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Real Estate Glossary for Homebuyers: Terms You Should Know

September 23, 2020 by Shannon Christenot

Buying a property, you can call your home is an exciting and fulfilling moment of your life. However, navigating the world of real estate and figuring out the entire homebuying process all on your own can be confusing, especially if you are unfamiliar with the technical terms involved.

Los Angeles Mortgage Broker

Essential Real Estate Terms

 To help you understand the entire homebuying procedure and let you plan your move right away, our team of mortgage brokers in Los Angeles compiled some of the most essential real estate terms you should get familiar with. These include the following:

  • Listing – A listing simply means a property is advertised. This includes a complete description of the property for sale and its other important information, including the price, square footage, number of beds and bathrooms, and photos. As a homebuyer, the details indicated in the listing can help you look for your ideal home.
  • Private Mortgage Insurance (PMI)- Private Mortgage Insurance, commonly referred to as PMI, refers to the insurance you are required to pay monthly when you default on the loan, the foreclosure sale price is less than the amount owed the lender, and you are only able to make less than a 20 percent down payment of your property’s purchase price. It protects your lenders against loss.
  • Home mortgage- A home mortgage is a loan provided to you by a lender, such as a mortgage company, a bank, or other financial institution. They help you purchase a residential property, such as a primary residence, a secondary residence, or an investment residence. It involves transferring the title of the home to your lender, and it will be transferred back to you as soon as you pay your loan in full and you meet other terms of the mortgage.
  • Home inspection- A home inspection involves a complete and thorough inspection of the property you are planning to buy. It helps you check and assess the overall safety of the structure and mechanical condition and other aspects of the house, including its foundation, plumbing, electrical and more. During this phase, you can hire a professional home inspector to assist you in evaluating the true condition of the home you want to purchase and prevent you from getting costly repairs in the long run. They check areas of the property beyond what you can see with your naked eyes and identify potential issues.
  • The Homeowners’ Association (HAO)- The Homeowners’ Association is an organization that manages the common areas of your neighborhood. They create and enforce rules and regulations to ensure a harmonious relationship in the community and improve the quality of life of everyone. Also, they are responsible for collecting monthly dues for the maintenance and repair of the pool, fence, garden, parking area, and more.
  • Closing – Closing is the last step in the homebuying process. It takes place when the sale is completed: when you already signed the paperwork and you transferred the funds.

Shannon Christenot is Your Los Angeles Mortgage Broker

Purchasing a home is much easier when you are familiar with the various technical terms used in real estate, such as the ones listed above. After knowing the different jargon, you can count on our mortgage company in Los Angeles to help you have a smoother, more hassle-free homebuying process.

If you are looking for the best mortgage company in Los Angeles, then you’ve come to the right place. The team is headed by Shannon Christenot, a mortgage broker who has more than 20 years of experience in home loans and holds licenses from NMLS and BRE. Contact them at (818) 601-2231 for a free mortgage quote!

Filed Under: Mortgage Broker Tagged With: California, Home buying tips, Los Angeles

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Caroline Wong
Caroline Wong
17:04 22 Apr 20
Shannon was very prompt and responsive to all queries. The process went more smoothly than I ever could have imagined. Highly recommend Shannon for all your mortgage/re-financing needs.
Sarah Goldberger
Sarah Goldberger
19:36 21 Apr 20
I cannot recommend Shannon highly enough! As an independent contractor, I knew getting a mortgage would be a little difficult, and Shannon supported me and helped make it work every step of the way. If I ever need brokerage services again, she'll be my first call!read more
Kristina Robbins
Kristina Robbins
21:47 15 Apr 20
We’ve worked with Shannon and her team twice and both experiences were stellar. The first was buying our first home and she walked us through the process and explained everything along the way to help us get quickly up to speed. The second time we were going for a refi in maybe the most turbulent mortgage market ever as COVID hit. She guided us through all the hurdles and worked double time to satisfy all the lenders new requests. We got a rate a full percent lower. I can’t recommend this team highly enough.read more
Karl Larsen
Karl Larsen
23:55 13 Apr 20
Shannon Christenot is the most amazing lender we’ve ever had. As a matter of fact this is the second time we’ve used Shannon to do a mortgage with us. She held our hand every step of the way. She made the whole process stress-free as well. And when we were coming down to the wire to finish our escrow within the 30 days she got us an extension Without even asking. Now we are locked into a very low rate. We’ve saved hundreds of dollars per month for the next 30 years. We cannot Thank Shannon enough. I would recommend Shanon to anyone thinking of buying a home or refinancing.read more
Tony Bilby
Tony Bilby
03:09 07 Mar 20
Shannon and her team were professional, competent, and swift when it came to the lending associated with my home purchase. We were able to get the loan approved and close on a house in less than 30 days. Record time!read more
Joshua Barton
Joshua Barton
16:05 23 Nov 19
I have had the pleasure of working with Shannon for 8 years - her knowledge of the mortgage process and attention to clients is unparalleled. The Los Angeles market can be tricky with high dollar homes and unique income of the Entertainment Industry, but Shannon takes charge and leads everyone through to successful closings like clock work - cannot recommend her enough a true Rock Star in Mortgage world.read more
Lauren S
Lauren S
04:52 18 Oct 19
Working with Shannon was a real pleasure. She was always available and got back to me promptly with any necessary information. I was able to refinance my mortgage at a rate considerably lower than another larger company quoted who I had started working with. I look forward to working with Shannon again and I highly recommend her to anyone looking for a competent and decent mortgage broker.read more
Mike White
Mike White
02:15 27 Sep 19
As first time home buyers we had no idea what we were doing. We were pre-approved by a well known company but quickly discovered that we absolutely did not want to work with them for the actual mortgage. Shannon was recommended to us by a friend and I called on a Saturday morning. By Saturday evening we were well on our way to buying a house (we closed three days ago!). Shannon made navigating these foreign waters so easy, answering all of our newbie questions with patience and grace. Plus she got us a fantastic rate. We are so grateful for Shannon and can not recommend her enough. WE OWN A HOME!!read more
Alaine Smith
Alaine Smith
13:15 26 Sep 19
It was wonderful working with Shannon! She is attentive, thorough, and intelligent. It was easy to communicate with her because she took time to hear and understand my goals and always responded quickly. I highly recommend her to anyone looking. The customer service she provides exceeds expectations by a long shot! Thank you, Shannon, for all your help!read more
Julie Mckay
Julie Mckay
17:20 28 Aug 19
I just purchased my first home! Shannon and her team were truly a dream to work with. I was never left in the dark and she was always quick to respond with all of my questions. My experience couldn't have been easier. I highly recommend Shannon and would use her again in a heartbeat! She is the BEST!read more
jojo quijada
jojo quijada
19:55 27 Aug 19
I've been in the real estate business for over 5 years now, and I always trust Shannon to work with my clients. She and Josh are an AMAZING TEAM! Buyers love to work with Shannon as she gets things done asap and answer any and every question/concern. I couldn't recommend a better person for lending. Can't thank her enough!!read more
Rotimi Ayanbeku
Rotimi Ayanbeku
20:12 15 Aug 19
I always go back to Shannon because she is one of the best in the business! I've worked with Shannon over the years, however, she outdid herself in my last deal. She was so professional, caring and effective that my clients were comparing everyone else in the deal to Shannon. More importantly, we were ready to fund in less than two weeks. Once again, Shannon affirmed my belief in her that she always rises to the occasion. Thank you for being the best!read more
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