The more real estate terms you understand, the more comfortable you will be in your home buying process. This is especially true for financial vocabulary related to real estate transactions.
To help familiarize you with some of these important concepts, here is a quick guide to financial real estate terms:
A fixed rate mortgage is one of the many types of mortgage loan available to prospective buyers. A fixed rate mortgage is a loan that maintains the same interest rate throughout the entire term of the loan.
This means the interest rate won’t fluctuate with market conditions, and won’t increase or decrease over time. A fixed rate mortgage is beneficial for homeowners who want to know exactly how much their monthly mortgage payment will be.
The down payment is the amount of money paid upfront to a mortgage lender to buy a home. The amount of the down payment can affect things like interest rates and the total amount of the mortgage loan.
For instance, a large down payment means you borrow less money, and therefore pay more upfront rather than more overtime in interest.
Fair market value refers to the variable value of a property based on market conditions. A real estate agent can help you find the fair market value of a home by conducting a comparative analysis of similar properties in the same area.
Some of the factors that can impact market value include curb appeal, square footage, energy efficiency and overall condition of the property.
These are just a few examples of real estate terms that can help you in a real estate transaction. By learning the language real estate agents use, the more confident you will feel on the search for your dream home.
More than six decades of combined team experience
Combined sales over 1,100 in 20 years
The average agent works by themselves or is inexperienced
The average agent is in and out of the business in less than 5 years
The average agent according to national statistics sells less than 8 homes a year
Our team concept allows us to do a large volume of business, keeps our finger on the pulse of the market by doing such volume, giving our clients outstanding service because everyone on the team has a certain skill set and experience level and we all work together to give you the best of each of our individual skills.
Unique programs like our Guaranteed home sale or commission free program just as one example.
We can cover a large area being a team verses one agent.
Huge personal data base of past, present and potential clients that we will expose your home.