There are a few investments in life that will be major decisions—buying a house is one of them. However, navigating the real estate industry can be a bit difficult if you aren’t a seasoned investor. This is why Cheri Long, owner of Priority Properties, Inc., has been such a successful real estate agent for the Denver area. For the last 23 years, she’s provided buyers and sellers with high quality real estate expertise, easing the stress and hassle of buying or selling a home, no matter how seasoned you are.
Cheri Long’s many years of real estate knowledge gives her a competitive edge, and this is why her clients continue to offer praise. That knowledge extends to help anyone navigate the industry whether she’s your agent or not, so here are 4 real estate terms you should know from Denver’s best real estate agent:
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Getting a pre-approval from a bank tells buyers that you’re not only worth investing in by banks, but you’ll also be able to follow through on a purchase that you can afford.
Fixed-rate Mortgage: Trying to understand the different types of mortgages can be a daunting task; this is why having an experienced agent can help. Cheri Long wants you to know that a fixed-rate mortgage means there is a pre-determined interested rate for the entire life of the loan. This is beneficial for long-term residents.
Adjustable Rate Mortgage: Another type of mortgage is an adjustable rate mortgage, also called an ARM. This means the interest rate varies and can most commonly be based on 5, 7, or 10 years.
Escrow: Escrow is just a third party that holds funds until the sale is completed in full. This ensures that both parties of the real estate transaction take care of their end of the deal before any monies are exchanged. Escrow closes once the obligations have been taken care of, and then the real estate transaction is successfully