Lock-in
Since interest rates can change frequently many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

Building code
Based on agreed upon safety standards within a specific area a building code is a regulation that determines the design construction and materials used in building.

REALTOR
A real estate agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS and its local and state associations.

Underwriting
The process of analyzing a loan application to determine the amount of risk involved in making the loan it includes a review of the potential borrowers credit history and a judgment of the property value.

Mortgage banker
A company that originates loans and resells them to secondary mortgage lenders like Fannie Mae or Freddie Mac.

Conventional loan
A private sector loan one that is not guaranteed or insured by the U.S. government.

Earnest money
Money put down by a potential buyer to show that he or she is serious about purchasing the home it becomes part of the down payment if the offer is accepted is returned if the offer is rejected or is forfeited if the buyer pulls out of the deal.

Sweat equity
Using labor to build or improve a property as part of the down payment

Deed
The document that transfers ownership of a property.

Title insurance
Insurance that protects the lender against any claims that arise from arguments about ownership of the property also available for homebuyers.