Home Buyer And House Plan Terms And Definitions
By Mark Mathis, Fri Dec 9th

When you start shopping for a new home, you may encounter somewords and terms with which you are unfamiliar. The followingglossary will help you to be a better informed shopper.

Adjustable Rate Mortgage (ARM) - A loan whoseinterest rate is adjusted according to movements in thefinancial market.

Amortization - A payment plan by which a borrower reducesa debt gradually through monthly payments of principal andinterest.

Annual Percentage Rate (APR) - The annual cost off creditover the life of a loan, including interest, service charges,points, loan fees, mortgage insurance, and other items.

Appraisal - An evaluation to determine what a piece ofproperty would sell for in the marketplace.

Appreciation - The increase in the value of a property.

Assessment - A tax levied on a property or a value placedon the worth of property by a taxing authority.

Assumption - A transaction allowing the buyer of a hometo assume responsibility for an existing loan on the homeinstead of getting a new loan.

Balloon - A loan which has a series of monthly payments(often for 5 years or less) with the remaining balance due in alarge lump sum payment at the end.

Binder - A receipt for a deposit paid to secure the rightto purchase a home at terms agreed upon by the buyer and seller.

Buydown - A subsidy (usually paid by a builder ordeveloper) to reduce the monthly payments on a mortgage loan.

Cap - A limit to the amount an interest rate or a monthlypayment can increase for an adjustable rate loan either duringan adjustment period or over the life of the loan.

Certificate of Occupancy - A document from an officialagency stating that the property meets the requirements of localcodes, ordinances, and regulations.

Closing - A meeting to sign documents which transferproperty from a seller to a buyer. (Also called settlement)

Closing Costs - Charges paid at settlement for obtaininga mortgage loan and transferring real estate title.

Conditions, Covenants, and Restrictions (CC and Rs) - Thestandards that define how a property may be used and theprotections the developer has made for the benefit of all ownersin a subdivision.

Condominium - A home in a multi-unit complex; eachpurchaser owns an individual unit, and all the purchasersjointly own the common areas, such as the surrounding land,hallways, etc.

Conventional Loan - A mortgage loan not insured by agovernment agency (such as FHA or VA).

Convertibility - The ability to change a loan from anadjustable rate schedule to a fixed rate schedule.

Cooperative - A form of ownership in a multi-unitcomplex; the purchasers own shares of the entire complex ratherthan owning individual units.

Credit Rating - Areport ordered by a lender from a credit bureau to determine ifthe borrower is a good credit risk.

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Club Dogo - Butta Via Tutto (official vid)

Club Dogo Butta Via Tutto (Rit.) quando accendo fa brutto, l'impianto è distrutto di nuovo in business non resto all'asciutto c'è sempre un buono e un farabutto uno dei due viene fottùto..butta via tutto! se al telefono fai un tre con davanti un doppio uno arriva la volante e non c'è più nessuno! (La Furia) Agente questa è milano - hey come la viviamo Cantiamo la madunina ma in siciliano abbiamo Fumo exta roba trip mota keta - falopa Mdm - rhum e coca fin quando il tuo cuore scoppia Faccia al vetro Se mi parli non rispondo e nascondo le mani dietro io nun ca rugno a mano ai sbirri come Pietro tra me e il tuo cannone cè un metro e se lo prendo faccio un buco così grandi che gridi e si sente leco è la divisa che nobilita solo chi non ha titoli io il re dei vicoli con i ferri dentro i veicoli hey io ho unaltra legge quella del gregge del barrio fra è il blocco che mi sorregge le regole solo un paio 1-tengo a mente che hanno lacciaio 2-non abbaio 3-non parlo col commissario 4-se suona la sirena scompaio nella perizia la giustizia è stata uccisa - fanculo per me sei solo un balordo con la divisa (Rit.) (Guè) devo capire perchè esisto è un giorno in meno alla morte o mi apri il paradiso oppure sfondo queste porte lo stomaco è forte, l'80% di banconote è sporche e il suono picchia più forte sul sedile posteriore penso a modi per far soldi aspiro cancerose, mi godo il sonno degli stolti se sei italo arabo o afro... senti quando rimo entri nel beat perchè il beat io lo apro creo per raggiungere il creatore lui mi caccia dal creato svuotando un caricatore figlio di ùno scrittore nato nel giorno del Signore dall'asfalto sopra un metro vi metto in pausa e vi mando indietro se per voi io valgo zero uniti siamo cifre grosse i miei frà le fanno grosse girano roulette russe Cosimo gira pieno in tasca bianco in faccia plenilunio arrivano loro e non c'è nessuno (Rit.) (La Furia) la vita ha inizio allo stesso modo del vizio quindi - dovrò pagarli tutti al giorno del giudizio la prova che sto al mondo e che esisto non è un indizio se il ferro ce lha lagente e noi niente non è armistizio e se spara per un salario da Breda vuole insegnarmi a parlare ma non ha fatto nemmeno la scuola media e mi odia perché alla fine del mese lui conta i deca mentre brucio il suo stipendio in una sera in discoteca (Guè) mega, passa a me che ho il materiale ufficiale non voglio l'ufficiale che sgama il mio materiale non mi posso scordare dei fra che pompano il cd pompano kg danno il cinque bella Club D Guè è qui, traccia cerchi con la mente, chill, è calmo ha il mondo sul suo palmo, come recita il salmo allarmo quando arrivo con il D.O.G.O scuoto il blocco il club e il fottuto squat

