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Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
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- Note: Letters of the alphabet without a relevant term are not listed.
- Adjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change throughout the loan’s lifetime.
- Agent: A real estate professional that is legally licensed to buy and sell property on behalf of their clients. An agent cannot operate independently, they must work under a licensed broker.
- Amortization: The process of gradually reducing mortgage loan debt over time by establishing scheduled monthly payments. The interest payment of an amortized loan will decrease as time goes on, while the principal payment will increase.
Mar 18, 2021 · From amortization to under contract, here are the basic real estate terms you should understand, especially if you're a first-time home buyer.
- unknown@hearst.com
- 3 min
- Home Design Director
Mar 20, 2023 · When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Keep this guide handy — you'll be fluent in the language of home buying before you know it.
- 7 day notice. Notice period required by the banks before exchange of contracts on a repossessed property.
- Best and final. When a property has more than one interested party, and negotiations are going back and forth with both parties increasing, a situation may occur where sealed bids are offered.
- BMV. Below market value (don’t use this! They may not know what it means)
- Broker. Mortgage broker who offers finance.
Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. Written by MasterClass. Last updated: Jun 15, 2021 • 7 min read. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
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Jun 24, 2024 · From common acronyms like “ARM” (Adjustable Rate Mortgage) and “LTV” (Loan to Value) to more specialized terms like “escrow” and “encumbrance,” this article serves as your go-to guide, ensuring...
