There are plenty of moving parts when it comes to buying and owning a home. It’s no surprise then, that the terms that go along with the process might be a tad confusing, especially when people bandy around acronyms.
Take heart — you can get up to speed on the definitions in no time.
Here’s a baker’s dozen of some common real estate terms you need to understand when navigating the homebuying process.
By Lynnette Khalfani-Cox, The Money Coach®
Getting a home loan can be a confusing process. You have to decide whether to get a fixed rate mortgage or an adjustable rate loan. You’ll want to shop around and qualify for the best loan rates and terms. And when you’re signing on the dotted line for one of the biggest purchases of your life, you naturally want to fully understand everything. So one way to make the home loan process easier is to understand some important lingo you might hear from experts in the mortgage industry.
