House Buying Terms -

: Most lenders prefer your annual income to be between $100,000 and $125,000 to approve a $400,000 mortgage. Essential real estate terms you should know | Opendoor

Buying a home is one of the most complex financial transactions you will ever navigate. To help you understand the landscape, 1. Essential Ownership Documents ("The Papers") house buying terms

: The legal process of transferring property from one owner to another. 3. Guidelines for Affordability : Most lenders prefer your annual income to

: A neutral third party that holds funds and documents until all conditions of the sale are met. Essential Ownership Documents ("The Papers") : The legal

When people refer to the "papers" for a house, they usually mean the documents that prove you own it or the legal contract used to buy it.

Real estate professionals often use specific "rules" to help buyers determine if they can afford a home: