Bahamas Real Estate Brief:
Buying a home, do you know the Lingo?

Buying a home, do you know the Lingo?

Welcome to another episode of Bahamas Real Estate Brief, with Glenn Ferguson, real estate agent, and Bahamas residency Consultant.

Where we share the latest news, and happenings in The Bahamas real estate market, and what you need to know to be an informed home buyer, seller or renter. 

Today, we are sharing on the topic: Buying a house, do you know the lingo?

Buying a home can be intimidating, if you’re not familiar with the terms, used throughout the process.

To help you out, and point you in the right direction, we are sharing with you, a list of some of the most common terms, you’ll hear along the way to home ownership.

Appraisal

An appraisal is a professional analysis, used to estimate the value of the property. 

This includes examples of sales of similar properties. This is a necessary step in getting your financing secured, as it validates the home’s worth, or market value, to you and your lender.

Closing Costs 

The Closing cost, represents all the costs necessary to complete the real estate transaction. 

These costs are in addition to the price of the home, and are paid at closing. 

They include legal fees, bank fees, Stamp taxes and Value Added Tax, on all professional fees and services, title insurance, home insurance, and financing costs. 

That must be prepaid or escrowed, into your bank account, prior to the closing of your purchase.

So be sure to Ask your lender for a complete list of closing cost items.

Down Payment 

The down payment, is a portion of the cost of your home, that you pay upfront, to secure the purchase of the property. 

Down payments typically range, between 5 to 20% , of the purchase price of the home, and depends on the bank or lending institution, that you are using.

Mortgage Rate

The mortgage rate, is The interest rate you pay to borrow money,  to buy your house. 

The lower the rate, the better. Interest rates for a 25 year fixed rate mortgage, range between 4.25% - 5.75%, depending on your bank, or lending institution.

Pre-approval Letter

A pre-approval letter, is a letter from your mortgage lender, indicating that you qualify for a mortgage, of a specific amount.

It also shows a home seller that you're a serious buyer. 

Having a pre-approval letter in hand while shopping for homes, can help you move faster, and with greater confidence, in a competitive market.

The best way to ensure, that your home-buying process, is a confident one, is to find a real estate professional, who will guide you through every aspect of the transaction, with ‘the heart of a teacher,’ and who puts your family’s needs first.

Real Estate Professional

Our Real Estate Specialist and Bahamas Residency Consultant, Glenn Ferguson, is a trusted real estate  professional and teacher at heart. Call or WhatsApp Glenn directly at, 1-(242)-395-8495 to help you with your home buying, selling and renting needs.