Hudson WI Home Buying - Durham Executive Group

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Real Estate Agent with Durham Executive Group - RE/MAX/Results

 Hudson WI Home Buying - Durham Executive Group

Home Buying, Hudson WI - Durham Executive Group

 

The Durham Executive Group, John and Becky Durham provide the following glossary of home buying terms as a benefit to Hudson, WI home buyer's.

 

Addenda

These are supplemental documents that are part of a purchase agreement. 

Adjustable Rate Mortgage, ARM

A loan where the interest rate adjusts to current rates during the duration of the loan. 

Annual Percentage Rate, APR

The cost of the loan, including the interest rate, points, origination fee and other charges. 

Assessments

When a city makes improvements to city property, homeowners must pay for these improvements through their city taxes. 

Association Dues

Payments condominium and townhouse owners make for upkeep and management of shared property. 

Assumable

A loan where a buyer arranges to take over the seller's original loan. 

Buyer's Broker

An agent who works on behalf of the buyer and who has the buyer under contract. 

Closing Costs

The costs involved in the transfer of property. 

Commitment Letter

A letter from the buyer's lender showing qualification of a loan and listing the terms. 

Contingency

 An-addition to a purchase agreement stating that certain terms be met within a time frame for the agreement to remain valid.

Contract for Deed

An owner offering the buyer financing, and the buyer makes monthly installments to the owner. 

Conventional Loan

 Loans without government involvement.

Credit Score

 A rating based on your credit history.

Default

 Failure of loan payment.

Down Payment

An up-front payment made on a home. 

Earnest Money

 Money paid to the agent when an offer is made on a property. If the offer is approved, the money is counted toward payment of the property. If the offer is denied, the money is returned to the buyer.

Equity

The portion of the property that you own that is clear of any mortgage. 

Escrow

Money paid in addition to the monthly mortgage payment that is used toward paying property taxes and insurance. 

FHA Loans

Loans that are backed by the Federal Housing Administrative.

Fixed Rate Loans

 A loan that has a constant rate for the duration of the terms.

Gross Income

Your income before taxes. 

HUD - 1 Form

A settlement statement of all of the closing costs. 

Homeowners Insurance

Insurance which homeowners purchase to protect their investment. 

Homestead Taxes

 Property taxes paid by owners who actually live in the home.

Interest

Lender's charge for a loan. 

Loan Origination Fees

Fees you pay your lender for handling and processing your loan application.

Loan Processing

An analysis by a lender to determine your qualification for a loan. 

Lock-In-Agreement

An agreement by a lender to determine your qualification for a loan. 

Long-Term Debt

Debt you will owe on for more than six months. 

Mortgage Discount Points

Prepaid interest on a loan.

Mortgage Insurance Premium, MIP

Insurance that a lender is required to charge for an FHA loan. 

PITI-The Monthly Loan Payment

Principal, Interest, Taxes, and Insurance. 

Prepayment Penalty

A penalty fee assigned for early payoff on a loan.

Prime Mortgage

Highest grade of mortgage that you qualify for. 

Principal

Total amount you are borrowing for a home.

Private Mortgage Insurance, PMI

If you make less than a 20% down payment on a conventional loan, you will be required to pay for this insurance. 

Property Tax Adjustment

Reimbursement to the seller for taxes already paid for the year. 

Purchase Agreement

A legally binding agreement between the buyer and seller that lists the terms and conditions of the sale of the property.

Re-Issue Credit

Savings on the cost of homeowner's insurance for using the same company the previous owner used. 

Sub-Prime Mortgage

Has a higher interest rate than prime mortgage. 

Subagent

A seller's agent that owes their duties to the seller. A subagent may bring a potential buyer to a property.

Title Insurance

Insurance that you pay to protect the lender from claims on the property title. 

Truth-In-Housing Inspection Report

An inspection that the seller pays for that states the condition of the house. 

Truth-In-Housing Disclosure Statement

A statement from your lender stating all fees and costs of a loan using the annual percentage rate. 

Underwriting

Risk analysis conducted by a lender to decide whether to approve you for the loan. 

VA Loan

Low-interest, no down payment loans offered to people who served in the U.S. Military and issued from the Veterans Administration.

*The above glossary of terms was provided by the National Association of Realtors.

Posted by

John and Becky are real estate agents with backgrounds and work experiences that set us apart from our competition. We are both educated with post graduate degrees and have worked in upper bracket professional management positions in both business and educational settings prior to real estate. We know how to work with all social and economic clientele - whether it's a first time buyer, or a multi-million dollar client. We put the emphasis on ‘EXECUTIVE LEVEL' service regardless of the size of the transaction.

Our mission statement embodies putting the client first. We recognize the importance of listening to, and fully understanding our clients' needs and concerns. Each of us brings a unique set of marketable skills with none more important than integrity and honesty. We give our word that there will never be a transaction we are involved with that is not handled with professionalism, honesty, and integrity. Additionally, we pride ourselves on our communication skills and the ability to market and negotiate our client's properties with superior results. In fact, our efforts were recently recognized with an award for our client marketing. This is a prestigious award only a few agents in the Twin Cities receive from the National Association of Realtors and Realtor.com.

 

John and Becky Durham

REMAX Results

604 Bielenberg Drive

Suite 100

Woodbury, MN  55125

Voice (651)231-2191

Fax (651)735-8246

John@DurhamExecutiveGroup.com

http://www.durhamexecutivegroup.com/ (Search All Properties Currently for Sale in Twin Cities, Greater Minnesota, and Western Wisconsin via our MLS - Enabled Search Engine)

Find Us On YouTube

 

Durham Executive Group

 

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