Keller Williams Main Line
Janis Peterson
Janis Peterson, RealtorĀ®, GRI, ABR, SRES, CSP

Interactive
MAP SEARCH

Use our Interactive Map Search tool to view properties directly on the map. Easily view listings in your favorite neighborhoods.

Search

Featured
COMMUNITIES

View my Featured Communities. See the latest listings on the market in these communities. Schedule time for a showing.

View

What's Your
HOME WORTH?

Are you thinking of selling your home? Get a free evaluation and market analysis of your home with absolutely no obligation (Montgomery, Delaware, Chester County, PA)

Home Value Request

A man standing on a flat field and juggling apples.

Do You Know What These Crucial Real Estate Acronyms Mean?

Acronyms are tossed around like crazy in the real estate world, which can be confusing to even the most veteran 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!

Janis Peterson, REALTOR®, GRI, ABR, SRES, CSP
Main Line Homes Luxury Real Estate Agent

Keller Williams Main Line
Suburban Square
6 Coulter Ave 
Ardmore, PA 19003 
Direct: 610-642-3744 
www.mainlinehomes.com
Janis@mainlinehomes.com

Whether you're selling your current home or are looking for your dream home, call us at (610) 642-3744 or e-mail janis@mainlinehomes.com for a free consultation.

 

Contact Me

 

School Search

Enter a zip code to see the schools in that area.

 

Calculator

 
 

Keller Williams Main Line

Privacy Policy

 
Realtor Equal Housing Opportunity Multiple Listing Service
 

Want to Know How Much Your Home is Worth?

Get Your FREE Home Market Analysis Report Right Now!

YES, SHOW ME NOW