normally go under
contract within 30-60 days of looking.
12. How will you determine what homes may match
my wants and needs?
We will set you up on an advanced search on our
website www.robbrealtyatlanta.com that is directly
linked to the MLS (multiple listing service), with
homes that meet your criteria so that we can quickly
pinpoint the homes that you are most interested in.
13. How many homes did you help buyers close in
the past year?
We helped 62 families in 2020 find new homes last
year. That’s over $24M in sales!
14: What happens if I want to fire you? How many
times have you been fired?
Simply pick up the phone. Twice in 30 years of
combined experience. The first time was with a client
who thought “exclusive agency” meant that we
would cancel our other listings. The next time was
about 4 years ago when I told a buyer to simply stop
offering $450,000 on homes listed at $650,000. He
fired me right on the spot. Either way I was happy
both times.
ROBB REALTY GROUP 5

WE’LL HANDLE
THE COMPLEXITIES
SO YOU CAN FOCUS ON YOU
Buying and selling a home can often be a stressful experience even among the best of
situations. We have systems and processes in place to keep everything organized and
simple. Put our experience to work for you, that way you can focus on the most important
aspects of your new transition.
THE BUYING PROCESS
FIND A
REALTOR
YOU TRUST
ANALYZE YOUR NEEDS
IN A CONSULTATION
OBTAIN FINANCIAL
PRE-APPROVAL
FROM LENDER
ACCEPT THE
CONTRACT
INSPECTIONS
WRITE OFFER
TO PURCHASE
EARNEST DEPOSIT
SELECT
AND VIEW
HOMES
COMPLETE LOAN
REQUIREMENTS
SECURE
UNDERWRITING
OBTAIN LOAN
APPROVAL
RECEIVE
THE
KEYS
CLOSE
AND RECORD
LOAN
FUNDS
6
ROBB REALTY GROUP

THE BEST SEARCH AT YOUR FINGERTIPS
ROBB REALTY GROUP MOVE TO APP
- Take Buying a Home on the Go
- Use Any Device, Anywhere, Anytime
- More Details, Faster Updates
-Search Listed properties, New Homes, Rentals,
Commercial, Recently SOLD properties
from the MLS and more
-Set up Custom Searches based on areas,
schools, neighborhoods etc.
-Use Full RobbRealtyAtlanta.com desktop website,
mobile website or mobile app
Here are Your RobbRealtyAtlanta.com credentials to find the home of your dreams and search
the most recent, up-to-date accurate listings from your phone.
Email: ___________________________ Password: ___________________________
To Download the MoveTo app, search for MoveTo by Real Geeks in your phone’s app store.
Click the link to download and sign in using your RobbRealtyAtlanta.com credentials.
ROBB REALTY GROUP 7

FINANCING
YOUR DREAMS
Getting Pre-Approved…
HOW CAN PRE-APPROVAL HELP YOU?
1. Generally, interest rates are locked in for a set period of time. You will know in
advance exactly what your payments will be on offers you choose to make.
2. You won’t waste time considering homes you cannot afford.
3. A seller may choose to make concessions if they know that your financing is
secured
4. You can select the best loan package without being under pressure
Qualifying for the Mortgage
Most lenders require that your monthly payment ranges between 25%-28% of your gross
monthly income. Your mortgage payment to the lender includes the following items:
• The principal on the loan (P)
• The interest on the loan (I)
• Property taxes (T)
• The Homeowners insurance (I)
Your monthly PITI and all debts (from
installments to revolving charge accounts)
should range between 33%-38% of your
gross monthly income. These key
factors determine your ability to
secure a home loan: Credit
Report, Assets, Income, and
Property Value.
8
ROBB REALTY GROUP

