Buying your first house is hugely exciting but it can also feel understandably daunting, particularly if you are unfamiliar with much of the jargon that goes along with the process. We spoke to top real estate experts to compile this house-buying jargon buster so if you are considering buying a house in spring , you'll be able to move forward with confidence. 'Real estate jargon can feel overwhelming, but if you don’t understand it, you risk making mistakes that could cost you time, money, or even the deal itself,' explains Yoann Dorat from One Sotheby's International Realty , a seasoned professional in the luxury real estate market who has successfully completed over 400 transactions.
Understanding the jargon before you embark on your home-buying journey will help ensure your purchase runs smoothly and without any nasty surprises. We also spoke to Alexandra Gupta from The Corcoran Group , named in the top one per cent of agents nationwide, to compile these first time buyer tips about the important terms to familiarize yourself with. Adjustable rate mortgage (ARM) Whether you are buying a house in fall or at any other time of the year, you need to get to grips with the various mortgage options you'll be faced with.
'An adjustable rate mortgage (ARM) means the interest rate can change, often after an initial fixed period,' explains Alexandra Gupta. 'Misunderstanding how an ARM works could lead to unexpected payment increases down the road,' adds Yoann Dorat. Your other optio.
