Property Price: The price you plan to pay for the property.
Down Payment: The amount you plan to pay in cash upfront towards the purchase price of a property.
Credit Score: A score that represents your creditworthiness based on your history of responsible credit usage. Credit scores typically range between 300-850, and are used by lenders to assess your ability to repay a loan. Your credit score is a significant factor in a lender's decision to extend a loan and under what terms. Typically higher credit scores result in more favorable loan terms (e.g., lower interest rates).
Property Type: The type of structure of the property (e.g. Detached single-family residence, Condominium, Multi-family, etc.). Interest rates and other mortgage terms may vary by on the property type.
Property Use: The primary use of the property (e.g. Primary Residence, Second Home, etc.). Interest rates and loan types will vary based on the property use. Primary residences typically have lower interest rates.
VA Loan: A type of loan guaranteed by the US Department of Veteran Affairs that offer qualified Active Military Service Members, Veterans, and their surviving spouses long-term financing on a primary residence. Borrowers must provide a certificate of eligibility that establishes their military service to the lender to qualify for a VA loan.