If you’re buying or selling a home in Aspen, there are a lot of terms you’ll have to learn – especially if this is your first home.
Here’s what you need to know.
7 Final Real Estate Terms You Need to Know
Principal is the amount of money you borrowed to buy a home. That’s the amount you need to repay your lender, plus interest.
A mortgage point is equal to 1 percent of the value of a mortgage loan. You can buy discount points by paying more money up-front in exchange for a lower interest rate.
Private Mortgage Insurance
Private mortgage insurance, or PMI, is an insurance premium that some buyers have to pay. This money is required on most loans with less than a 20 percent down payment, and it’s required to protect lenders in case the buyer defaults (doesn’t make payments).
Real Estate Agent
A real estate agent is the professional who helps you buy or sell a home.
A Realtor is a real estate agent who is a member of the National Association of Realtors®, a trusted organization with a strict code of ethics. Not all real estate agents are Realtors.
Real Estate Broker
A real estate broker is an agent who has passed a state broker’s exam and met the minimum number of transactions required. Brokers can hire agents to work for them.
Title insurance is a policy that protects owner or lender interest in a property from other claims to ownership.
Are You Buying or Selling a Home in Aspen?
Call us at 970-429-8275 or get in touch with us online to tell us what you want from your next home. We’ll begin searching Aspen real estate listings right away. If you’re selling, get your free Aspen real estate market update and find out how we can help you sell your home quickly and at the best price.
While you’re here, you can also browse our:
- Basalt real estate listings
- Carbondale real estate listings
- Snowmass real estate listings
- Woody Creek real estate listings