When I was in Vegas last week, my friends and I were talking about how my friend is buying her first house. I talked about her a little bit in this post. As she was talking about their home buying process, I was the only one out of the 6 of us who knew really what she was talking about.
They finally found a house that they really love, but they have no clue what a lot of words mean. Amortization? Equity? Earnest money?
She said that they’ve been asking their loan officer and realtor what everything meant, and understand it now, but didn’t in the beginning. And my other friends had no idea.
They kept joking about how they had no clue what anything meant. I think these are terms that the average person should know, especially since a lot of my friends are thinking about buying a house and yet they don’t understand what these terms mean. So I thought I would make a VERY (joking of course) interesting post so that you can know before you start!