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Added: November 20, 2008

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Added: November 20, 2008

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- Abreach of a mortgage contract (such as not making monthlypayments).

Density - The number of homes builton a particular acre of land. Allowable densities are usuallydetermined by local jurisdictions.

Downpayment -The difference between the sales price and the mortgage amounton a home. The downpayment is usually paid at closing.

Due-on-Sale - A clause in a mortgage contract requiringthe borrower to pay the entire outstanding balance upon sale ortransfer of the property. A mortgage with a due-on-sale clauseis not assumable.

Earnest Money - A sum paid tothe seller to show that a potential purchaser is serious aboutbuying.

Easement - Right-of-way granted to aperson or company authorizing access to the owner’s land; forexample, a utility company may be grated an easement to installpipes or wires. An owner may voluntarily grant an easement, orin some cases, be compelled to grant one by a localjurisdiction.

Equity - The difference betweenthe value of a home and what is owed on it.

Escrow - The handling of funds or documents by a thirdparty on behalf of the buyer and/or seller.

FederalHousing Administration (FHA) - A federal agency whichinsures mortgages that have lower downpayment requirements thanconventional loans.

Fixed Rate Mortgage - A mortgage whose interest rateremains constant over the life of the loan. The payments are notnecessarily level. (See Graduated Payment Mortgage and GrowingEquity Mortgage).

Fixed Schedule Mortgage - A mortgage whose paymentschedule for the life of the loan is established at closing. Thepayments and interest rate are not necessarily level.

Graduated Payment Mortgage (GPM) - A fixed-rate,fixed-schedule loan which starts with lower payments than alevel payment loan; the payments rise annually over the first 5to 10 years and then remain constant for the remainder of theloan. GPMs involve negative amortization.

Growing Equity Mortgage (Rapid Payoff Mortgage) - Afixed-rate, fixed-schedule loan which starts with the samepayments as a level payment loan; the payments rise annually,with the entire increase being used to reduce the outstandingbalance. No negative amortization occurs, and the increase inpayments may enable the borrower to pay off a 30-year loan in 15to 20 years, or less.

Hazard Insurance - Protection against damage caused byfire, windstorm, or other common hazards. Many lenders requireborrowers to carry it in an amount at least equal to themortgage.

Housing Finance Agency - A state agency which offers alimited amount of below-market-rate home financing for low-andmoderate-income households.

Index - The interest rate or adjustment standard whichdetermines the changes in monthly payments for an adjustablerate loan.

Infrastructure - The public facilities and servicesneeded to support residential development, including highways,bridges, schools, and sewer and water systems

Interest - The cost paid to a lender for the use ofborrowed money.

