Home buying has its own set of terms and phrases that buyers should know when perusing the listings. As with any specialized area, the terms used in home listings are often confusing at first, but understanding them is simple enough once you get to know how they are used. Take a look at these common home listing terms and their meanings before you start house shopping. The Basics Of Describing A Home In a listing, the description of the home is one of the most important things to understand. It tells you all of the basics of the home’s size and features, things that will help you decide if you want to go take a closer look. Here are a few of the basic terms and abbreviations you will need to know. BR/BA: Bedrooms and baths. This tells you how many bedrooms and bathrooms the home has. Bonus Room or Den: This is a room that does not qualify as a bedroom because it has no closet, but may still be a separate room with a door. Bonus room may be abbreviated as bns rm. Det: Detached, usually used in reference to a garage. C/A and C/VAC: Central air and central vacuum. F/A: Forced air, […]
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If you are new to home financing, you may be a little confused by some of the common terms that are used in the process. These common terms will help simplify getting your home loan and ensure you understand what stage you are at and what comes next. Getting A Loan Pre-Qualification: This is a term that means you have been provided an estimate of what sort of loan you can expect to obtain based on your credit score and what’s currently available. It doesn’t guarantee you a loan or any loan terms. Pre-Approval: This means that you have actually applied for a mortgage and the loan has been approved. Your approval is usually good for a certain time period during which you are guaranteed the terms of the loan. Locked In: This is a term that means you have been promised a certain interest rate for a certain time period, usually 30 days. Basics Of Loans Principal: This is the amount that is owed on the loan, the actual amount financed excluding interest. Interest Rate: This is the amount of interest, expressed as a percentage, that you will be paying on your loan. APR (Annual Percentage Rate): Often confused […]
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