Part II: Home Buyer Terms and Definitions

Article by: Mark Mathis

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

Binder - A receipt for a deposit paid to secure the right to purchase a home , How to Change a Rooms Dimension using Wall Pictures at terms agreed upon by the buyer and seller.

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

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

Certificate of Occupancy - A document from an official agency stating that the property , A Look at Kids Bunk Beds meets the requirements of local , The American Cranberry Bush codes, ordinances, and regulations. , Buying The Right Bed Sheets For Your Bed

Closing - A meeting to sign documents which transfer property , How to Change a Rooms Dimension using Wall Pictures from a seller to a buyer. (Also called settlement)

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

Conditions, Covenants, and Restrictions (CC and Rs) - The standards that define how a property , Home Buyer And Home Design Terms And Definitions may be used and the protections the developer has made for the benefit of all owners in a subdivision.

Condominium - A home , Buying Replacement Windows in a multi-unit complex; each purchaser owns an individual unit, and all the purchasers jointly own the common areas, such as the surrounding land, hallways, etc.

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

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Be sure to read Part III of this article at:
http://www.houseplancentral.com/articles.php?id=21
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About the author:
Mark Mathis is a building designer , Home Buyer And Home Design Terms And Definitions and publisher of several stock house , Tree Pruning Tips plan websites and informational resources including http://www.HousePlanCentral.com, http://www.HousePlanGallery.com, and http://www.moneytalks-bswalks.com. Be sure to visit each site and subscribe to our eNewsletters to receive special offers, promotions, and subscriber-only features. , Improve Your Yard and Garden with an ATV Plow

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