PENDING: If a sale is pending, it means the offer has been accepted, but the official closing has not gone through. A home may stay in pending status for several weeks.
PRE-APPROVAL LETTER (ALSO CALLED A PRE-QUALIFICATION LETTER): A document from a lender that expresses tentative willingness to approve the borrower for a loan up to a certain amount.
PRE-QUALIFIED: A homebuyer status that indicates they have qualified for a loan of undetermined value.
PRINCIPAL: The original sum borrowed to pay for a home. This figure does not include interest.
PROOF OF FUNDS (POF): A document that demonstrates a buyer has the ability and funds available for a specific transaction.
PROPERTY TAX: A tax based on the value of property owned. Colorado has some of the lowest rates in the nation!