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Real estate terminology encompasses a wide range of terms related to the buying, selling, and ownership of property.
These terms cover various aspects such as property types, legal aspects, financial considerations, and market conditions.
Understanding these terms is crucial for anyone involved in real estate transactions.
We shall gradually cover the various terms in this thread .
Today let’s discuss Mortgage
Mortgage: A loan used to purchase real estate.A mortgage is a loan to purchase a property such as a home or a plot of land. You borrow money to pay for the property and repay it in fixed monthly instalments over 10-30 years. The property purchased acts as collateral for the loan.
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