My own tongue-in-cheek definitions of real estate terms, starting with the A’s and B’s.
A clause in a loan contract where—if you do certain things—instead of having to repay your loan 27 years from now you have to repay it next Monday.
Adjustable Rate Mortgage:
Not necessarily a bad thing. Ask me why.
Loves you like your mother (if you have the right agent).
Annual Percentage Rate:
What your rate of interest would be if you factored in all the costs associated with your loan. Better not to dwell on the APR.
Fill in a loan application once and you’ll understand why you should make a copy so you never have to fill one in again.
Something you can count on to be robust in San Francisco.
Predicated on purchase price and, in San Francisco and California, subject to expected, minimal increases over time. No surprises, unlike in other parts of the country.
Neither fun nor festive. See “Acceleration clause” above.
Allows you to buy a new house before you’ve sold your old one. Not a great idea unless you can afford to own two houses—in case something goes awry with your plan.