Real estate refers to land and any structures on it, like homes or commercial buildings. It can also include natural resources like crops and minerals. Understanding real estate is key to making smart property decisions.

Buying a home involves several steps: figuring out your budget, getting pre-approved for a mortgage, finding a real estate agent, and searching for homes that fit your needs. Once you find the right one, you can make an offer and start the closing process.

Closing costs are fees associated with finalizing a real estate transaction, typically ranging from 2% to 5% of the home’s purchase price. These costs can include lender fees, title insurance, and attorney fees, so it’s important to budget for them.

A property appraisal is an unbiased opinion of a property’s value, often required by lenders to confirm the amount being financed during a purchase. It considers location, condition, and recent sales of similar properties.

A mortgage is a loan specifically for buying a property. It’s important to understand interest rates, loan types, and terms. Always read the fine print, as different lenders and loans can have varying rules and costs.