Real Estate, undoubtedly, is one of the prominent industries globally. It is an industry that is inclusive of various prospects that range right from professionals to amateur buyers. No wonder, one can come across various terminologies that may absolutely seem Greek and Latin to some extent. Hence, Hallmark is back with the third installment of the exclusive series “Everything Real Estate” wherein we give you interesting insights of 5 terminologies that are regularly used in the real estate industry. So, if you are a potential buyer, an instinctive investor or a real estate fanatic, you are in for a treat!
1. Assessed Value:
Assessed Value is a property management jargon. The assessed value is the overall value of a particular property that is professionally assessed by a public assessor. This is done for tax purposes.
2. Mortgage Broker:
Mortgage is a common instrument for most of the home buyers. Mortgage is the home loan that is sanctioned to a home buyer. A home buyer applying for a mortgage, needs to repay the principal amount along with the interest which is spread over a certain time period. The mortgage brokers are the agents that bridge between the property buyers and the mortgage lenders.
3. Adjustable-Rate Mortgage:
Adjustable-Rate mortgage refers to the type of loan wherein the interest rate payable keeps fluctuating throughout the tenure. These changes occur based on the market conditions. Although, the interval at which the alteration of the interest rate takes place is predetermined.
4. Fixed Rate Mortgage:
This term is the exact opposite of adjustable-rate mortgage. In this one, the interest to be paid against the home loan is the same rate, irrespective of the market conditions. This implies that even if the market falls down, the interest rate payable is higher as it is fixed.
Equity is the investment a property owner has in their respective property. Equity is calculated by subtracting the total mortgage from the market value of the property.
Well, that was your today’s daily dose of real estate information. Hallmark has an experience of over 13 years and our growing brand is the very testament of the trust that our clients have in us. The residential projects developed by Hallmark Builders like Hallmark Skyrena, Hallmark Treasor and Hallmark Sunnyside are known for their out-of-the box creativity, assured quality and state-of-art design. We believe in infusing modern technology with sustainable practices. Our residential projects are digitally equipped and offer multiple A-grade amenities. We, at Hallmark, promise you not just your dream home, but your dream lifestyle!
Just like our ultra-modern and futuristic projects, we also believe in spreading quality knowledge on real estate to our extended family here, via our blogs. If you are further interested to know more information about our residential projects or anything related to real estate, reach out to us via our website www.hallmarkbuilders.in or contact us and our team will guide you further.