Buying or selling Boston real estate can often be confusing if you don’t understand real estate lingo. That’s why we will be providing you with definitions for some key terms.
Accredited Buyers Representative: The ABR designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to REALTORS by the Real Estate Buyers Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS who meet the specified educational and practical experience criteria.
Amortization: Repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period.
Annual Percentage Rate (APR): Calculated by using standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance and other fees associated with the loan.