Home Buying Terminology - Credit Bureaus

An A-to-Z review of common terms you'll encounter during the home buying process.

Credit Bureaus -- Credit bureaus are private corporations that maintain records on nearly every American with a credit history. There are three credit bureaus: Experian, Equifax and TransUnion.

When you hear the phrase "pull your credit," it means to request your credit report from one or more of the big credit-reporting companies or bureaus.

Your credit report is like a report card on your past credit practices, usage, etc. Your credit report leads to your credit score, which is what lenders use when deciding whether or not to give you a loan.

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Home Buying Terminology - The Counter Offer

An A-to-Z review of common terms you'll encounter during the home buying process.

Counter Offer — A response by the seller that rejects part of a buyer's offer but keeps the negotiations open.

When making an offer on a home, you will face one of three responses from the seller. They will accept the offer, reject the offer, or make a counter offer. When they make a counter offer, the sellers are basically saying, "The terms of your initial offer are unacceptable, but we would like to find some common ground."

The important thing to understand is that the counter offer is a common part of the home buying process. Counter offers are not meant to insult the buyer, and they are not a dead end. They simply represent the desires and expectations of the seller.

Be sure to have a plan in place for counter offers. Know how you'll respond to it, and what your maximum offer amount will be. That way you can respond quickly in the face of a counter offer.

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Home Buying Terminology - The Conventional Mortgage

Home Buying Terminology: An A-to-Z review of common terms you'll encounter during the home buying process.

Conventional Mortgage -- A conventional mortgage is any mortgage that's not insured by the federal government.

The federal government insures some types of mortgage loans, like VA and FHA loans. But a conventional mortgage loans is given by a commercial lender without government backing.

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