Jeffrey Germagian, Era Key Realty Services-Bay State GroupPhone: (508) 395-0778
Email: [email protected]
Email: [email protected]
The more real estate terms you understand, the more comfortable you will be in your home buying process. This is especially true for financial vocabulary related to real estate transactions.
To help familiarize you with some of these important concepts, here is a quick guide to financial real estate terms:
A fixed rate mortgage is one of the many types of mortgage loan available to prospective buyers. A fixed rate mortgage is a loan that maintains the same interest rate throughout the entire term of the loan.
This means the interest rate won’t fluctuate with market conditions, and won’t increase or decrease over time. A fixed rate mortgage is beneficial for homeowners who want to know exactly how much their monthly mortgage payment will be.
The down payment is the amount of money paid upfront to a mortgage lender to buy a home. The amount of the down payment can affect things like interest rates and the total amount of the mortgage loan.
For instance, a large down payment means you borrow less money, and therefore pay more upfront rather than more overtime in interest.
Fair market value refers to the variable value of a property based on market conditions. A real estate agent can help you find the fair market value of a home by conducting a comparative analysis of similar properties in the same area.
Some of the factors that can impact market value include curb appeal, square footage, energy efficiency and overall condition of the property.
These are just a few examples of real estate terms that can help you in a real estate transaction. By learning the language real estate agents use, the more confident you will feel on the search for your dream home.
Dating back to the 1970s when his father put him in charge of the family real estate business, Jeffrey Germagian has built a longstanding portfolio of real estate transactions and developments. Along the way, he has grown the family’s original company, then known as Baystate Realty, to the elite status it represents today as ERA Key Realty Services.
Although we’ve expanded our real estate offerings and our branding has evolved to represent all of the real estate services that we provide, ERA Key Realty, The Baystate Group still holds true to the honest business practices and principles that Jeffrey’s father set out with decades ago.
Jeffrey manages the Baystate Group which specializes in traditional home resales, land development, and 55 communities.
He lives in Hopedale, MA, and serves the local towns in the area including most suburbs of Boston as well as southwest of Boston. He is a Certified Residential Specialist and is fully licensed as a real estate agent to practice throughout the entire state of Massachusetts.
