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Understanding Real Estate Vocabulary
The home buying process can be confusing for first-time buyers, so understanding the lingo before looking at homes in Fort Myers and the surrounding areas can be helpful. The Nest provides a list of real estate terms you should know before starting your home search.
The home buying process can be confusing for first-time buyers, so understanding the lingo before looking at homes for sale will be helpful. The Nest provides a list of real estate terms you should know before starting your home search.
MORTGAGE INSURANCE - typically required if you are paying less than 20 percent for your down payment. This is often added into your monthly mortgage payment if your provider requires it and acts as backup in case homeowners default on their loans.
LOCKING IN AN INTEREST RATE - can help you get a lower interest rate, as they can change on a day-to-day basis. Mortgage lenders will often guarantee a rate for a predetermined amount of time, so be sure you can actually close your sale in the period given. While this can save money, make sure to also compare fees and other expenses of this service offered by multiple lenders.
ADJUSTABLE RATE MORTGAGE- one that changes depending on market conditions, which means monthly payments can change depending on the current housing market. While this may seem risky, the source notes lenders often have a cap on rates. Adjustable-rate loans also generally start out lower than fixed-rate loans.
FIXED RATE MORTGAGE - when interest rates are locked in during the time of purchase, providing homeowners the same monthly payment throughout the length of the loan.
CLOSING COSTS - the fees you will need to pay to actually complete the loan. These can include application fees, title transfer fees and other assorted costs.
EECROW - an account that holds additional housing expenses, including homeowners insurance and property taxes. While those costs are often included in your monthly mortgage payment, your lender will separate these costs and submit payments as needed if necessary.