REAL ESTATE TERMS YOU NEED TO KNOW BEFORE BEGINNING LOOKING FOR A HOME Home buying is a major milestone and a dream come true for many. During your search, you’ll come across a variety of acronyms and terms, whether you hear them verbally or read them in print. If you’re a first-time homebuyer, it can get tricky and overwhelming trying to decipher all of the real estate terms, and even if you’re a seasoned investor, there’s always something new to learn.
In an effort to make that process a bit easier for you, we’ve compiled a list of 15 Real Estate terms you should know before beginning looking for a home: Listings – Real estate agents refer to homes for sale as “listings.” A listing on a website shows information about the house, including price and number of bedrooms. Credit Score – A credit score is a numerical expression that measures an individual’s creditworthiness, evaluating potential lending risk. While this is the most well-known factor in making large purchases, it is certainly not the only one.
Fixed-Rate Mortgage & Adjustable Rate Mortgage – A fixed-rate mortgage has a predetermined interest rate throughout the life of the loan. An adju