A real estate agent is more than just a "sales person." They act on your behalf as your agent, providing you with advice and guidance and doing a job - helping you buy or sell a home. Due to the fast changing market, the data on available listings is not 100% accurate. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent.
There are two types of agents, "Buyer's Agents" and "Seller's Agents". It used to be common for all parties involved to work for the seller, hence the term "Seller's Agent". Nowadays, you will most often find a different type of agent, the "Buyer's Agent". If you are in the market to buy, it would be advisable to use a Buyer's Agent. They can make recommendations on what terms and prices to offer as well as negotiating a deal with your best interest in mind. If you happen to be working with a Seller's Agent, never disclose to them the top dollar you are willing to pay for any property. Keep it narrowed down only to things that you would tell the seller directly.
How big is an acre?
An acre is an area of land equal to 43,560 square feet. For visuality purposes, an acre is most often compared to the size of a football field - not counting the two end zones, which are each 30 feet in length. Now try to envision one square mile, which is equal to 640 acres!
What is a REALTOR®?
A REALTOR® is an agent or agency that belongs to the local or state board of REALTORS® and is affiliated with the "National Association of REALTORS® (NAR). They follow a strict code of ethics beyond state license laws and also sponsor the Multiple Listing System (MLS), which is used to list houses for sale.
What is equity?
Equity is the financial interest or cash value of your home, minus the current loan balance(s). If selling the home, this would also be minus any costs incurred in selling the home.
If you're buying a home and don't have very much money for the down payment, you may want to find out if the seller would be interested in "sweat equity". This would allow you to perform the labor on any needed repairs and maintenence to the home, (such as outside repairs, painting or electrical work) in exchange for credit towards closing costs.
What is comprehensive homeowners insurance?
Comprehensive is the most expensive type of homeowners insurance; it covers the most potential damages such as fire damage, water damage not caused by flooding (which would fall under your Flood Insurance policy), your personal possessions, personal liability, theft and vandalism. It is usually required that you carry at least a basic hazard insurance policy.
When concerning homeowners insurance, it's important to shop around as soon as possible to avoid being caught in a jam in the event that your insurance company refuses to insure your home.
You have two options concerning comprehensive homeowners insurance: Guaranteed Replacement Cost Coverage & Straight Replacement Cost Coverage. Guaranteed Replacement is not available everywhere, but is recommended if you can afford it as it pays to rebuild your home even if the amount to rebuild exceeds your policy limit. Straight Replacement is a cheaper choice, but it is limited. It will pay to rebuild your house in the event that it is destroyed, however it will only cover costs up to the policy amount - so if you choose this option, make sure to buy enough coverage to rebuild.
How Much Will My Principal Be?
Use the caculators in our resources center.
What are comparables or comps?
Recently sold properties that are similar in size, location, and amenities to the home for sale. These properties help an appraiser determine the fair market value of a property.
What are prepayment penalties?
A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off of the loan in the event that you inherit a small fortune. Most loans these days do not have prepayment penalties - and if they do, they are only applicable for the first few years of the loan.
What are closing costs?
Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property.
What does an appraisal mean?
An appraisal is an estimate of the value of a certain property by a qualified, independent individual.
What happens when you prequalify?
When you are prequalified, the lender gives you an estimate but does not formally commit to giving you a loan.
What is a commitment letter?
A commitment letter is a formal offer of a loan by a lender. The letter states the terms under which the lender has agreed to the loan.
What is a buyer’s agent?
An agent hired by buyers to help them find and negotiate the purchase of a home. This agent works for the best interests of the buyers, not the sellers.
What happens when a property starts to depreciate?
When a property depreciates it declines in the value of the property due to poor location, dilapidation, or other factors.
Besides making my monthly mortgage payment, how can I build equity into my house?
When making your monthly mortgage payment, try to send a little bit more. This will go directly to the principal of the loan rather than the interest. Even an extra $75.00 per month can quickly build your equity, as well as knock years off of your loan.
Why should I use a real estate agent? 
A real estate agent is more than just a "sales person." They act on your behalf as your agent, providing you with advice and guidance and doing a job - helping you buy or sell a home. Due to the fast changing market, the data on available listings is not 100% accurate. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent.