10 Real Es­tate Terms You Should Know if You Plan on Buy­ing a Home

The Prince George Citizen - The Citizen - Real Estate Weekly - - Real Estate Weekly -

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.

Amor­ti­za­tion

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.

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