I thought I would start the year off with some Real Estate Jargon and Meanings. This might take a while, but perhaps it will help more people understand the language of Real Estate. As I go through these weeks, feel free to ask questions.

A’s & B’s –

Acre 43,560 square feet of land.

Amortization the gradual repayment of a mortgage loan by installments.

Appraisal a written analysis of the estimated value of a property prepared by a qualified appraiser.

Appraised value an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

Appraiser a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.

ARM, Adjustable Rate Mortgage a loan subject to changes in interest rates as market conditions change.

Assessed value the valuation placed on property by a public tax assessor for purposes of taxation.

Assumable mortgage a mortgage that can be taken over by the buyer when a home is sold.

Bridge loan, Swing loan a form of second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold.

 More to come next week.

Brian