Real Estate Lingo — Part I
Below are some list of Real Estate Terminologies that you may find useful.Adjustable Mortgage Loans: Mortgage loans under which the interest rate is from time to time adjusted to more personally correspond with existing rates. Amortization: Repayment of the balance due through monthly payments of the principal and interest. This is established on a timetable that allows you to be the owner of your home at the end of a specific period.Annual Percentage Rate (A.P.R.): The cost of the loan that is expressed on a yearly interest rate.Closing Statement: The declaration or announcement which records the financial resolution between buyer and seller, as well as the costs that each must pay.
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