{"id":11642,"date":"2017-02-21T10:41:31","date_gmt":"2017-02-21T18:41:31","guid":{"rendered":"https:\/\/www.hayden-homes.com\/?p=11642"},"modified":"2023-06-14T16:33:11","modified_gmt":"2023-06-15T00:33:11","slug":"terms-every-homebuyer-should-know","status":"publish","type":"post","link":"https:\/\/www.hayden-homes.com\/blog\/terms-every-homebuyer-should-know\/","title":{"rendered":"Terms Every Homebuyer Should Know"},"content":{"rendered":"

It may be the ideal time to purchase a brand new home and Hayden Homes offers new homes in Oregon<\/a>, Washington<\/a>, and Idaho<\/a>.\u00c2\u00a0 But before you get started down this important path to home ownership, it\u2019s important that you understand the lingo.\u00c2\u00a0 By familiarizing yourself with terms associated with the homebuying process, you\u2019ll have a better understanding of the process and what to expect and won\u2019t be caught off guard as you navigate the process.
\nGetting Pre-Approved<\/strong>
\nThe most challenging part of buying a home can be seeking out and acquiring a mortgage. One of the first things to do in this process is lender pre-approval.\u00c2\u00a0 You can do this with a lender of your choice.\u00c2\u00a0When working with a\u00c2\u00a0mortgage lender during this initial process, you will find out how much home you can afford to buy prior to ever starting the physical search. This process contains no obligation to the lender or you as the home buyer. Completing this desired first step helps ensure that you are qualified to purchase your new home and will say to your Realtor or home builder that you are serious about moving forward, allowing them to best help you find the home of your dreams.
\nAppraisal<\/strong>
\nAn appraisal is the process by which the value of the home is determined. This process is done by a qualified and certified appraiser. The process is important for you to know the value of your home but also required by the lender to verify the purchase price is equal to or less than the property value.
\nEarnest Money<\/strong>
\nAt the time that you make an offer on a home and the seller accepts that offer, you will be asked to put down earnest money. Earnest money is different than a down payment, although the earnest money <\/a>will be used towards your final closing\/down payment costs. Earnest money is a check that\u2019s given to show your good faith effort in securing a loan and commitment to purchasing the home. The amount of earnest money required will vary from builder to builder but at Hayden Homes, we typically require x amount for our new homes purchased in Washington<\/a>, Idaho<\/a>, and Oregon<\/a>.
\nDown Payment<\/strong>
\nA down payment is the amount of cash that is applied towards the purchase of your new home at the time of closing.\u00c2\u00a0 When purchasing a new home, a cash down payment is typically required.\u00c2\u00a0 However, down payment amounts vary depending on the type of loan being secured.\u00c2\u00a0 It\u2019s important that you discuss your individual needs with a qualified new home lender like Washington Trust.
\nEscrow<\/strong>
\nEscrow may be the most confusing of all of the homebuying terms, but it\u2019s one of the most important to know. Essentially, escrow is the process by which a third party holds money that will later be transferred to a separate party at the conclusion of a transaction. Remember the purpose of earnest money discussed above? Earnest money doesn\u2019t go directly into the hands of the seller; instead, it is held \u201cin escrow until you and the seller finalize the sale.
\nClosing<\/strong>
\nFinally, closing – the day that every new homebuyer waits for! During closing, all documents and contracts related to your purchase will be reviewed, funds will be exchanged, and the title and deed of your new home will be signed over to you. Congratulations – you\u2019re a new homeowner!
\nAbout Hayden Homes<\/strong>
\nEstablished in Redmond, Oregon in 1989, Hayden Homes has provided over 17,000 new homes, in over 300 communities, to price conscious, value-driven homebuyers in underserved, secondary markets throughout Washington, Oregon and Idaho. Hayden Homes continues to be the largest privately-owned new home builder in the Pacific Northwest.
\nWith a commitment to building a strong community together, Hayden Homes has contributed 3.2 billion dollars to local economies and has created more than 62,000 jobs since the company\u2019s inception. Hayden Homes supports philanthropic efforts in the communities in which they build and have contributed more than 18.3 million dollars in charitable donations with the flagship of their giving through the 501(c)(3) Non-Profit, First Story<\/a>. To date, First Story has provided 82 deserving and capable families throughout the Pacific Northwest with a safe, healthy affordable home and a first step toward financial freedom. The Hayden Homes brand family of companies includes Simplicity by Hayden Homes<\/a>, Wise Size Homes<\/a> and Hayden Homes, all providing an unparalleled selection of opportunities for those looking to purchase a new home<\/p>\n","protected":false},"excerpt":{"rendered":"

It may be the ideal time to purchase a brand new home and Hayden Homes offers new homes in Oregon, Washington, and Idaho.\u00c2\u00a0 But before…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[87],"tags":[72,140],"yoast_head":"\nTerms Every Homebuyer Should Know | Hayden Homes<\/title>\n<meta name=\"description\" content=\"Before you get started on the path to home ownership, it\u00e2\u20ac\u2122s important that you understand the lingo. 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