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Glossary Of Terms
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Glossary Of Terms - A

A

A loan whose interest rate is adjusted according to movements in the financial market.

A payment plan by which a borrower reduces a debt gradually through monthly payments of principal and interest.

The annual cost off credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance, and other items.

An evaluation to determine what a piece of property would sell for in the marketplace.

The increase in the value of a property.

A tax levied on a property or a value placed on the worth of property by a taxing authority.

When figuring payments, values, etc. generic rates or time periods related to a loan are used. These are 'assumed' values used in calculations. Your actual rates or time periods may vary making shown payments or values higher or lower than your actual calculations.

  
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B

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.

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

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

  
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C

Click here to expand contentClick here to collapse content  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.

A document from an official agency stating that the property meets the requirements of local codes, ordinances, and regulations.

A meeting to sign documents which transfers property from a seller to a buyer. (Also called settlement)

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

The standards that define how a property may be used and the protections the developer has made for the benefit of all owners in a subdivision.

A home 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.

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

The ability to change a loan from an adjustable rate schedule to a fixed rate schedule.

A form of ownership in a multi-unit complex the purchasers own shares of the entire complex rather than owning individual units.

A report ordered by a lender from a credit bureau to determine if the borrower is a good credit risk.

  
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D

A breach of a mortgage contract (such as not making monthly payments).

The number of homes built on a particular acre of land. Allowable densities are usually determined by local jurisdictions.

The difference between the sales price and the mortgage amount on a home. The downpayment is usually paid at closing.

A clause in a mortgage contract requiring the borrower to pay the entire outstanding balance upon sale or transfer of the property. A mortgage with a due-on-sale clause is not assumable.

  
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E

E

A sum paid to the seller to show that a potential purchaser is serious about buying.

Right-of-way granted to a person or company authorizing access to the owner’s land for example, a utility company may be grated an easement to install pipes or wires. An owner may voluntarily grant an easement, or in some cases, be compelled to grant one by a local jurisdiction.

The exterior architecture or design of a structure or home. Usually refers to the 'look' of the front of a home.

The difference between the value of a home and what is owed on it.

The handling of funds or documents by a third party on behalf of the buyer and/or seller.

  
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F

F

A federal agency which insures mortgages that have lower downpayment requirements than conventional loans.

A mortgage whose interest rate remains constant over the life of the loan. The payments are not necessarily level. (See Graduated Payment Mortgage and Growing Equity Mortgage).

A mortgage whose payment schedule for the life of the loan is established at closing. The payments and interest rate are not necessarily level.

  
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G

G

A fixed-rate, fixed-schedule loan which starts with lower payments than a level payment loan the payments rise annually over the first 5 to 10 years and then remain constant for the remainder of the loan. GPMs involve negative amortization.

A fixed-rate, fixed-schedule loan which starts with the same payments as a level payment loan the payments rise annually, with the entire increase being used to reduce the outstanding balance. No negative amortization occurs, and the increase in payments may enable the borrower to pay off a 30-year loan in 15 to 20 years, or less.

  
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H

H

Protection against damage caused by fire, windstorm, or other common hazards. Many lenders require borrowers to carry it in an amount at least equal to the mortgage.

A state agency which offers a limited amount of below-market-rate home financing for low-and moderate-income households.

  
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I

I

The interest rate or adjustment standard which determines the changes in monthly payments for an adjustable rate loan.

The public facilities and services needed to support residential development, including highways, bridges, schools, and sewer and water systems Interest - The cost paid to a lender for the use of borrowed money.

  
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J

J

A form of ownership by which the tenants own a property equally. If one dies, the other would automatically inherit the entire property.

  
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K

K

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L

L

A mortgage whose payments are identical for each month over the life of the loan.

  
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M

M

A broker who represents numerous lenders and helps consumers find affordable mortgages the broker charges a fee only if the consumer finds a loan.

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

A company that borrows money from a bank, lends it to consumers who want to buy homes, then sells the loans to investors.

A contract in which the borrower’s property is pledged a s collateral and which can be repaid in installments over a long period. The mortgagor (buyer) promises to repay principal and interest, to keep the home insured, to pay all taxes, and to keep the property in good condition.

A charge by a lender for the work involved in preparing and servicing a mortgage application (usually 1 percent of the loan amount).

The lender who makes a mortgage loan.

  
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N

N

An increase in the outstanding balance of a loan when a monthly payment is not large enough to cover all of the interest due.

New Floor Plans are home floor plans that Robbie Hale Homes currently builds. Floor Plans may be limited in certain communities due to elevations, entries, or floor plans. Each of our floor plans is listed on this site with the communities that the floorplan can be built in.

Click here to expand contentClick here to collapse content  Note

A formal document showing the existence of a debt and stating the terms of repayment.

  
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O

O

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P

P

Click here to expand contentClick here to collapse content  PITI

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

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

Pre-Owned Homes sold by Robbie Hale Homes are generally outside of a Robbie Hale Homes community and have had previous owner(s). These homes may have been acquired by Robbie Hale Homes through our MoveUp program.

Payment of all or part of a debt prior to its maturity.

The amount borrowed in a loan, excluding interest and other charges.

A survey to determine the boundaries of your property. The cost will depend on the complexity of the survey.

  
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Q

Q

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R

R

(See Growing Equity Mortgage).

A federal law requiring lenders to provide home buyers with information about known or estimated settlement costs. The act also regulates other aspects of settlement procedures.

A charge for recording the transfer of a property, paid to a city, county, or other appropriate branch of government.

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

  
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S

S

A contract between a buyer and seller which should explain, in detail, exactly what the purchase includes, what guarantees there are, when the buyer can move in, what the closing costs are, and what recourse the parties have if the contract is not fulfilled or if the buyer cannot get a mortgage commitment at the agreed-upon terms.

(See Closing).

A loan in which partners agree to share specified portions of the downpayment, monthly payment, and appreciation.

  
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T

T

A form of ownership in which the tenants own separate but equal parts. To inherit the property, a surviving tenant would either have to be mentioned in the will or, in the absence of a will, be eligible through state inheritance laws.

Evidence (usually in the form of a certificate or deed) of a person’s legal right to ownership of a property.

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

  
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U

U

Click here to expand contentClick here to collapse content  USDA

A federal agency which insures mortgage loans with very liberal downpayment requirements.

  
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V

V

A federal agency which insures mortgage loans with very liberal downpayment requirements for honorably discharged veterans and their surviving spouses.

  
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W

W

A final inspection of a home before settlement to search for problems that need to be corrected before ownership changes hands.

A promise, either written or implied, that the material and workmanship of a product is defect-free or will meet a specified level of performance over a specified period of time. Written warranties on new homes are either backed by insurance companies or by the builders themselves.

  
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X

X

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Y

Y

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Z

Z

Regulations established by local governments regarding the location, height, and use for any given piece of property within a specific area.

  
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Disclaimer - Please Read
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Shepherd Place Homes, Inc. dba Robbie Hale Homes has made every reasonable effort to insure the accuracy of the information on this website. However in our continuing effort for building excellence, home availability, square footage, pricing, products and specifications seen on this website are subject to change at the sole discretion of Robbie Hale Homes without prior notice.

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