The mantra repeatedly used when you are thinking about buying a home: You need a 20 percent down payment. This percentage has been carefully drafted by the magical industry gods and is what most go by, right? However, people are beginning to question the accuracy, given today’s economy and overall industry.

When it comes to purchasing a home, it often sounds like real estate agents are speaking a foreign language. Therefore, here are some essential real estate terms to familiarize yourself with.