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Phone: 435-619-3422


Jul 10, 2015

Terms you should know about when buying real estate


When it comes to buying a home, it really does pay to do as much research as you can for this big purchase of your life. If you are at the time in your life to make a down payment on your dream home, you need to learn about the real estate terminology in order to be successful in the housing market.
We have outlined 5 real estate terms that home buyers should know about.




Buyer’s Agent: A buyer’s agent is the individual who will represent you in the home buying process and will voice your needs.


Listing Agent: A listing agent is the individual who is in charge of representing the seller of the home or property.


Fixed Rate: A traditional home loan will have a fixed mortgage rate. This interest rate will remain the same and constant during the life of the loan. The most common life of the loan is 30 years.


Adjustable Mortgage Rate (AMR): A home loan can also be an AMR which means you will have the option to pay various kinds of interest rates.


Closing Costs: Even after you have made a down payment, any home that you end up purchasing will have closing cost fees. This includes 2%-5% of the purchase price, loan-processing costs, and title insurance.


To learn more about the home buying process, please feel free to contact Charlie Mowery Realty.


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