Numbers to Know
PURCHASE AMOUNT
This is the amount you have agreed, with the seller, to pay for the home. It is inclusive
of the earnest money and down payment you have offered. It is not inclusive of your
closing costs.
EARNEST MONEY
When you make an offer in writing you will also pay a deposit called an earnest money
deposit, which is usually about 1-3% of the purchase price. Paid by the buyer, earnest
money is a portion of the purchase amount that is held by the escrow company as a
good faith from the buyer to the seller. When the transaction closes, the earnest money
is transferred to the seller as a portion of the original purchase amount. It is not an
additional fee.
DOWN PAYMENT
The down payment is a portion of the purchase price that the buyer is paying in cash.
Down payments can range between 3.5% and 100% and each buyer determines the
best scenario for their particular purchase.
CLOSING COSTS
Closing costs are not part of the purchase amount, but rather charges associated with
the buyer’s loan, the transaction itself and any pre-payment required by the lender such
as taxes, insurance and HOA dues. Closing costs are an assortment of fees based on the
transaction between the seller and the buyer of a home. These fees are collected by the
escrow company at the end of a transaction.
WHO PAYS CLOSING COSTS?
Some closing costs, such as the fee the escrow company charges, are split between
the buyer and the seller. Many of the closing costs are related to the mortgage and are
therefore the buyer’s responsibility. One of the largest costs associated with the closing
costs is the loan origination fee. This is the fee your lender is charging you to provide
the loan. The fee varies from lender to lender and should be considered when shopping
for a good loan. You can expect to pay 1-3% of the purchase price in closing costs.
ROBB REALTY GROUP 9

MORTGAGE
PRE-APPROVAL PROCESS
For many home buyers, mortgage pre-qualification is the first step to buying a house. But
you shouldn’t put your feet up after the first step and expect everything to just fall into place:
There’s plenty more to be done. Here’s a straightforward guide of the pre-approval process.
STEP 1: MORTGAGE PRE-QUALIFICATION
The mortgage pre-qualification process is quick and free. It should take less than an
hour. During the process, you speak with a loan officer and answer questions about
your financial situation.
Mortgage pre-qualification will give you a rough estimate of how much house you can
afford. It’s not a binding agreement — it’s simply something you can use to gauge your
buying capability.
Mortgage pre-qualification can be especially useful if you’re not sure you can afford a
mortgage.
STEP 2: MORTGAGE PRE-APPROVAL
After you’re pre-qualified, your next step is to get pre-approved. This is an in-depth
process. You’ll need to submit paperwork about your income, assets, employment
history and residency status to a lender.
Getting pre-approved is almost like applying for a real loan, but it happens before you
select a home.
STEP 3: SHOPPING FOR A HOME
Now it’s time for the fun part: home shopping. Using your pre-approval amount as a
guide, shop for homes within your budget.
Since sellers and Realtors view pre-approved buyers more favorably, shop with
confidence. You’ll come across as a much more serious buyer than any non preapproved
competitors.
STEP 4. MAINTAIN YOUR FINANCIAL PROFILE
Be aware that changes in your financial situation can affect pre-approval. When you’re
in the process of obtaining a loan, do not do the following:
• Take out on any new debts or make big purchases.
• Switch jobs.
• Change careers.
• Make any big life changes that could put your financial capabilities in question.
If you’re looking to change jobs or buy something expensive, wait until after closing.
If all goes well, you will be cleared to close — meaning you are fully approved. You’ll get a
date for closing. During closing, you’ll sign and double-check mortgage documents.
If anything looks different than you were promised, don’t be afraid to back out; it’s better
to leave a bad deal than to be locked into one. We will be here along the way for you during
this process.
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ROBB REALTY GROUP

GET PRE-APPROVED WITH ONE OF OUR
PREFERRED LENDERS TODAY!
Reid Clark
Branch Manager and
Construction Specialist
NMLS 220536 | GRMA 2587212660
2249 Roswell Rd
Marietta, GA 30062
O:678-448-4195
C:770-298-3113
ReidClark@silvertonmortgage.com
Amy Buynoski
Vice President - Mortgage Banker
CenterState Bank
NMLS# 403455
32 Magnolia Street
Roswell, GA 30075
O: 678-249-7457
Amy.Buynoski@centerstatebank.com
ROBB REALTY GROUP 11

MAKING
THE OFFER
Once you find a home you want to buy, the next step will be for us to put in an offer to
the listing agent on your behalf. Using your pre-approval as a guideline, you will need to
determine what offer you are willing to make for the home. It is important to remember
that the more competition there is for the home, the higher your offer should be.
Sometimes this means it should exceed the asking price. Remember, be realistic. Our team
will help you make an offer that will get accepted.
THE CONTRACT – REJECTED, ACCEPTED OR COUNTERED
After we present your offer to the seller, it will either be accepted, rejected or the seller will
make a counteroffer. This is when we will negotiate terms of the contract if necessary to
create a win-win for both the seller and the buyer.
EARNEST MONEY DEPOSIT
When we are writing your offer, we will offer an earnest money deposit. Generally this
is 1-3% of the purchase price of the home. The amount you offer is based on several
factors that our team will help guide you through. This money is held in escrow during the
transaction period as a sign of good faith that you will be moving forward in the purchase
of the home. This money is normally due 3 days after acceptance of the offer.
OFFICIALLY APPLY FOR THE LOAN
If your offer is accepted, you’ll need to apply for a loan with the lender you choose to
obtain a mortgage with. The mortgage process can take some time, but since you’ve been
pre-approved, the process may be faster because the lender will have all or almost all of
your needed documents. We will work hand-in-hand with your lender and the attorney
to make sure each deadline is met before closing.
12
ROBB REALTY GROUP

