Your Real Estate Vocabulary Cheat Sheet
If you've ever been through the home buying process before, you've probably noticed a large amount of words and acronyms that get tossed around. Buying your first home is already filled with many new things to learn and decisions to make, and can be made even more challenging if you don't know the lingo. The MacGuire team knows how overwhelming it can be to buy your first house, especially if you're relocating to Colorado Springs , so we want to make it easier on you and your family. Here are a few words you'll probably hear through the lending and buying process, as well as their meanings so you aren't caught off guard. Pre-Approval When you start the home buying process in Colorado Springs , one of the first things you'll want is to get pre-approved. This is an evaluation by a lender that can determine whether you will qualify for a loan. It also helps to show what the maximum amount the can qualify you for. Adjustable Rate Mortgage (ARM) In an ad...