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    Real Estate Acronyms For Homeowners

    REMAX Expansion Cheyenne WY

    Real estate involves a lot of acronyms, which can be confusing if you’re not familiar with them. Here’s a little sneak peak to help you understand each one as it comes up. These are some acronyms you’ll likely run into when you are buying or selling a home.

    NAR – National Association of Realtors

    This is the nation’s largest group of real estate professionals. It holds agents and brokers who belong to a strict code of ethics to protect all parties involved in a real estate transaction.

    FRM – Fixed Mortgage Rate

    This means that the terms of your mortgage never change.

    ARM – Adjustable Rate Mortgage

    A mortgage with terms that allow the rates to increase or decrease at certain intervals over the course of repayment.

    FHA – Federal Housing Administration

    A government agency that insures mortgages, enabling more people to qualify for loans.

    PMI – Private Mortgage Insurance

    An expense home buyers must pay if they provide less than a 20% down payment.

    PITI – Principle, Interest, Taxes, and Insurance

    A more complete list of expenses to expect from your monthly mortgage payment.

    REO – Real Estate Owned

    REO properties are foreclosed upon by lenders when the borrowers fail to make the payment.

    CMA – Certified Market Analysis

    A report prepared by a real estate agent or broker to determine the value of a home based on comparable listings in the area.

    MLS – Multiple Listing Service

    A collection of all the properties for sale in the area.

    At RE/MAX Capitol Properties we are here to answer your Cheyenne real estate questions and to guide you to your homeownership dreams! Connect with us today at 307-635-0303 or visit us online at cheyennehomestore.com.

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