Common Real Estate Terms - Explained
Real estate is a complex industry with a unique set of vocabulary and industry terms all its own. If you have not been involved in the real estate scene recently (or even if you have been), you may have trouble interpreting the various terms you come across during the process of buying or selling a home. Arrowhead Title, Inc. is here to help! Keep reading to find the definitions to some common real estate terms you are likely to encounter as you sell or buy a home at the Lake of the Ozarks . Common Real Estate Terms & Their Definitions Adjustable Rate Mortgage (ARM) This type of mortgage has a set interest rate for a fixed number of years, after which the interest rate will adjust to reflect the current market rates. Amortization Schedule This is a table or document that shows the planned monthly payments for the duration of your mortgage loan. It identifies how much will go towards principal and how much will go towards interest each month so you can understand...