Just like other fields, real estate has its own jargon. People in the industry throw around abbreviations and nicknames all the time:
FIZZBO (for sale by owner)
Transaction (when a home is under contract)
FHA or RD (Government backed loan programs)
Seller carry (when the seller/owner of a property will carry the loan or a portion of the loan for a buyer)
Origination fee (fee the lender charges a borrower for their services)
Have no fear, here is a list of many of the common terms used to explain closing costs once you are under contract. Have questions? Contact me.