ROBB REALTY VIP
BUYER ADVANTAGE
After years in the business and hundreds of properties sold, we know exactly what it takes
to get you from where you are to where you want to be.
As experts in residential real estate transactions, we’ll make your home buying process far
more enjoyable AND we’ll show you how to save a ton of money along the way.
Hire us for FREE as the buyer and experience world class service.
AS YOUR REALTOR, WE ARE DEDICATED TO:
• Helping you determine how much home you can actually afford. We will suggest
additional ways to accrue the down payment and explain alternative financing methods.
• Introducing you to a mortgage counselor and arranging to have you pre-approved, which
will improve your negotiating position and enable you to achieve your home-buying
objectives faster and with less stress.
• Securing you the best mortgage rates through our preferred lenders - not every broker
will offer the same programs and rates.
• Helping you work out a realistic idea of the home best suited to your needs - size, style,
features, location, accessibility to schools, transportation, shopping, and other personal
preferences.
• Getting you access to a listing of all available homes in the multi-list system (MLS) and
evaluating them in terms of your needs and affordability, which avoids wasting your time
showing you unsuitable homes.
• Suggesting simple, imaginative changes that could make a home more suitable for you
and improve its utility and value.
• Supplying information on real estate values, taxes, utility costs, municipal services and
facilities, and possible proposed zoning changes that could affect your decision to buy.
• Familiarizing you with the closing process and obtaining closing figures in advance of
closing for your review.
• Providing you with a list of qualified home inspectors, pest inspectors, surveyors, and help
to coordinate inspection appointments.
• Putting you in a winning position if competing for a home when a backup offer is needed.
At Robb Realty Group, we consider it our privilege to share with you the ins and outs
of buying real estate. From your initial search to the moment you get the keys to your
new home, we will be there, guiding you through the process. With a servant’s heart,
we aim please!
ROBB REALTY GROUP 13

START YOUR SEARCH
WITH AN AGENT
A BUYER’S AGENT WORKS FOR YOU!
Home buyers should always have their own agent. Buyer’s agents work to negotiate the
best terms and price for the buyer. Best of all, the buyer’s agent services are free to the
buyer. Most people think that buyers have to pay a sales commission. Only the seller pays
the commission. Whether a buyer uses an agent of not, the seller still pays the commission.
The parties that may win when buyers are not represented by an agent are the listing agent
and potentially the seller.
The buyer should sign an agency agreement, an Exclusive Buyer Brokerage Agreement.
It outlines their services, how they are compensated, and how the two parties will work
together. This is the legal document that allows us to represent you and give professional
advice as a client. Remember, you wouldn’t hire your spouse’s attorney to represent you in
your divorce. The same goes for real estate. Why use the seller’s agent to negotiate your
best interests? There is an inherent conflict of interest. The home buying process is stressful
enough without worrying about who you can and cannot trust. Your buyer’s agent is your
trusted advocate.
WHAT DOES A BUYER’S AGENT DO?
Our service begins with getting to know your needs, preferences and requirements to focus
the search on the properties that best meet your needs. The buyer’s agent will protect the
confidentiality of your financial and personal information. The buyer’s agent will provide
information and professional advice that is reserved only for our clients.
Real Estate transactions can be very complex. Our proprietary information and knowledge
of local communities, schools and the latest market trends can help you find the right home
and negotiate the best possible price and terms. Our goal is to help you make the best
decisions and begin making new memories in your new home.
14
ROBB REALTY GROUP

