THE HOME BUYER'S GUIDE
Your Complete Guide to Buying a Home in Ashburn
From first showing to closing table
Everything a buyer needs to know
KNOW THE TERMS
Buyer's Glossary
Real estate has its own language. Here are the terms you'll hear most, in plain English.
Pre-approval
A lender's written estimate of how much you can borrow, based on a review of your finances. Stronger than a pre-qualification and expected with most Ashburn offers.
Escrow
A neutral third party that holds funds and documents during the transaction and releases them when conditions are met.
Earnest Money
A good-faith deposit, often 1 to 3 percent, that shows the seller you're serious. It's applied toward your purchase at closing.
Appraisal
A licensed valuation of the home the lender requires to confirm the property is worth the loan amount.
Contingency
A condition in the contract that must be met for the sale to proceed, such as financing, appraisal, or inspection contingencies. They protect the buyer.
Closing costs
Fees paid at closing beyond the down payment, typically 2 to 5 percent of the purchase price.
The Buying Journey
From budgets and loans to closing costs and contingencies, here's how home buying works, explained in plain language.
Understand your budget
Ryan helps you start smart
Make a competitive offer
Ryan writes offers that win.
Know your loan options
Ryan connects you with lenders.
Inspection and appraisal
Ryan helps you understand results
Budget for closing costs
Ryan maps out every cost.
Closing Day
Ryan is there through closing
BUDGETING
What Buyers Pay Upfront
The main upfront costs to plan for
Down Payment
Typically 3 to 20 percent of the price depending on your loan.
Closing Costs
2 to 5 percent of the price, covering lender fees, title, appraisal, taxes, and prepaid items.
Earnest Money
A good-faith deposit that shows you are serious. It is applied toward your total at closing, not an extra cost.
