Melton Here at Professionals Ryder Real Estate Melton, we understand that there may be some terms that are unfamiliar to those who have only recently become interested in buying or selling a property. We’ve composed a list of frequently used terms to help you ease into your journey within real estate.
Appraisal:
An appraisal refers to a property’s value, determined by an examination of a property and the sale price of comparable homes in the area.
Comparative Market Analysis:
A CMA is a report comparing similar homes in the area.
Contingencies:
This refers to a set of conditions that have to be met in order for a purchase of a property to be finalised.
Equity:
Equity essentially means ownership. In home ownership, equity refers specifically to how much of your home you actually own – this amount of equity is decided by how much money you still owe on the property.
Pre-approval Letter:
A pre-approval letter can be obtained from a bank, before buying a home, estimating how much the bank is willing to lend that person.
Principal:
A principal is the amount of money borrowed to purchase a home.
Refinancing:
Refinancing refers to the restructure of a home loan, replacing your old loan with different rates and payment structures.
These are just a few of the commonly used words in the real estate industry that may be confusing for first-timers.
If you need any other advice, contact Professionals Ryder Real Estate, the best real estate agents in Melton. We’re dedicated to helping you through your journey into the property market.
Whether it be buying a property in Melton, or selling a property in Melton, we are here to help!
Contact Professionals Ryder Real Estate today on 9743 6400!
