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Home Buyer and House Plan Terms and Definitions - Part III Convertibility - The ability to change a loan from an adjustable rate schedule to a fixed rate schedule. Cooperative - A form of ownership in a multi-unit complex; the purchasers own shares of the entire complex rather than owning individual units. Credit Rating - A report ordered by a lender from a credit bureau to determine if the borrower is a good credit risk. Default - A breach of a mortgage contract (such as not making monthly payments). Density - The number of homes built on a particular acre of land. Allowable densities are usually determined by local jurisdictions. Downpayment - The difference between the sales price and the mortgage amount on a home. The downpayment is usually paid at closing. Due-on-Sale - 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. Earnest Money - A sum paid to the seller to show that a potential purchaser is serious about buying. Easement - Right-of-way granted to a person or company authorizing access to the ownerÕs 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. Equity - The difference between the value of a home and what is owed on it. Escrow - The handling of funds or documents by a third party on behalf of the buyer and/or seller. Federal Housing Administration (FHA) - A federal agency which insures mortgages that have lower downpayment requirements than conventional loans. [ PART IV - Home Buyer and House Plan Terms and Definitions... ] Warning: include() [function.include]: URL file-access is disabled in the server configuration in /home1/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partIII.php on line 147 Warning: include(http://www.houseplangallery.com/index_files/includes/search_form.php) [function.include]: failed to open stream: no suitable wrapper could be found in /home1/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partIII.php on line 147 Warning: include() [function.include]: Failed opening 'http://www.houseplangallery.com/index_files/includes/search_form.php' for inclusion (include_path='.:/usr/share/pear:/usr/share/php') in /home1/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partIII.php on line 147 Warning: include(/home/housepl/public_html/index_files/home-plan-articles/home-plan-article-footer.php) [function.include]: failed to open stream: No such file or directory in /home1/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partIII.php on line 150 Warning: include() [function.include]: Failed opening '/home/housepl/public_html/index_files/home-plan-articles/home-plan-article-footer.php' for inclusion (include_path='.:/usr/share/pear:/usr/share/php') in /home1/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partIII.php on line 150 |
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