![]() – This is an abbreviation for “assumable financing,” also known as an “assumable mortgage.” What this means is that the outstanding mortgage and terms on the home can be assumed (or taken over) by the new buyer.Ĭlosing costs – These are costs and expenses that are paid by the buyer and seller when the real estate deal closes, including things such as brokerage commission, mortgage-related fees, escrow or attorney’s settlement charges, transfer taxes, recording fees, title insurance, and more. Sometimes called a variable rate mortgage, the ARM usually changes with the economy.Īssum. A half bathroom (or half bath) is a powder room with only a toilet and sink.Īdjustable Rate Mortgage – This is a type of real estate loan in which the interest rate varies over time based on a prescribed formula or set of conditions. A full bathroom means there is a toilet, sink and shower or tub. In this case, there would be five bedrooms (most commonly defined by law as a room with a window and closet) and three full bathrooms. Real Estate Terms and LingoĥB/3B – When you see this on a listing or in an email from your real estate agent, they’re talking about the number of bedrooms and bathrooms. If you’re not familiar with the world of real estate, the terminology may seem like another language-but it’s not too late to learn! Find out what your real estate agent means when they say things like “FDR” because they definitely don’t mean Franklin D. ![]()
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