Edmonton Real Estate Blog - First-time Buyer

The ABC's of Buying a Home: Part 2

Posted by Terry Paranych on February 7th, 2023

 

There is a lot of information to digest when buying a home. All of the real estate jargon can get overwhelming. We discussed the vocabulary of buying a house back in January, so here are some more terms and definitions of real estate to help you better understand the process.

Annual Percentage Rate (APR): The rate of interest on your mortgage. It can be at a fixed or variable rate depending on the terms of your mortgage.

Blended Payment: A payment combining principal and interest with the long term effect being a decrease in interest but an increase in principal.

Closed Mortgage: A mortgage type which doesn't allow you to pay it off in full before the agreed upon length without imposing penalty fees.

Depreciation: In real estate…

285 Views, 0 Comments

The ABC’s of Buying a Home

Posted by Terry Paranych on January 11th, 2023

Buying a new home can be an overwhelming process if you're not familiar with it. During the process of choosing a home, applying for a mortgage and more, you may encounter terms and phrases that you are unfamiliar with. Having a better understanding of the ABCs of home buying will help you feel more confident about the process.

Amortization: A mortgage term that describes the period of time that is required to pay off the original loan balance. 

Appraisal: A statement that indicates the official value of a property.

Bridge Loan: A short-term interim loan that is made to a buyer to purchase a new home before they have sold their current home and can use the equity towards the new purchase.

Builder: A company or a private individual who is…

246 Views, 0 Comments