Joint Tenancy - A form of ownership by which the tenantsown a property equally. If one dies, the other wouldautomatically inherit the entire property.

Level Payment Mortgage - A mortgage whose payments areidentical for each month over the life of the loan.

Mortgage Broker - A broker who represents numerouslenders and helps consumers find affordable mortgages; thebroker charges a fee only if the consumer finds a loan.

Mortgage Commitment - A formal written communication by alender, agreeing to make a mortgage loan on a specific property,specifying the loan amount, length of time and conditions.

Mortgage Company (Mortgage Banker) - A company thatborrows money from a bank, lends it to consumers who want to buyhomes, then sells the loans to investors.

Mortgagee - The lender who makes a mortgage loan.

Mortgage Loan - A contract in which the borrower’sproperty is pledged a s collateral and which can be repaid ininstallments over a long period. The mortgagor (buyer) promisesto repay principal and interest, to keep the home insured, topay all taxes, and to keep the property in good condition.

Mortgage Origination Fee - A charge by a lender for thework involved in preparing and servicing a mortgage application(usually 1 percent of the loan amount).

Negative Amortization - An increase in the outstandingbalance of a loan when a monthly payment is not large enough tocover all of the interest due.

Note - A formal document showing the existence of a debtand stating the terms of repayment.

PITI - Principal, interest, taxes, and insurance (the 4major components of monthly housing payments).

Point - A charge of 1 percent of the mortgage amount.Points are a one-time charge assessed by the lender at closingto increase the interest yield on a mortgage loan.

Prepayment - Payment of all or part of a debt prior toits maturity.

Principal - The amount borrowed in a loan, excludinginterest and other charges.

Property Survey - A survey to determine the boundaries ofyour property. The cost will depend on the complexity of thesurvey.

Rapid Payoff Mortgage - (See Growing Equity Mortgage).

Recording Fee - A charge for recording the transfer of aproperty, paid to a city, county, or other appropriate branch ofgovernment.

Real Estate Settlement Procedures Act (RESPA) - A federallaw requiring lenders to provide home buyers with informationabout known or estimated settlement costs. The act alsoregulates other aspects of settlement procedures.

R-Value - The resistance of insulation material(including windows) to heat passing through it. The higher thenumber, the greater the insulating value.

Sales Contract - A contract between a buyer and sellerwhich should explain, in detail, exactly what the purchaseincludes, what guarantees there are, when the buyer can move in,what the closing costs are, and what recourse the parties haveif the contract is not fulfilled or if the buyer cannot get amortgage commitment at the agreed-upon terms.

Settlement - (See Closing).

Shared Appreciation Mortgage - A loan in which partnersagree to share specified portions of the downpayment, monthlypayment, and appreciation.

Tenancy in Common - A form of ownership in which thetenants own separate but equal parts. To inherit the property, asurviving tenant would either have to be mentioned in the willor, in the absence of a will, be eligible through stateinheritance laws.

Title - Evidence (usually in the form of a certificate ordeed) of a person’s legal right to ownership of a property.

Transfer Taxes - Taxes levied on the transfer of propertyor on real estate loans by state and/or local jurisdictions.

Veterans Administration (VA) - A federal agency whichinsures mortgage loans with very liberal downpaymentrequirements for honorably discharged veterans and theirsurviving spouses.

Walk-Through - A final inspection of a home beforesettlement to search for problems that need to be correctedbefore ownership changes hands.

Warranty - A promise, either written or implied, that thematerial and workmanship of a product is defect-free or willmeet a specified level of performance over a specified period oftime. Written warranties on new homes are either backed byinsurance companies or by the builders themselves.

Zoning - Regulations established by local governmentsregarding the location, height, and use for any given piece ofproperty within a specific area.

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About the author:Mark Mathis is a building designer and publisher of severalstock house plan websites and informational resources includinghttp://www.HousePlanCentral.com, http://www.HousePlanGallery.com, and http://www.moneytalks-bswalks.com. Join each site’s mailing list to receive specialsubscriber-only content.

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