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Home Buyer and House Plan Terms and Definitions - Part I When you start shopping for a new home, you may encounter some words and terms with which you are unfamiliar. The following glossary will help you to be a better informed shopper. Adjustable Rate Mortgage (ARM) - A loan whose interest rate is adjusted according to movements in the financial market. Amortization - A payment plan by which a borrower reduces a debt gradually through monthly payments of principal and interest. Annual Percentage Rate (APR) - The annual cost off credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance, and other items. Appraisal - An evaluation to determine what a piece of property would sell for in the marketplace. Appreciation - The increase in the value of a property. Assessment - A tax levied on a property or a value placed on the worth of property by a taxing authority. Assumption - A transaction allowing the buyer of a home to assume responsibility for an existing loan on the home instead of getting a new loan. [ PART II - Home Buyer and House Plan Terms and Definitions... ] Warning: include() [function.include]: URL file-access is disabled in the server configuration in /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions.php on line 140 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 /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions.php on line 140 Warning: include() [function.include]: Failed opening 'http://www.houseplangallery.com/index_files/includes/search_form.php' for inclusion (include_path='.:/usr/share/pear') in /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions.php on line 140 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 /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions.php on line 143 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') in /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions.php on line 143 |
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