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RM Reports / RM Warehouse

Weekly Word Wizard

Welcome back to RealtyMyths weekly word wizard! Here are the terms that you should know before buying your first home.

Active — A property that is on the market and available for sale. It may have received offers but none have been accepted.

ARM — Adjustable-Rate Mortgage. A mortgage loan with a fluctuating interest rate.

APR — Annual Percentage Rate. APR is a broader measure of the cost of borrowing money. It reflects not only the interest rate but also points, fees and other charges paid to obtain a loan.

Appraisal — An estimate of the market value of a property based on comparable recent sales of homes nearby. It is done by a licensed appraiser for a lender.

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