Marie Buckley Bishop REALTOR having the pleasure of servicing Buyers and Sellers on the North Shore


This Mobile Home in Peabody, MA recently sold for $30,000. This style home was sold by Marie Bishop - LAER Realty Partners.


252 Newbury Street, Peabody, MA 01960

Mobile Home

$55,900
Price
$30,000
Sale Price

5
Rooms
3
Beds
1/1
Full/Half Baths
1968 Richardson 60x12 serial number 33007 mobile home. Improvements made within the last 10 years, roof, windows heat, hot water. Spacious unit that needs some paint inside and some repairs on front porch. Park fee $267.13 CASH ONLY




If you’re planning on buying a home in the near future and are confused about many of the terms associated with mortgages, you’re not alone. Real estate is its own industry with its own set of processes, terms, and acronyms. If you’re new to the home buying process, there can be somewhat of a learning curve to understand what each of these terms means.

Since buying a home is such a huge investment and life decision, there’s a lot of pressure on home buyers to make sure they get everything right. This makes for a stressful situation for buyers who don’t feel like they understand the terminology of things like mortgages, appraisals, credit reports, and other factors that contribute to the home buying process.

To alleviate some of those concerns and to make the home buying process run more smoothly, we’ve compiled a list of the most common, and most commonly confused, real estate words, terms, and acronyms. That way, when you’re talking things over with your real estate agent or your mortgage lender, you’ll be confident that you understand exactly what’s being considered.


Read on for our real estate terminology glossary.

  • Adjustable rate mortgage (ARM) - This is one type of home loan. Mortgage rates with this type of loan fluctuate throughout the repayment term of the loan. The fluctuation is based on a market indicator.

  • Fixed rate mortgage (FRM) - Another type of home loan, a fixed rate mortgage has a rate which does not fluctuate, remaining constant for the life of the term, most commonly 15 or 30 years.

  • Appraisal - An appraisal is the determination of the value of a property. Appraisals are used when purchasing and selling a home, as well as when refinancing a home loan. Appraisers are required to be licensed or certified in each state and are usually paid for by the lender.

  • Appreciation - An increase in a property’s value, most commonly due to market inflation, or the general increase in home prices over time.

  • Depreciation - A decrease in a property’s value, due to either market deflation (uncommon) or the wear and tear on a home that comes with age.

  • Closing costs - The costs and fees that a buyer is responsible for when purchasing a home or taking out a mortgage. These include underwriting fees, inspections, appraisals, transfer taxes, and more. Closing costs typically range from 2% to 5% of the total loan amount.

  • Contingency - Home purchases have contracts to protect the interest of the buyer, seller, and lender. Contingencies are provisions designed to protect the buyer or lender should something occur in the time leading up to closing on (or purchasing) the home. One common contingency is the buyer’s right to have a final inspection of the home before closing to ensure no new issues with the home have occurred.

  • Private mortgage insurance (PMI) - Buyers who cannot afford a down payment of %20 typically are required to take out a private mortgage insurance policy. This policy protects the lender should the borrower default (fail to repay or meet the conditions of their loan).





252 Newbury Street, Peabody, MA 01960

Mobile Home

$55,900
Price

5
Rooms
3
Beds
1/1
Full/Half Baths
1968 Richardson 60x12 serial number 33007 mobile home. Improvements made within the last 10 years, roof, windows heat, hot water. Spacious unit that needs some paint inside and some repairs on front porch. Park fee $267.13 CASH ONLY
Open House
No scheduled Open Houses





252 Newbury Street, Peabody, MA 01960

Mobile Home

$69,900
Price

5
Rooms
3
Beds
1
Baths
1968 Richardson 60x12 serial number 33007 mobile home. Improvements made within the last 10 years, roof, windows heat, hot water. Spacious unit that needs some paint inside and some repairs on front porch. Park fee $267.13 CASH ONLY
Open House
No scheduled Open Houses




This Single-Family in Peabody, MA recently sold for $400,000. This Cape style home was sold by Marie Bishop - LAER Realty Partners.


52 Forest Street, Peabody, MA 01960

Single-Family

$399,900
Price
$400,000
Sale Price

7
Rooms
4
Beds
1/1
Full/Half Baths
Emerson Park neighborhood, the gem of Peabody ,is home to this cape cod style home really convenient to all major routes in addition to both Center School and the brand new Higgins middle school. Newer utilities, hard wood floors, newer kitchen and baths, and the best is the entire back yard completely enclosed with a fence , flat and square. Enjoy the nice life in Peabody with low taxes , straightaway to all major routes, affordable electrical rates

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