HOMESPEC
HOME  INSPECTIONS

NYS. License Home Inspector
John Graham NYS. Lic. #16000005054
ASHI. Certified #206772
NAHI. Certified #10-9079
NYS. Termite #C1810801
(631)243-6642
(516)942-0009

We answer our own phones! 8am-9pm
7days-a-week

Engineering Reports
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The following list has been prepared to assist you in your home buying experience.

You will here many of these terms as you move through the process of obtaining a mortgage and acquiring your new home.
We at Homespec hope that you find the definitions informative and useful.

Amortization
A gradual paying off of a mortgage by periodic installments.

Appraisal
An estimation of a property's value, often made by lenders before deciding the amount of a mortgage.

Assessed valuation
A value placed on a property as a basis for taxation.

Assumable mortgage
A mortgage taken over from the seller of a property by the buyer.

Balloon payment
The final payment on a loan or mortgage, usually larger than the previous payments.

Binder
An agreement by the buyer to cover the down payment on the purchase of real estate before a final contract is drawn up.

Broker
Usually a licensed agent who acts on behalf of the seller of a property, making arrangements for the sale.

Closing
The meeting of a buyer, a seller, a banker, and attorneys for all parties at which a real estate sale is completed with the writing of checks; it usually takes place 30 to 60 days after signing of the contract.

Commission
The amount paid to a real estate broker for services rendered.

Condominium
A form of individual ownership in a multiple-unit dwelling, townhouse, or detached house in which the owner buys title to a single unit and an interest in common areas.

Contract
A binding agreement between parties to transact real estate under agreed-upon terms.

Cooperative apartment
A form of individual ownership in a multiple-unit dwelling in which buyers purchase shares in a cooperative corporation that owns the building; the shares entitle the holder to a proprietary lease on an apartment in the building.

Deed
A written document that conveys ownership of real property.

Equity
The value of an owner's real property after deducting mortgages and liens.

Escrow
A written agreement to place money or property with someone else until it is due to be delivered to a designated party; often used for payment of taxes along with mortgage payments.

Fannie Mae
The Federal National Mortgage Association, the largest secondary mortgage agency.

Federal Housing Administration (FHA)
A division of the federal government's Department of Housing and Urban Development that insures mortgages.

Freddie Mac
The Federal Home Loan Mortgage Corporation, which buys mortgages from lenders, allowing the lenders to make new mortgages.

Ginnie Mae
The Government National Mortgage Association, which buys FHA-insured loans from lenders.
Indexing

Point
An amount equal to 1 percent of a loan, charged to the borrower by the lender.

Prepayment penalty
An additional fee charged for paying off a mortgage before it is due.

Principal
The amount of money borrowed from a lender for a mortgage, upon which interest is computed.

Title
A written document that gives evidence of property ownership.


If you would like to arrange for any of our services please call us at:
(631) 243-6642 or (516) 942-0009
 
(call 7 days a week from 9am to 9pm)
Order "on-line" Inspection  
or

E-mail us at Homespecny@aol.com 
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NYS. License# 16000005054