Home Buyer's Glossary

当你开始购买新房时,你可能会遇到一些不熟悉的单词和术语. The following glossary will help get you through the maze of buying a home.

Adjustable-Rate Mortgage (ARM) -利率随金融市场变动而调整的贷款. 许多贷款的初始利率低于市场水平,最初几年只会逐步上升.

Annual Percentage Rate (APR) – Annual cost of credit over the life of a loan including interest, service charges, points, loan fees, mortgage insurance and other items.

Appraisal – Unbiased, 基于风格和外观对房产价值的专业意见, construction quality, usefulness and the value of comparable properties.

Assessment -由税务机关对财产征收的税或对财产的价值作出的估价.

Assumption -交易允许买方承担现有贷款的责任,而不是获得新的贷款.

Broker (Real Estate) -将买方和卖方撮合在一起并协助他们之间的合同谈判而收取佣金或费用的人. A license is required in most states.

Building Code -控制设计、施工和施工材料的当地法规. Building Codes are based on safety and health standards.

Buy-down -补贴,通常由建筑商或发展商支付,以减少按揭贷款的月供.

Buyer’s Agent -在房地产交易中只代表买方的房地产经纪人.

Callback – Request by a homeowner for a builder to handle a service request.

Cap -可调利率贷款的利率或月供在调整期间或在贷款期限内可增加的限额.

Certificate of Occupancy -官方机构出具的文件,证明该房产符合当地法规的要求, ordinances and regulations.

Chain of Title – History of all documents transferring title to a parcel of real property, starting with the earliest existing document and ending with the most recent.

Change Order -mg冰球突破试玩者的书面授权,以增加,删除或更改合同中指定的项目.

Closing – Meeting to sign documents that transfer from a seller to a buyer. Also referred to as “Settlement”.

Closing Costs -就取得按揭贷款及转让房地产业权而缴付的结算费用.

Commission – Agent’s fee for negotiating a real estate or loan transaction, often expressed as the percentage of the sales price or mortgage amount.

Conditions, Covenants and Restrictions (CC and RS) -界定物业如何使用的标准,以及开发商为分区内所有业主的利益所做的保护.

Contingency – Condition that must be met before a contract is binding.

Convertibility -能够将贷款从可调利率时间表改为固定利率时间表.

Covenant -买卖双方就一项财产达成的协议,限制该财产的使用. Also called “Deed Restriction”.

Deed – Legal document representing property ownership.

Default -借款人未能缴付按揭合约所规定的款项.

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

Debt-To-Income Ratio – Long-term debt expenses as a percentage of monthly income; used by lenders to qualify borrowers for mortgage loans.

Due-on-Sale -按揭合同中的条款,要求借款人在出售或转让物业时支付全部未偿余额.

Earnest Money -支付给卖方的金额,以表明潜在买家对购买是认真的.

Easement -准许任何人或公司进入业主土地的通行权. 例如,公用事业公司可能被授予安装管道或电线的地役权. 业主可以自愿授予地役权,也可以由地方司法管辖区命令授予地役权.

Equity – Difference between the value of a home and what is owed on it.

Escrow -由第三方代表买方和/或卖方处理资金或文件.

Escrow Amount – Amount set up by a lender into which periodic, usually monthly, payments for taxes, hazard insurance, assessments and mortgage insurance premiums are made. Funds are held in trust by the lender who pays the sums as they become due.

Fair Market Value -自愿买卖双方之间转让财产的价格, 他们每个人都对所有相关事实有合理的了解,也没有被强迫买卖.

Federal Housing Administration (FHA) -为抵押贷款提供保险的联邦机构,其首付款要求低于传统贷款.

Fixed-Rate Mortgage -在贷款期限内利率保持不变的抵押贷款.

Hazard Insurance -防止火灾、风暴或其他常见危险造成的损坏. 许多贷款人要求借款人至少在抵押贷款中携带一定数量的贷款.

HVAC -建筑行业对采暖、通风和空调系统的通用缩写.

Index -可调利率贷款的利率或调整标准,用于确定每月还款额的变化.

Infrastructure – Public facilities and services needed to support residential development, including highways, bridges, schools and sewer and water systems.

Inspection -检查已完成的结构工程,以确定是否符合建筑规范和其他规范的要求.

Joint Tenancy – Form of ownership in which the tenants own a property equally. If one dies, the other automatically inherits the entire property.

Loan Origination Fee – Lender will charge a fee for the cost of processing the loan, usually calculated as a percentage of the loan amount.

Loan-To-Value-Ratio -房屋贷款金额与物业总值之间的关系.

Lock-In Rate -贷款人承诺在未来某一天以预先设定的利率发放贷款, usually for not more than 90 days. A fee may be charged to “lock-in” a rate.

Mortgage Commitment -贷款人同意就特定物业提供按揭贷款的正式书面通知, specifying the loan amount, length of time and conditions.

Mortgage Origination Fee -就按揭申请的准备及服务工作收取费用.

Permit -由当地政府机构签发的文件,允许按照当地规范进行建筑工程. Work may not commence until permits have been obtained, 每个发证机构必须在施工过程中对某些指定的点进行检查.

PITI -本金、利息、税款和保险:每月住房付款的四个主要组成部分.

Point -贷款人在成交时收取的一次性费用,以增加按揭贷款的利息收益.

Pre-settlement Walk-Through – Final inspection of house prior to closing, conducted by builder and buyer.

Principal – Amount borrowed, excluding interest and other charges.

Property Survey – Survey to determine the boundaries of a piece of property. Cost depends on the complexity of the survey.

Recording Fee – Charge for recording the transfer of a property, paid to a city, county or other appropriate branch of government.

Specifications – Contractual document describing in detail the work to be performed; method of construction; standards of workmanship; quality, type and manufacturer of materials and equipment for a particular project.

Tenancy in Common – 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.

Title – Evidence, usually in the form of a certificate or deed, of a person’s legal right to ownership of a property.

Title Insurance -对所有权从一个所有者转移到另一个所有者之前可能存在的任何所有权缺陷进行保险, and which may come to light in a future transaction.

Veterans Administration (VA) -联邦机构,为光荣退伍军人及其幸存配偶提供抵押贷款保险,首付要求非常宽松.