Top 10 SCARIEST Real Estate Terms

Purchasing a new home is often scary – initially. Nothing is generally more intimidating than sitting down to complete paperwork for one of the largest purchases of your life and understanding that you may not speak the language that you’re reading: the language of real estate. Remove the boo out of selling and buying; We aren’t scared of explaining whatever you don’t understand. Start out with this list that may assist you slay the top 10 scariest real estate terms.

Top 10 SCARIEST Real Estate Terms – Pssst, Don’t Get Spooked!

A.R.M.
Adjustable Rate Mortgage – a loan program having a non-fixed rate of interest which means your house payments may fluctuate in conjunction with changing interest rates.

CC&Rs
Covenants, conditions and restrictions are administered and monitored by a Homeowner’s Association or HOA.

Comps
Short for comparable properties to the home your selling or buying and as a point of reference for property value.

Fannie Mae and Freddie Mac
These funny-sounding nicknames are for The Federal National Mortgage Association – one of the largest mortgage providers in the nation, together with Freddie Mac or The Federal Home Loan Mortgage Corporation; the two providers have around $5 trillion in combined mortgage assets.

FICO
Fair Isaac Company supplies the software utilized to calculate credit ratings; a FICO score will depend on the amount you currently owe on your debts and your payment history, in conjunction with any recently opened lines of credit, time period of credit history as well as the types of credit you have.

GFE
A Good Faith Estimate is a form which provides you an understanding of what your closing charges and loan terms will be if you are approved for a home loan.

MLS
Multiple Listing Service is a database for all properties listed for sale. There are numerous MLS companies in different regions, separated locally and by states and territories.

NAR
This is an easy one – the National Association of Realtors, which is the largest trade association representing 1.3 million members including RE/MAX agents.

PITI
Principal, Interest, Taxes and Insurance – the four components of a monthly mortgage payment. The principal pays down the loan, the interest pays the lender for loaning you the money additionally, the taxes and insurance typically go directly into an escrow account every month.

TRID
This is a lending regulation. The acronym hybrid of two other acronyms: TILA or Truth in Lending Act and RESPA or Real Estate Settlement Procedures Act Integrated Disclosure Rule. TRID relates to transparency of loans, helping borrowers completely understand what their contracts mean.

Don’t worry, there’s no quiz or have to memorize these terms – that’s where Nick, Cindy & Nicholas Davis come in; to translate for you as well ensure you make the best decision for you!

Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.

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