Pre-qualification is a quick estimate based on what you tell a lender. Pre-approval is the real deal — they verify your credit and income and hand you a letter that says you’re good for it.

Why it matters: In a competitive market, a pre-qualification is a maybe. A pre-approval is what gets your offer taken seriously.

A good-faith deposit (usually 1–3% of the price) that shows the seller you’re serious. It’s not an extra fee — it gets credited toward your down payment or closing costs at the finish line.

Why it matters: It’s what makes a seller trust your offer. You only lose it if you back out for a reason your contract doesn’t protect.

The chunk of the price you pay up front. And no — it’s almost never 20%. Plenty of loans start at 3–5%, and some at 0%.

Why it matters: The “I need 20% down” myth keeps people renting for years longer than they need to.

If you put down less than 20%, lenders usually add a small monthly charge that protects them, not you. Once you’ve built enough equity, it can go away.

Why it matters: It’s a real line item — but often worth it to stop renting years sooner, and it doesn’t last forever.

The fees to finalize your loan and transfer the home — lender fees, title, taxes, insurance. Usually 2–5% of the price for buyers.

Why it matters: People budget for the down payment and forget these. Knowing the number early means no surprises at the table.

The interest rate is what you pay to borrow. The APR rolls in the rate plus lender fees, so it’s the truer cost of the loan.

Why it matters: Two loans can show the same rate but very different APRs. APR is how you compare apples to apples.

Paying a little extra up front to lock in a lower interest rate. One “point” equals 1% of the loan.

Why it matters: In a higher-rate market, a seller-paid buydown can be the difference-maker that makes the monthly payment work.

Your offer is the price and terms you propose. A counteroffer is the seller’s “close, but here’s what I want instead.” It can bounce back and forth.

Why it matters: A good agent negotiates on more than price — closing date, repairs, and contingencies all move the deal.

A built-in “only if” in your contract — the deal goes through only if certain things check out (inspection, financing, appraisal). Your escape hatch.

Why it matters: Contingencies protect your money. Waiving them can win a bidding war — but it’s a real risk, not a formality.

A neutral pro decides what the home is actually worth. Lenders require it so they don’t over-lend on a house.

Why it matters: If the appraisal comes in under your offer, you’re renegotiating — or covering the gap in cash.

The difference when a home appraises for less than you agreed to pay. Someone has to cover it — usually the buyer, in cash.

Why it matters: In hot markets, buyers offer an “appraisal gap guarantee” to win. Smart move or overreach depends on your cushion.

A top-to-bottom health check of the house before you commit — roof, systems, foundation, the works.

Why it matters: It’s your best shot at catching expensive surprises before they’re your problem. Try never to skip it to “win.”

The seller accepted an offer, but the sale isn’t final — inspections, appraisal, and financing still have to clear. “Pending” usually means it’s further along.

Why it matters: Under-contract homes sometimes fall through. If you love one, it’s not always too late to be next in line.

How your agent prices your home — by studying what similar nearby homes actually sold for. Not list prices, not an algorithm’s guess.

Why it matters: Price it right and it sells fast, near ask. Price it on a Zestimate and you’ll chase the market down for months.

The contract that officially makes an agent your agent — spelling out the term, the commission, and what they’ll do to sell your home.

Why it matters: This is where marketing, photography, and strategy get put in writing. Read what you’re actually getting.

How long a home’s been listed. Buyers watch it closely — a high number quietly signals “make a lower offer.”

Why it matters: Your first two weeks are the spotlight. Overpricing burns them, and DOM climbs from there.

Styling your home so buyers walk in and picture their life there. Sometimes furniture, sometimes just decluttering and light.

Why it matters: Staged homes tend to sell faster and for more. Buyers buy a feeling before they buy a floor plan.

When you agree to cover some of the buyer’s costs — like closing costs or a rate buydown — to get the deal across the line.

Why it matters: Sometimes a concession closes the deal faster and cheaper than dropping your price. Strategy over reflex.

The number that actually lands in your pocket after mortgage payoff, commissions, and closing costs. Not the sale price.

Why it matters: “I sold for $600K” and “I walked away with X” are two very different numbers. This is the one that matters.

A neutral third party holds the money and documents until everyone’s done their part. Nobody hands over cash or keys on trust alone.

Why it matters: It’s the referee that keeps a huge transaction fair. Your earnest money usually lives here until closing.

The title is proof you legally own the home. Title insurance protects you if some old claim, lien, or paperwork ghost shows up after you buy.

Why it matters: A one-time cost that guards the biggest purchase of your life against someone else’s past mistake.

“Contingent” means an offer’s accepted but key conditions are still open. “Pending” means most are cleared and it’s cruising to closing.

Why it matters: Contingent homes are more likely to come back to market than pending ones. Both are worth watching if you’re serious.

The finish line. Everyone signs, money moves, and the keys change hands. You’re officially an owner (or officially sold).

Why it matters: Knowing what you’re signing — and what it costs — turns a stressful day into a celebration.

A neighborhood group that maintains shared spaces and sets rules — for a monthly or annual fee. Common in some communities, absent in others.

Why it matters: HOA dues and rules affect your budget and your freedom — paint colors, short-term rentals, that RV in the driveway.

A small guest house or secondary living space, often separate from the main home. Spanish for “little house.”

Why it matters: A casita can mean rental income, a home office, or space for family — a huge selling point here.

Vigas are the round wooden roof beams that stretch across a ceiling. Latillas are the smaller sticks laid between them, often in a herringbone pattern.

Why it matters: They’re the soul of a Southwestern ceiling — the detail buyers fall in love with in adobe and Pueblo-style homes.

A rounded adobe fireplace tucked into a corner, shaped like a beehive. Named for the ceremonial rooms of the Pueblo people.

Why it matters: Cozy, iconic, and photographs beautifully — a classic New Mexico “wow” feature.

A covered porch or veranda (say it “por-TAHL”), usually running along the home. Your shaded outdoor room.

Why it matters: With New Mexico’s sun and sunsets, a portal is prime living space — morning coffee and evening margaritas.

A traditional outdoor adobe oven shaped like a beehive, used to bake bread and roast — a nod to Pueblo and Spanish heritage.

Why it matters: A working horno is a rare, characterful feature that tells a home’s cultural story.

A community irrigation ditch that carries water to properties — and it comes with shared water rights and responsibilities.

Why it matters: In New Mexico, water is everything. Acequia rights are a real, valuable — and regulated — asset.

Pueblo Revival is rounded, earth-toned adobe with flat roofs and projecting vigas. Territorial adds crisp brick trim and painted wood details around windows and rooflines.

Why it matters: Knowing the style helps buyers find their New Mexico look — and helps sellers market the right one.

A built-in adobe bench, often curving along a wall or beside the kiva fireplace. Sculpted right into the home.

Why it matters: The kind of handcrafted detail that makes an adobe feel one-of-a-kind — buyers remember it.