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Mar 20, 2023 · When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Keep this guide handy — you'll be fluent in the language of home buying before you know it.
Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. Written by MasterClass. Last updated: Jun 15, 2021 • 7 min read. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
Understanding the real estate terminology Canada uses is crucial for anyone involved in the real estate market in Canada, whether you’re a first-time homebuyer, a seasoned investor, or a professional in the industry.
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- Note: Letters of the alphabet without a relevant term are not listed.
- Adjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change throughout the loan’s lifetime.
- Agent: A real estate professional that is legally licensed to buy and sell property on behalf of their clients. An agent cannot operate independently, they must work under a licensed broker.
- Amortization: The process of gradually reducing mortgage loan debt over time by establishing scheduled monthly payments. The interest payment of an amortized loan will decrease as time goes on, while the principal payment will increase.
Know popular real estate terms in Canada. Discover Canadian real estate concepts specific to home buyers, sellers, and agents.
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3 days ago · This is at the heart of our Real Estate Investment Analysis (REIA) software. DSCR – Debt Service Coverage Ratio – Net Opertating Income divided by Annual Debt Service. A common underwriting metric used by lenders. GOI – Gross Operating Income A property’s annual Gross Scheduled Income, less allowances for vacancy and credit loss.
