10 Real Estate Terms You Should Know if You Plan on Buying a Home
Buying a home requires you to dive into the world of real estate and navigate its choppy waters. The path to a new home is paved with strange terms and phrases you’ve probably never come across before, and maybe never will again. However, during the buying process, it’s important to get a grasp on such real estate jargon.
It’s best to know – even on a basic level – what you’re getting yourself into. Mixing-up the meaning of words can lead to serious and expensive consequences, so we’ve taken a look at 10 real estate terms that all potential home-owners really should know before they buy a home.
The amortization period refers to the number of years over which you, the buyer, are scheduled to pay off your mortgage. By the end of the amortization period, you will be expected to have paid off the money you have borrowed in full. Your amortization period will be laid out by your lender upon approval of a mortgage, and they may give you a number of options, depending on your credit score, down payment and other factors.