Buying a home is not as easy as finding a property you want and then buying it. The process of home buying is a complex one. It is for this same reason why you need to work with the best real estate agent Colorado Springs company there is.
The team's expertise and experience can make your home buying process seamless as they have done this many times before. They can also help you navigate the complex world of real estate wherein you will encounter a few terms that you might not know about.
Real Estate Lingo Crash Course
Common Real Estate Terms You Need to Know (Image Source: Pexels)
These are the most common terms that you need to know when buying a home in Colorado Springs:
Appraisal
This is an impartial and documented opinion of the home value. It is to be issued only by a certified and licensed appraiser. Also, it requires to be evaluated based on average home pricing in your neighborhood and a few other factors.
Approved for short sale
It is the reduced listing price of the home that has been approved by the bank.
Buyer’s market
It is the market condition wherein the number of homes for sale is higher than the buyers. This results in a drop in home pricing.
Capacity
It is the amount of money that a borrower has been approved by the bank for.
Closing Cost
The fees that are associated with the sales transaction to finalize the home purchase.
Conventional loan
This is a regular home loan that is not guaranteed by the VA or FHA.
Down payment
It is the amount that you have to pay that is a portion of the total home price.
Equity
It is a percentage of your home’s total value that you have access to.
Foreclosure
This is the term used when the home buyer has failed to make mortgage payments causing the property to be repossessed by the bank.
Home equity loan
It is the type of loan wherein the homeowner uses the equity on the home as collateral.
Mortgage interest rate
A percentage of your total home loan that must be repaid on top of the total approved amount.
Work with the Best Real Estate Agent from Colorado Springs Company
Common Real Estate Terms You Need to Know (Image Source: Pexels)
Save yourself from the hassle of learning the common real estate lingo! Work with a trusted real estate agent from Colorado Springs company. One of them is Remax Colorado Springs and Brian Boals is one of the best real estate agents in the state of Colorado.
If you have decided to buy a home, you can leverage their knowledge of the industry so you can get the best deals possible. It is easy to get the short end of a deal when you do not know the complex terms and what they mean.
If you are ready to pursue the home buying process, you can depend on Remax real estate group to find the ideal match for your needs. You can learn more about the team and how we can help here. The team has helped many home buyers and sellers in the Colorado Springs area over the years.
You can learn more about what our past clients have to say. To have an in-depth consultation with a realtor, call (719) 459-9955 to set an appointment or send an email to brianboals@gmail.com.