If you're looking to buy a home in Orlando Florida or are applying for a mortgage, you may hear a few of the following real estate terms. Of course, we can't include everything you need to know here, so if you encounter other terms you're unsure about, please call us. We're your Orlando real estate experts, and we'll be happy to guide you and provide all the real estate information you need.

Amortization schedule - A payment plan by which a loan is reduced through monthly payments of principal and interest.
Appraisal - A paid evaluation to determine what a property is worth.
Closing (also called "settlement") - A meeting at which the seller transfers the property's title to the buyer.
Closing costs - Charges paid at settlement. These will vary from state to state, and are based on the purchase price of your home. Call us and we'll help calculate what they would be in Orlando Florida.
Contingency - A provision in a contract that requires completion of an act or event before the contract is binding.
Down payment - The amount of cash a purchaser invests in the home.
Earnest money - Binds a sale of real estate and/or shows the seller that the buyer is serious about purchasing the home.
Equity - The difference between a home's value and what is owed on the home.
Escrow - The handling of funds and/or documents by a third party on behalf of the buyer and/or seller.
Good faith estimate - A written estimate of closing costs the borrower is likely to incur.
HUD-1 statement - An itemized listing of funds (real estate commissions, points, loan fees, etc.) that will be disbursed at the closing (settlement).
Interest-rate lock - A lender's written agreement that guarantees to provide a home buyer a specific interest rate and terms on a home loan.
Listing - An agreement between the property owner and a real estate broker authorizing the broker to market the home.
Point - An amount equal to 1% of the loan amount. Borrowers may decide to pay points in cash in order to lower their interest rate on a loan.
PMI (Private Mortgage Insurance) - Required by a lender when the borrower's down payment is less than 20% of the home's value. Protects the lender if the borrower defaults on the loan.
Principal - The amount of money originally borrowed, minus any payments made subsequently.
Real Estate Settlement Procedures Act (RESPA) - Federal law requiring lenders to provide home sellers and buyers a listing of settlement fees and other transaction-related costs.
Title insurance - A policy purchased by the buyer to protect the lender in case someone else claims ownership of the property after closing. A title policy may also be purchased to protect the owner's interests.
Walk-through - A final inspection of a property just before closing.
Warranty - A legally binding promise that certain stated facts are true.
Zoning - Regulations covering structures and uses of property within a designated area.

Read Also:

• How can a real estate agent help a first time buyer?
  
  
• Guide for First-Time Homebuyers in Seminole & Orange County Florida - Part One of Two
  
  
• Guide for First-Time Homebuyers in Seminole & Orange County Florida - Part Two of Two
  

Winter Springs Florida Real Estate Market Facts - Everything You Need To Know!

Photo By Paul Moody

Here Are Some Local Factors That Affect Home Values In Winter Springs Florida

Search All Winter Springs Florida Homes For Sale

Looking for specific information regarding Winter Park real estate prices and communities? Get Your Free Market Snapshot.

Read Also: Orlando Florida Facts & Resources

City Overview

As of 2007, Winter Springs's population was 32,598 people. Since 2000, it has had a population growth of 2.94 percent.

The median home cost in Winter Springs is $325,000. Home appreciation the last year has been 0.00 percent.

Compared to the rest of the country, Winter Springs's cost of living is 0.31% Higher than the U.S. average.

Winter Springs public schools spend $4,962 per student. The average school expenditure in the U.S. is $6,058. There are about 18 students per teacher in Winter Springs.

The unemployment rate in Winter Springs is 2.60 percent(U.S. avg. is 4.60%). Recent job growth is Positive. Winter Springs jobs have Increased by 2.78 percent.

People

The 2007 Winter Springs, FL, population is 32,598. There are 2,276 people per square mile (population density).

Family in Winter Springs, FL

The median age is 39.3. The US median is 37.6. 62.39% of people in Winter Springs, FL, are married. 9.56% are divorced.

The average household size is 2.72 people. 29.22% of people are married, with children. 8.53% have children, but are single.Read more »Read more »]]> http://www.orlandofloridarealestatehomes.com/winter-springs-florida-real-estate-market-facts-everything-you-need-to-know#comments http://www.orlandofloridarealestatehomes.com/691-oak-hollow-way-altamonte-springs-fl-32714 Mon, 30 Jan 2012 11:50:22 -0500 Christopher Myers Altamonte Springs Orlando Homes for Sale 48835@/     691 OAK HOLLOW WAY ALTAMONTE SPRINGS FL 32714          IMPECCABLE & close to everything, this 4 bedroom Country Creek Estates home sits on a quiet cul-de-sac & boasts a nearly 1/2 acre private lot backing up to a protected nature reserve. As you step through the double door entrance, the tiled entry flows effortlessly into the casual family room with wood burning fireplace & oversized kitchen area with sunlit cafe dining area, as well as the formal living & dining rooms for those nicer occasions. Both the family room & master suite have double sliding doors that open to the Florida room...perfect for a home gym. Escape to the 1st floor master suite with it's huge walk-in closet, garden tub, walk-in shower, & double vanities. The 3 bedrooms on the 2nd level are a split plan, with a spacious loft/bonus room. This is the picture perfect home for entertaining, indoors or out! Enjoy the amenities offered by this unique community, including 2 sparkling pools, tennis & racquetball courts, playground, clubhouse, & tranquil nature trails. Escape from the stress of the world as you enter this charming community through the covered bridge & wind your way through the canopy of oak trees lining the park-like streets. With premium rated Seminole County Schools, this home really does have it all!  An ideal location adds to this gem's overall appeal w/close proximity to downtown. Orlando, colleges, airports, beaches, theme parks, highways, shopping, dining & entertainment! Seize this exciting ownership opportunity today. Newer A/C and roof replaced in 2005. 24 Hour Recorded Info:  1-800-705-8441  x3333   Search the entire Orlando area MLS at www.MyOrlandoMLS.com  $235,000 Traditional Sale Beds 4  Baths 2/1 SqFt  2,685 Year Built 1990 HOA Fee $245/Quarterly Taxes $2,660 Garage 2 Car Pool None Room Sizes: Exterior Features: Block, Stucco  Style: Traditional Exterior Features:  Fruit Trees,Irrigation System,Mature Landscaping,Sliding Doors,Trees/Landscaped Garage/Carport: 2 Car Garage,Attached,Door Opener Roof: Shingle   Living Room 14x13 Family Room 19x16 Kitchen 17x16 Dining Room 13x13 Master Bedroom 15x12 2nd Bedroom 14x12 Interior Features:  Attic,Blinds/Sh,Cath/Vaul Ceil,Ceiling Fan(s),Intercom System,Smoke Alarm(s), Solid Wd Cabnts, Walk In Closet, Wshr/Dryr Hkup, Wndw Treatment  Master Bath: Dual Sinks, Garden Bath, Tub with Separate Shower Stall Appliances Incl: Dishwasher,Disposal,Hot Water Electric,Microwave,Range,Range Hood,Refrigerator Kitchen: Closet Pantry Additional Rooms: Bonus Room,Family Room,Florida Room,Foyer,Inside Utility 3rd Bedroom 13x10 4th Bedroom 12x10