April 23, 2007

Home Buying Glossary

Home Buying Glossary

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Are you in the market for a new house or already in the process of buying a house?� There are some� terms you should be familiar with:

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Appraisal � - The estimated market value of a property. Appraisals take into account the features of the property and the condition of the local market.

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Balloon Loans � - A type of loan where the regular monthly payment is followed by another payment, called �balloon� payment, of the total remaining balance.

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Closing -� (also called a SETTELMENT) IThe official transfer of a property's ownership from a seller to a buyer. It usually has a form of meeting between the seller, the buyer, the settlement agent and the buyer�s and seller�s agents.� At closing, the seller receives the payment for the house, the buyer signs the mortgage (if applicable) and the buyer or/and seller pay closing fees.

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Depreciation �- Refers to the decrease of the market value of the property over time (due to market changes, changes of the property due to damages etc.)

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Fixed-Rate Mortgage �- A mortgage with payments that stay the same during the entire life of the mortgage. The interest rates of the loan are not influenced by the changes of the market.

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Origination Fee �-� A fee paid to the lender at closing to cover the administrative costs of making the mortgage. The fee varies depending on the lender and the type of mortgage.

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If you want to learn more terms associated with the home buying process, we encourage you to keep coming back to our blog.

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If there are any terms associated with the home buying process that you are unfamiliar with, contact us or leave us your question below.

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