Can you guess the four scrambled words? What about their meanings?
Hint: they all have something to do with the home buying process.
1. Offer: when you, the homebuyer, let the seller know how much you’re willing to purchase their house for — they’ll have the opportunity to accept or reject it.
2. Mortgage: an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you’ve borrowed.
3. Pre-Approval: a preliminary evaluation of a potential borrower (you) by a lender to determine whether they can be given a pre-qualification offer.
4. Equity: the difference between the fair market value of the property and the amount of money you owe on the mortgage.
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