5 Real Estate Jargons Everyone Must Know
ARM, HRA, pre-equal - the real estate world is full of jargon that can be difficult to comprehend for people who are new to this field. It can add layers of confusion to an already complicated process of buying and selling property. To avoid any confusion later, it is best to know the real estate terms that are used by the people in the industry. Whether you are in the buying or selling process, here are the most common real estate jargons that you must know. It will give you a better understanding of the real estate concepts, which in turn would help in making a better property deal and even save you a fortune. 1- Adjustable-rate mortgage (ARM ): Adjustable-rate mortgage is a type of loan in which the interest rates can change after the initial fixed-rate period. This is because it is adjusted based upon the ARM to which it is tied to. When compared to traditional fixed-rate mortgages, ARM loans are less predictable but they can yield significantly lower i...