ROBB REALTY VIP
BUYER AGREEMENT
As a Robb Realty Group VIP Buyer, we will provide you with the following services:
• We will assist you in securing the best financing program for your specific situation with the
lowest interest rate and least expensive closing costs and have a pre-qualification/approval
certificate generated to give you the best competitive advantage in purchase negotiations.
• We’ll provide you with regular updates of all the new properties that match your home buying
criteria. This will allow you to drive by and determine which properties you want to see.
• We’ll research and locate properties not readily available online and contact you when
one or more match your home buying criteria (unlisted properties, bank foreclosures, new
construction, for sale by owners, etc.)
• We’ll arrange a private showing of any property you want to see.
• We’ll discuss the best strategy with you regarding offer price, financing terms, interest rate, cost
to close, possession date, inspection details, termite, pest and other environmental reports, and
anything else you want to know when you are ready to purchase.
• We’ll help you prepare the offer with terms, provisions, special stipulations, amendments,
exhibits and addendums weighted in your best interest.
• We’ll present the offer on your behalf and negotiate in your favor to help you secure the
property at the best possible price and terms.
• We’ll recommend extremely competent affiliates with respect to your total home purchase:
including legal expertise, home inspection, appraisal, warranties, homeowner hazard and
title insurance.
• We’ll be available for you to answer any questions you might have.
• You will receive a one-year HSA Home Warranty ($600 value). We will negotiate the warranty
on your behalf at no cost to you.
• You can cancel this agreement at any time prior to making an offer on a home if we do not live
up to our promises.
• A Buyer Agency fee of at least 3.0% of the purchase price will be paid to us by the Seller of
the property You (Buyer) purchase, at the close of sale, from any previously agreed upon
commission agreement with Sellers Agent and/or Seller paid closing costs and/or stipulated
proceeds of sale. You (Buyer) agree to Notify us of any property you wish to view; inform other
agents, for sale by owners and builders We are representing you as your exclusive buyer’s
agent. This agreement automatically expires 12 months from today’s date unless cancelled
earlier by either party in writing.
• Performance of the services stated here are conditioned upon Broker being remunerated (paid)
as dictated above.
YOU ARE NEVER UNDER ANY OBLIGATION TO PURCHASE ANY PROPERTY!
_______________________________________________
Broker or Broker’s Authorized Representative
_______________________________________________
Buyer
_______________________________________________
Buyer
__________________________
Date
__________________________
Date
__________________________
Date
ROBB REALTY GROUP 15

16
ROBB REALTY REAL ESTATE SERVICES

SATISFACTION
GUARANTEED
OUR TEAM POLICY
If you’re not completely satisfied with our service as promised,
you can cancel your agreement with Robb Realty Group at
any time. We’re so confident that our real estate system will
work for you that we guarantee you the right to cancel our
agreement at any time prior to an offer on a home, with no
penalties or obligations, if you feel our service doesn’t live up to
our promise.
Choosing a Real Estate agent is the first step along the road
to home ownership and we appreciate you taking the time to
consider us.
We invite you to contact us with any questions you have about
our services that will help ease the decision-making process.
We look forward to working with you. With a servant’s heart,
we aim to please!
Thank you,
ERIC ROBB
REALTOR®
Cell: 770.331.1590
Broker: 888.959.9461 ext 1119
EricRobb@RobbRealtyAtlanta.com
RobbRealtyAtlanta.com
ROBB REALTY REAL ESTATE SERVICES 17

