Real Estate Terms

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Real Estate

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Property consisting of land and the buildings on it, along with its natural resources.

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Investment

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The action of putting money into an asset with the expectation of generating profit or income.

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Equity

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The difference between the value of a property and the amount owed on the mortgage.

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Mortgage

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A loan used to purchase real estate, where the property itself serves as collateral.

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Appraisal

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An estimate of a property's market value, typically conducted by a professional appraiser.

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Down Payment

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An initial payment made when buying a property, usually a percentage of the purchase price.

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Interest Rate

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The percentage charged on a loan, such as a mortgage, that determines the cost of borrowing money.

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Principal

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The original amount of money borrowed or still owed on a loan, excluding interest.

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Closing Costs

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Fees and expenses incurred during the final stages of a real estate transaction, including legal fees, title insurance, and taxes.

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Appreciation

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An increase in the value of a property over time.