Real Estate Terms of the Week

Two-step Mortgage  or Graduated Payment
An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.

An active member of a local board of realtors. Local boards are affiliated with the National Association of REALTORS®.

The legal document that is used to transfer the title from one owner to another.

Home Market Analysis  
The Home Market Analysis presents an opportunity to review and evaluate the facts before you decide the price you will ask for your home. It also helps you look at your home from a buyer’s perspective. This process will establish a realistic listing price and increase the percentage of qualified buyers who look at your property.

Source: GMAC Real Estate


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