eXp Realty LLC
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.
Hello, I'm Abbey, a lifelong resident of the growing Charlotte area! My joy stems from sharing this wonderful region with my young son and being an integral part of the community.
With a degree in Psychology from UNC Charlotte, I've seamlessly applied my academic knowledge to my fulfilling Real Estate career. My foundation in psychology has enabled me to understand the unique needs and preferences of my clients, fostering strong, lasting relationships in the process.
My journey in real estate has been shaped by unwavering integrity, diligent work ethic, and the meaningful connections I've forged with the incredible individuals who share the privilege of calling the Carolinas their home.
As a resident of Tega Cay, SC, my family and I delight in an active lifestyle, enjoying things like pickleball, yoga, lakeside adventures, and the Tega Cay outdoor concerts. Embracing the heart of this community, I am inspired to assist you in finding your dream home and loving where you live.
Let's embark on this exciting journey together, creating cherished memories and finding the perfect place you'll be thrilled to call home.
