Learn Some Real Estate Terminology

As with any profession there is a great deal of terminology unique to real estate day-to-day practice. If you want to participate in the real estate market today, the terminology and jargon must be learned. Although not complete, the following terminology and our Glossary of Real Estate Terms will help you to to become familiar with certain concepts and words.

The real estate business encompasses a great number of skills and professions: financial, legal, governmental, building trades, and of course, real estate itself. The number of variables which can affect a real estate transaction are myriad indeed, involving both legal and technical expertise. So, as with any business, in order to be successful as a buyer or seller, it is necessary to become familiar with certain concepts and words.

Below is a quick run-through of some of the jargon and important real estate terminology you'll encounter:





Mortgage Info

Mortgage Info

Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved from the mortgage lender of your choice. This will officially address any questions about your eligibility, rate, terms and it will enable you to better negotiate for the property of your choice.
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Credit Score

YOUR CREDIT SCORE

Credit scoring model seeks to quantify how likely the consumers are to pay off their debt without being late. The more your credit file demonstrates that you pay your debt on time, the more desirable you become as a potential customer. The higher the client's score is, the less likely they are to default on their loan.
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Familiarize yourself with the fundamentals of real estate before you invest in your first property.
Location matters, so before you buy any real estate property, ensure that it's in a good location.
Too many credit cards and loans can increase the number of trades on a file which can negatively impact your credit score.
Before you buy any real estate property, have it inspected by a professional home inspector.

Real Estate & Related Info

Location

Location is an investment too and can also affect property values and property taxes. More...

Downpayment

Learn how to take advantage of government programs available to first-time home buyers. More...

Inspection

Knowing what to expect will help you make an informed decision about the value and the future upkeep. More...

Closing Cost

Don't forget closing costs; they vary greatly by location and they are also relative to your house price. More...

Moving Tips

Pack a box of items that will be needed first at the new house. Clearly mark this box "Load Last." More...

Glossary

Although not complete, the glossary of real estate terms will help you with some of the more common terms. More...

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