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CONSTRUCTION LOAN BASICS
It might not be too big of an exaggeration to say that the construction loan is one of the more daunting aspects of building your custom home. Before we started our project, I had nightmares about trying to pay two full mortgages at the same time...
Finding The Right Replacement Windows
Windows are the eyes of a home. From inside, you see the outside world through them. It has been said that the eyes are the windows to the soul. For a home, you can gain a sense of its character by examining its windows.
Windows are the...
Hydroponic Light Systems
A hydroponic light system is capable of replacing sun light in any enclosed area. With sufficient light, you can convert any room, home or garage area into a fully blooming budding garden for your plants. It is one of the most economical ways of...
Remedies for a Wet Basement
A wet basement can be just a nuisance or even real nightmare. Each year, thousands of homeowners are faced with the unpleasant side effects of seasonal rainfall. Problems they can face range from just dampness to even flooding. Chronic basement...
The Short Version of How to Research Land and Property Information
Thinking of investing in a good plot of land but don’t know how to research and find information about the history of the land? You’re right, you need to know the history and the basic information about the land before you invest in it. Even if...
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Part II: Home Buyer Terms and Definitions
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 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 meets the requirements of local codes, ordinances, and regulations.
Closing - A meeting to sign documents which transfer property 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 may be used and the
protections the developer has made for the benefit of all owners in a subdivision.
Condominium - 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.
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 and publisher of several stock house 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.
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