Understanding Real Estate Terminology

March 21st, 2014 by: relatedchicago

chicago-real-estate-termsThinking about moving to Chicago? If so, know that you’ll be moving to one of the best cities in the world. Alive with entertainment 24/7 and full of great jobs, Chicago is a great city to relocate to.

When you start your search for a home in the Windy City, you’ll find it easier to pick out the best residence when you acquire services from a professional Chicago realtor. Whether you’re looking for a three-story home or Chicago condos, a realtor can help you find the perfect place. A realtor can also help you understand real estate lingo.

Appraisal: When you find a home that you are interested in purchasing, before a bank will lend you a mortgage loan, you will first have to get it appraised, meaning an assessment will be carried out to determine the true value of the home. Much of the assessment will take into consideration homes that are nearby.

Foreclosure: When a person defaults on his or her home loan for an extended period of time, the bank will eventually foreclose the home, meaning it will take possession of the home. As a result, it will generally try to sell the home for a much lower price than what it’s actually worth. Foreclosed homes are great investment opportunities.

Private Mortgage Insurance: If you take out a loan to purchase your home and you owe more than 80 percent of the total loan value, you will most likely be required to pay private mortgage insurance. In the event that you default on the loan, protection is provided to the lender for the financial loss.

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