REAL ESTATE “DEFINED”
We hope our resources are helpful throughout your buying process.
If any questions are not answered, please let us know.
Adjustable Rate Mortgage (ARM)
An adjusted interest rate mortgage is a type of
loan that offers a low introductory interest rate that
adjusts or changes every year according to market
conditions, for the life of the loan.
Amortization
Amortization is the paying off of a debt with a fixed
repayment schedule in regular installments over a
period of time.
Annual Percentage Rate (APR)
The Annual Percentage Rate, or APR, is the average
annual finance charge (including fees and other costs)
divided by the amount borrowed.
Closing
Closing (or settlement) is the legal process of
transferring ownership of a home from one person
to another.
Closing Disclosure
This form is designed to provide disclosures that
will be helpful to consumers in understanding all
of the costs of the transaction. This form must be
provided to consumers at least three business days
before consummation of the loan.
Cooperative Housing Development (Co-Op)
A co-op is a housing development where buyers
own shares in the corporation that runs the housing
development. Shareholders pay a monthly fee that
covers their proportionate share of the expense
of operating the entire cooperative. This includes
the underlying mortgage, taxes, management,
maintenance, insurance, utilities and contributions to
reserve funds.
Condominium
A condominium or condo is a housing development
where a homeowner owns a specified piece of
real estate, usually an apartment, in a housing
development.
Credit Line
A line of credit is any credit source extended to
a person. This includes a car loan, personal loan,
credit cards or any situation where you have
borrowed money for the purchase of an item.
Credit Report
A credit report is a record of an individual’s history of
borrowing and repaying debts. A credit report is used
to assess how much of a risk a potential borrower is
when applying for a loan.
Down payment
A down payment is a percentage of the total
purchase of a home paid at the beginning of
a mortgage loan. A down payment is typically
between 5 percent and 25 percent of the total value
of a home.
Equity
Equity is essentially stock or ownership in a
property. In terms of a home, the borrower
gains equity in their home as they pay off their
mortgage.
Earnest Money
Earnest Money is a showing of commitment
from the buyer to the seller. The buyer will entrust
a dollar amount, usually 1-3% of the asking price,
to a neutral party. If the seller rejects the buyer’s
offer, the buyer will get their money back. If the
seller accepts the offer and the buyer backs out for
any reason, the buyer loses that money.
Escrow
Escrow is essentially an account where funds /
assets in the purchase of a home are held until all
the specified conditions of the purchase are met.
Usually property taxes and insurance funds are held
in escrow. Lawyers commonly act as escrow agents
in mortgage transactions, securing the property and
examining documents to ensure the terms of the
sale are met on both ends.
Fixed-Interest Mortgage
A fixed-interest mortgage is a type of loan that has
a fixed interest rate that borrowers will pay over the
term or length of the loan.
Foreclosure
A foreclosure is a home that has been reclaimed
by the lender because the homeowner failed
to pay back their loan. These homes are
advertised at a discounted price, but come in
“as-is” condition.
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any of the products or vendors, referenced on this material. Any mention of vendors, products, or services is for informational purposes only.
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Homeowner’s Association Fees
Homeowner’s Association (HOA) fees are fees
associated with living in a housing development
or condo. These fees cover the costs to maintain
common areas and other amenities.
Home Appraisal
A home appraisal is a survey of a home used to
determine current the market value.
Home Inspection
A home inspection is a survey of a property
to assess any issues with the condition of the
property or systems including water damage,
foundation damage, faulty heating or wiring,
appliances, and other systems.
Homeowner’s Insurance
Homeowner’s insurance protects property against
loss caused by fire, some natural causes, vandalism,
theft, and other coverages depending on the terms
of the policy. The lender will expect the borrower to
have a home insurance policy in effect by
the closing.
HUD
HUD is the Department of Housing and Urban
Development.
HUD Home
A HUD home is a 1-to-4 unit residential property
acquired by HUD as a result of a foreclosure action
on an FHA-insured mortgage. HUD becomes the
property owner and offers it for sale to recover the
loss on the foreclosure claim.
Listing Agent/Listing Broker
A listing agent represents the interests of the
property owner selling their home. It is their duty to
share information about the property with potential
buyers and provide guidance to the seller during
the process of marketing + selling their home.
Loan Estimate
This form is designed to provide disclosures that
will be helpful to consumers in understanding the
key features, costs and risks of the mortgage loan
for which they are applying, and must be provided
to consumers no later than the third business day
after they submit a loan application.
Private Mortgage Insurance
Private Mortgage Insurance (PMI) protects the
lender in case the borrower defaults on the
loan. PMI is required when the down payment
is less than 20 percent. PMI must be paid until
the borrower has at least 20 percent equity in
the home. The Homeowner’s Protection Act
established rules that mortgages automatically
terminate PMI after a borrower has reached 22
percent equity in the home, based on the original
property value.
Realtor®
A realtor® is a real estate professional who acts as
an agent for the sale and/ or purchase of property.
A Realtor® is a member of the National Association
of Realtors and is required to be a member of a
local association or board and a state association.
Selling Agent/Selling Broker
A selling agent represents the interests of the client
buying the property. It is their duty to provide
guidance to the buyer during the process.
Short Sale
A short sale is a situation where the lender agrees
to let a property owner sell their property for less
than the amount owed on the mortgage.
Title Insurance
Title insurance protects the lender or owner against
loss in the event of a property dispute. Lenders
often require title insurance. In fact, most title
insurance only covers the lender, while paid for by
the borrower. The borrower in many cases must
purchase a separate policy.
TRID (TILA-RESPA Integrated Disclosure)
This new rule consolidates four existing disclosures
required under TILA (Truth in Lending Act) and
RESPA (Real Estate Settlement Procedures Act)
for closed-end credit transactions secured by real
property into two forms: a Loan Estimate that
must be delivered or postmarked no later than the
third business day after receiving the consumer’s
application, and a Closing Disclosure that must be
provided to the consumer at least three business
days prior to consummation.
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