Do You Know What These Crucial Raleigh Real Estate Acronyms Mean?

A man standing on a flat field and juggling apples.Acronyms are tossed around like crazy in the real estate world, which can be confusing to even the most veteran Raleigh home buyers. But don’t worry — it doesn’t take long to learn the language.

Here’s a quick list of the most widely used home buying acronyms and what they actually mean. Of course, if you’d like to know even more real estate terminology, don’t hesitate to call us.

MLS: Multiple Listing Service

The multiple listing service is a massive database of available properties that is split up into hundreds of different regions. If you’ve ever heard someone refer to a home as “on the market,” it means that the home is available on the MLS.

Buyers can search for properties that are on the MLS by using a real estate agent’s website (like ours!), but that’s not the only way to find homes. Your agent can send you updates whenever new properties hit the market.

Want to get these email updates? Call us and we’ll set them up for you!

PITI: Principal, Interest, Taxes, and Insurance

A wooden cutout of a house standing next to three stacks of coins, each taller than the next and with a sprout growing out of the top.Principal, interest, taxes, and insurance are the four parts of a mortgage payment. Initially, you will pay more toward the interest on the mortgage, but you will start to pay off more of the principal (the initial loan amount) the longer you stay in your home.

Want to see the estimated PITI for your next loan? Check out our handy mortgage calculator on our website.

FHA: Federal Housing Administration

The Federal Housing Administration, or FHA, is a mortgage insurer that offers a variety of home buying assistance programs to help people purchase homes that they otherwise couldn’t afford.

FHA-insured loans generally offer more flexible credit qualifications and a lower down payment. However, borrowers are required to pay for mortgage insurance.

Interest rates and terms depend on the FHA-approved mortgage lender you choose.

PMI: Private Mortgage Insurance

Speaking of mortgage insurance, many lenders require you to have private mortgage insurance (PMI) if you can’t put 20% down on your home. This insurance protects the lender in case you can’t pay off your mortgage.

HOA: Homeowners Association

A community pool with orange inflatable innertube floating on top.Want to live in a community with a pool or clubhouse? Chances are you’re looking for a neighborhood with an HOA, or homeowners association.

An HOA is responsible for maintaining common areas and any amenities, and it typically sets standards for how homes should look in order to keep property values up. In some cases, homeowners associations may even include Internet, cable, and lawn care with their HOA dues.

If you’re considering buying a home in a neighborhood with an HOA, check the association’s CC&Rs — Covenants, Conditions, and Restrictions — to see what rules the HOA enforces.

We’ll Help You Speak the Language

Understanding real estate terminology is one of the best ways to start your research as a home buyer. Want to know the meanings of other commonly used terms? Give us a call!

To search all homes for sale in the Raleigh area and surrounding communities, visit this link to our website http://search.capitalcityrealestategroup.com/search-landing.php

Marc Iafrate, MBA
Broker/Owner
Capital City Real Estate Group
powered by eXp Realty
(919) 390-7810 Office
8319 Six Forks Road, Suite 201
Raleigh, NC 27615

About Capital City Real Estate Group, Inc.

Moving to North Carolina years ago was the best decision my family and I could have made. We were looking for a change from the cold Michigan winters and the volatile economic climate. The Triangle was the perfect choice with its mild winters, quality of life and diverse economic base.

I have always held as my personal values and guiding principles: Professionalism, Integrity, Dependability and understand the meaning of perseverance!

I began my real estate career in 1996 as a commercial investor. This led to a Director of Property Management position for multi-family and commercial property and now, residential real estate as the Broker/Owner of the Capital City Real Estate Group, Inc. – eXp Realty here in Raleigh.

I put myself through the evening MBA program at the University of Michigan while working full time and raising a family.

Prior to real estate, I earned a Master of Science in Engineering from U of M and currently hold 2 U.S. Design Patents and had a successful corporate career in the automotive industry. As a result of that experience, I’ve successfully been able to apply my problem solving ability to business.

Community Involvement

Wake Forest Downtown, Inc. Board of Directors
Wakefield Rotary Club of Wake Forest, NC Board of Directors
Rotary Club President-Elect
Rotary Club Secretary position
Paul Harris Fellow

In addition to the Rotary Club, I support causes which strengthen our local community such as the YMCA – We Build People Program and Habitat for Humanity
My wife’s favorite charity benefiting children is The Angel Tree
We participate in our church food and clothing drives to benefit our local community
We also support the American Cancer Society, the Alzheimer’s Association and the Humane Society

Professional Associations

North Carolina Real Estate Broker License
South Carolina Real Estate Broker License
National Association of Realtors (NAR)
North Carolina Association of Realtors
Raleigh Regional Association of Realtors
Coastal Carolina Association of Realtors

We are committed to delivering outstanding customer service!

Marc Iafrate, MBA
Broker/Owner
Capital City Real Estate Group, Inc.
powered by eXp Realty
Raleigh, NC

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