Amortization, short sale, and comps — oh my! How many of these terms did you already know?

Whether you’re ready to buy your first home or just need an acronym refresher, keep this glossary handy.

• MAR 20 2023

You don’t need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below.

Keep this guide handy — you’ll be fluent in the language of home buying before you know it.

1. 2-1 Buydown  

A 2-1 buydown is a concession or incentive negotiated with a seller or builder that temporarily reduces a buyer’s mortgage interest rate by 2 percentage points the first year and 1 percentage point the second year of your mortgage.  In the third year, the interest rate goes back to the fixed rate obtained from the lender.

2. Adjustable-rate mortgage (ARM)

An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. After the set time period your interest rate will change and so will your monthly payment. Learn more about adjustable-rate mortgages…. READ MORE>>>https://www.zillow.com/resources/stay-informed/real-estate-terms-home/?utm_medium=social-boosted-sm&utm_source=facebook&utm_campaign=zbw_brnd_z_image_all_multiple_040623_x_78realestatetermsyoushouldknow&utm_content=fbf|blogsupport|78realestatetermsyoushouldknow&fbclid=IwAR0n3yM5S5PKIyjQhW3DEY6WB5okURn_GEHF4EK1q7iCHpzxUY8F8nJR5v0

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Anastasia Kaufman, GRI,ABR,SFR,CDPE,SRS

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