When you step into a Rego Park real estate agency, it’s like entering a foreign country. You’re surrounded by technical terms and real estate slang, and it seems like everyone understands what’s being said but you.
If you don’t speak the language, it’s easy to get confused. This confusion can lead you toward a decision that you’ll regret.
We don’t want that to happen, so today we will give you a vocabulary lesson! Here are some top terms that you might hear during your Rego Park real estate adventure.
- Appraisal: An appraisal is a process that determines a home’s value. A professional conducts the appraisal, which is used to determine how much money the lending institution will allow the buyer to borrow to purchase the home in question.
- Comparative market analysis: This report considers the recent sale price of similar homes in the area to help a seller and agent assign a fair price to a property.
- Fixed-rate mortgage: In a fixed-rate mortgage, the interest rate stays stable throughout the duration of the loan.
- Adjustable-rate mortgage: In an adjustable-rate mortgage, the interest rate varies according to market conditions.
- Closing costs: This term refers to the additional fees due at the completion of the sale, such as title insurance, appraisal fees or taxes.
- Listing: A listing is a description of a property for sale. Web listings are most common in Rego Park real estate. A listing might include a written description, photographs or a video tour.
- Loan preapproval: This is a document stating the amount of money that a lending institution has agreed to lend to a buyer based on a credit and financial assessment.
- Prequalification: A prequalification is an estimate of how much a buyer can afford to spend on a home. A prequalification is less specific than a preapproval.
That concludes our first lesson in Real Estate Lingo 101! Check back to learn more terms to help you navigate the Rego Park real estate market. As always, our agents are willing to talk real estate when you’re ready!
Contact us today at (718) 997-6000 or email us here for more information.