Casavant Realty Inc | Milford, MA Real Estate, Holliston, MA Real Estate, Millis, MA Real Estate


If you’re planning on buying a home in the near future and are confused about many of the terms associated with mortgages, you’re not alone. Real estate is its own industry with its own set of processes, terms, and acronyms. If you’re new to the home buying process, there can be somewhat of a learning curve to understand what each of these terms means.

Since buying a home is such a huge investment and life decision, there’s a lot of pressure on home buyers to make sure they get everything right. This makes for a stressful situation for buyers who don’t feel like they understand the terminology of things like mortgages, appraisals, credit reports, and other factors that contribute to the home buying process.

To alleviate some of those concerns and to make the home buying process run more smoothly, we’ve compiled a list of the most common, and most commonly confused, real estate words, terms, and acronyms. That way, when you’re talking things over with your real estate agent or your mortgage lender, you’ll be confident that you understand exactly what’s being considered.


Read on for our real estate terminology glossary.

  • Adjustable rate mortgage (ARM) - This is one type of home loan. Mortgage rates with this type of loan fluctuate throughout the repayment term of the loan. The fluctuation is based on a market indicator.

  • Fixed rate mortgage (FRM) - Another type of home loan, a fixed rate mortgage has a rate which does not fluctuate, remaining constant for the life of the term, most commonly 15 or 30 years.

  • Appraisal - An appraisal is the determination of the value of a property. Appraisals are used when purchasing and selling a home, as well as when refinancing a home loan. Appraisers are required to be licensed or certified in each state and are usually paid for by the lender.

  • Appreciation - An increase in a property’s value, most commonly due to market inflation, or the general increase in home prices over time.

  • Depreciation - A decrease in a property’s value, due to either market deflation (uncommon) or the wear and tear on a home that comes with age.

  • Closing costs - The costs and fees that a buyer is responsible for when purchasing a home or taking out a mortgage. These include underwriting fees, inspections, appraisals, transfer taxes, and more. Closing costs typically range from 2% to 5% of the total loan amount.

  • Contingency - Home purchases have contracts to protect the interest of the buyer, seller, and lender. Contingencies are provisions designed to protect the buyer or lender should something occur in the time leading up to closing on (or purchasing) the home. One common contingency is the buyer’s right to have a final inspection of the home before closing to ensure no new issues with the home have occurred.

  • Private mortgage insurance (PMI) - Buyers who cannot afford a down payment of %20 typically are required to take out a private mortgage insurance policy. This policy protects the lender should the borrower default (fail to repay or meet the conditions of their loan).





115 South Main St., Milford, MA 01752

Multi-Family

$509,900
Price

3
Units
4,440
Approx. GLA
Stone house on the hill! 3/4 acre lot .Private ! Property . Certified Treated for lead ! Replacement windows .Separate utilities . Roof less the 15years old. This is a wonderful property . will make money for the right owner. There is an huge attic as well for future expansion. Realy a one of a kind .
Open House
No scheduled Open Houses

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This Single-Family in Medway, MA recently sold for $530,000. This Colonial style home was sold by Office Casavant Realty Inc - Casavant Realty Inc.


7 Wellington St, Medway, MA 02053

Single-Family

$499,900
Price
$530,000
Sale Price

7
Rooms
3
Beds
1/1
Full/Half Baths
The best of the best! Town water, town sewer and gas heat. Beautiful 1900 antique Farm House on over 1/2 acre Level corner lot .Large covered rear porch. All wide oak hardwood floors throughout the house upstairs and down . Kitchen combination Dining room with s/s appliances and New granite countertops with work station breakfast bar. 1990"s master bedroom and family room addition . Newer windows ,Newer heating system. Great location! Finished man town in basement, not counted in square footage. Over sized 1 car garage fits your car and equipment . First floor office could be used as a 4th bedroom . Don't miss this!

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This Multi-Family in Holliston, MA recently sold for $455,000. This style home was sold by Office Casavant Realty Inc - Casavant Realty Inc.


21 Winthrop St, Holliston, MA 01746

Multi-Family

$484,900
Price
$455,000
Sale Price

2
Units
1,902
Approx. GLA
Victorian two family - Across from the new rail trail & walking distance to everything, town, schools and Lake. New septic system! First floor has large eat in kitchen with hammered tile ceiling, slate floor & plenty of storage. Three bedrooms & spacious living room have beautiful, just refinished wide pine floors and new carpet. Freshly painted throughout! The second floor has a large eat in kitchen, large living room with wide pine floors, a bedroom and an office, which has been used as a bedroom but no closet. Walk up attic and unfinished basement for storage. The exterior has an enormous mahogany deck, separate farmer's porch and a great yard with beautiful gardens. Both units are certified treated for lead paint. All appliances sold with the house. All utilities are separate except for town water. First floor furnace 1995, water heater 2013. Second floor furnace 2007, water heater 2013. Roof 2009 stripped & re-boarded. About 30 miles from Boston, Worcester.& Providence.

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7 Wellington St, Medway, MA 02053

Single-Family

$499,900
Price

7
Rooms
3
Beds
1/1
Full/Half Baths
The best of the best! Town water, town sewer and gas heat. Beautiful 1900 antique Farm House on over 1/2 acre Level corner lot .Large covered rear porch. All wide oak hardwood floors throughout the house upstairs and down . Kitchen combination Dining room with s/s appliances and New granite countertops with work station breakfast bar. 1990"s master bedroom and family room addition . Newer windows ,Newer heating system. Great location! Finished man town in basement, not counted in square footage. Over sized 1 car garage fits your car and equipment . First floor office could be used as a 4th bedroom . Don't miss this!
Open House
Friday
September 18 at 12:00 PM to 2:00 PM
brokers and clients
More Open Houses
Cannot make the Open Houses?
Location: 7 Wellington St, Medway, MA 02053    Get Directions

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