If you've looked into buying a house in Greenville, you probably already know that it's not as easy as HGTV makes it look. The process is a lot more involved — and often confusing.

From determining your budget to figuring out funding, there's a lot of jargon that comes with house hunting. That's why we've tapped into the experts at Greenville Federal Credit Union to break down 10 must-know real estate terms.

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Appraisal — The estimated value of the home or property you want to purchase.
Zoning — What your city will allow you to do with your property (think: additions, pools, and fences). Psst... A home equity loan can help you check off some projects.
Inspection — A professional examination of a home to outline and detail its current condition. It's like a physical for your house.

Wondering how much home you can afford? Greenville Federal Credit Union can help. | Map by Corey Barker

Financing

Mortgage — A loan used to purchase a home or other real estate. Calculate your loan.
Adjustable-rate mortgage (ARM) — A mortgage with an interest rate that can fluctuate throughout the life of the loan.
Fixed-rate mortgage — A mortgage with a constant rate of interest. Check current rates.
Pre-approval — A document from your lender outlining how much you can borrow based on several factors, which will help you develop your budget. See how much house you can qualify for.
Down payment — Your upfront payment toward the purchase of your new home.

Final steps

Escrow — A neutral account not related to the buyer or seller that will hold the funds until the end of the transaction.
Closing costs — Fees that are associated with the purchase of your home for things such as the appraisal and inspection.

Pro tip: Greenville Federal Credit Union experts are always available to answer your questions.

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