4B/2B:
4 Bedrooms & 2 Bathrooms: This tells you how many can sleep in the house and how many bathrooms there are, so no waiting in line in the morning.

Active:
An 'active' house is like a toy still up for grabs in the store.

Down Payment:
A big part of your money is given upfront to show you're serious about the house.

Interest:
Extra money paid to borrow for a house, like a thank you for borrowing a toy.

Closing Costs:
Extra money you pay when buying a house, like taxes on a new toy.

Fixed-rate Mortgage:
A payment that never changes, like a flat road that stays the same.

Adjustable-rate mortgage (ARM) and ARM cap:
Think of payments that go up and down like a seesaw. An ARM cap keeps it from going too wild.

Private Mortgage Insurance (PMI):
If you don't save enough for the big toy, you might need extra protection, like wearing pads for skating.

MLS:
A big list of houses for sale, like a catalog of all the toys you can buy.

CMA:
Finding out what homes are worth, similar to comparing ice cream prices for the best deal.

Contingency and Contingent:
A rule that says something must happen first, like eating dinner before dessert.

Loan Balance:
After you buy something on allowance, you might still owe money to your parents. That's your loan balance for the house.

Appraisal:
Just like when your teacher grades your best drawing, an appraisal is when someone checks out a house to say how much it's worth.

Assumable Mortgage:
Imagine you can ride your older sibling's bike because it's too big for you. That's like taking over the loan from the person selling the house.

Back on Market (BOM):
A house for sale again, like a library book returned for you to borrow.

Assum. fin:
Taking over someone's deal to save money, like inheriting a paid-off subscription.

Debt-to-Income Ratio (DTI):
This checks your minimum monthly debt payments compared to your monthly income to find what loan is the best fit.

Mortgage Rate Lock:
Like when your friend promises not to change the weekend plans, a bank can promise your payment won't change for a while.

Amortization:
Slowly paying off the house. Early on, it's more 'thank you' money (interest), and later, it's more toward owning your house (principal).

Annual Income:
All the money you make in a year.

Annual Percentage Rate (APR):
The total cost to borrow money for a house each year, including all extra fees, like seeing the full price of a video game with tax and shipping.

Title and Title Insurance:
Having a title is like having a golden ticket that shows the house is yours. Title insurance keeps your ticket safe from any problems, like someone else saying they own your house.

Underwriting:
It's like a teacher checking your homework before you move to the next level.