131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023
The Close
DECEMBER 29, 2022
A short-term loan that covers the cost to build a property until the owner can secure long-term financing. It’s kind of like a fixed-rate mortgage and an adjustable-rate mortgage had a baby. But, unlike a traditional ARM, a borrower has the option to switch to a fixed-rate mortgage.
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