Posts from February 14th, 2020
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February
14
14
Real Estate Terms
Appraisal: A determination of the value of something, such as jewelry, stock, or, in this case, the house you plan to buy.
APR: A yearly interest rate that includes upfront fees and costs paid to acquire the loan, calculated by taking the average compound interest rate over the term of the loan.
Closing Costs: All settlement or transaction charges (above and beyond the actual cost of the property) that home buyers (or sellers, depending on tradition in your area and what you negotiate with the seller) need to pay at the close of escrow when the property is transferred.
Closing Disclosure: A form that provides final details about the mortgage loan you have selected.
Contingency: A...