Buying a home is an uncommon experience for most people. As a result, many people are unfamiliar with the terms and phrases that industry professionals use. This glossary of real estate terms can help you understand some of the most common words that get used in the process of purchasing a home.
A mortgage is a loan to a home buyer to help them purchase their house. Most people need a mortgage because they don't have the full amount of money required to buy a house.
Mortgages last 5 years. At the end of the 5 year period, unless the mortgage has been fully paid off, the homeowner must refinance and get a new mortgage. Many homeowners take 25 years to repay their loan. If a homeowner decides to move to another house before the home is…