Residential real estate has a nomenclature all its own.
We Realtors constantly use these words (or even shorthand versions of them), presuming everyone understands them. Or sometimes we use them in a way to show how much we know!
Most home buyers and borrowers have heard these words and usually have a general idea of their meanings. But in my experience, knowing exactly what they mean is somewhat rare. But they are very important.
This video briefly discusses the following terms:
- Initial Deposit / Earnest Money Deposit
- APR (Annual Percentage Rate) VS Interest Rate
Thank you for watching! If you've more questions, please let me know!
For more information on the systems that I use and the extremely effective strategies I employ for both home buyers and sellers, please contact me. Phone: 949.413.2371 Email: Michael@HausamGroup.com
Michael Hausam is a licensed Realtor (BRE Agent #1319560) and Mortgage Loan Originator (NMLS # 1577195). He's been a resident of Orange County, CA since 1990, he funded his first mortgage loan in 1991, has had a B-1 general contractors license since 2005, and he has had his real estate license for over 18 years.