If you are a first-time homebuyer, here are some banking terms you should become familiar with.
- Interest rate: The interest rate is the amount a lender charges a borrower to obtain a loan. This is usually expressed as a percentage of the total loan amount. Interest rates are typically quoted on an annual basis, known as an annual percentage rate, or APR.
- Discount Points: Discount points are used to lower the interest rate, either temporarily or permanently.
Read Also: Selling To A Friend Or Family Member
- Origination Fees: The origination fee on a mortgage is a fee charged by the lender for processing a loan. Origination fees are paid by the borrower when the loan is funded and are usually based on a flat percentage of the loan amount.
- Loan Term: The loan term is the length of time it will take the borrower to repay the loan, like 15 or 30 years, with payments usually being made on a monthly basis. If you have any questions, ask your realtor or lender.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.