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address"}],"layout":"column","searchGroupConfig":{"placeholder-sell":"Enter your street address","placeholder-eval":"Enter your street address"},"nameType":1,"nameRequired":false,"phoneRequired":false,"searchBarMaskOption":{"show":false},"searchGroupMaskOption":{"show":true}}},{"name":"md-content","commonData":{},"data":{"theme":"richtext","html":"<div class=\"rich-text-wrapper\">\n<p><span style=\"font-size: 24pt;\"><span style=\"font-family: font-bold;\">Glossary of Mortgage Terms </span> </span> <strong> </strong></p>\n<p><span style=\"font-size: 12pt;\"><img align=\"”right”\" data-original=\"”IMAGE\" /></span></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Appraisal</strong></span></p>\n<div class=\"rich-text-content-des\">\n<p><span style=\"font-size: 12pt; font-family: font-normal;\">An estimate of the value of a property, made by a qualified professional called an \"appraiser.\" </span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Closing Costs</strong></span><br /><span style=\"font-size: 12pt; font-family: font-normal;\">Closing costs represent all of the costs of going through the home-buying process (ie. lawyers fees, taxes, title insurance, escrow payments) that aren’t covered in the purchase price of the house. 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Escrow can also be an account that holds property taxes and insurance money until they are due, like a savings account you pay a little into with each mortgage payment.</span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Equity</strong></span><br /><span style=\"font-size: 12pt; font-family: font-normal;\">Equity is the amount of a property’s value that is owned by the property owner. It can grow through improvements to the property, growth in the market, and through making mortgage payments that go towards the principal of the loan.</span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Fixed-Rate Mortgage</strong></span><br /><span style=\"font-size: 12pt; font-family: font-normal;\">A fixed-rate mortgage is a home loan with a solid, unchanging interest rate. If you get one of these, you may want to refinance later if interest rates go down, but you won’t have to worry about them going up.</span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Prepaid Expenses</strong></span><br /><span style=\"font-size: 12pt; font-family: font-normal;\">Necessary to create an escrow account or to adjust the seller's existing escrow account. Can include taxes, hazard insurance, private mortgage insurance and special assessments.</span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Principal</strong></span><br /><span style=\"font-size: 12pt; font-family: font-normal;\">The amount of debt, not counting interest, left on a loan.</span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Private Mortgage Insurance (PMI)</strong></span><br /><span style=\"font-size: 12pt; font-family: font-normal;\">Private mortgage insurance, or PMI, is an insurance policy that protects the bank or loan company from the losses they would incur if you were to default on your mortgage payments. The lower your credit and down payment are, the more likely you will be to pay for this type of insurance.</span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Survey</strong></span><br /><span style=\"font-size: 12pt; font-family: font-normal;\">A measurement of land, prepared by a registered land surveyor, showing the location of the land with reference to know points, its dimensions, and the location and dimensions of any buildings.</span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Title</strong></span><br /><span style=\"font-size: 12pt; font-family: font-normal;\">A document that gives evidence of an individual's ownership of property.</span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Title Insurance</strong></span><br /><span style=\"font-size: 12pt; font-family: font-normal;\">A policy, usually issued by a title insurance company, which insures a home buyer against errors in the title search. The cost of the policy is usually a function of the value of the property and is often borne by the purchaser and/or seller. Policies are also available to protect the lender's interests.</span><br /><br /></p>\n<p><span style=\"font-size: 12pt; font-family: font-normal;\"><strong>Underwriting</strong></span><br /><span style=\"font-size: 12pt;\"><span style=\"font-family: font-normal;\">The decision whether to make a loan to a potential home buyer based on credit, employment, assets, and other factors and the matching of this risk to an appropriate rate and term or loan amoun</span>t.</span></p>\n</div>\n</div>","fullColumn":false,"btmSpacing":true,"topSpacing":true}},{"name":"md-footer","commonData":{"theme":"standard","bgColor":"#000000","fontColor":"#fff","hideCopyRight":false,"size":260,"logos":[{"logo":{"imgUrl":"https://cdn.chime.me/image/fs/sitebuild/2019121/12/original_166efc34-4de8-4354-ae96-a28a8c795360.png","alt":"default"}}],"agentId":0,"noMlsDisclaimers":[],"footerMenuStyle":{"fontFamily":"var(--font-normal)","fontSize":"14px","--origin-menu-color":"#c6c8d1","--hover-menu-color":"#ebecf1"},"footerSubMenuStyle":{"fontFamily":"var(--font-normal)","fontSize":"12px","--origin-sub-color":"#797e8b","--hover-sub-color":"#c2c5d0"},"footerAgentNameStyle":{"fontFamily":"var(--font-normal)","fontSize":"14px","color":"#fff"},"footerAgentPhoneStyle":{"fontFamily":"var(--font-normal)","fontSize":"14px","color":"#fff"},"footerAgentEmailStyle":{"fontFamily":"var(--font-normal)","fontSize":"14px","color":"#fff"},"footerBroNameStyle":{"fontFamily":"var(--font-bold)","fontSize":"14px","color":"#fff"},"footerBroAddrStyle":{"fontFamily":"var(--font-normal)","fontSize":"14px","color":"#fff"},"botBgColor":"#000000","menus":[{"name":"Home","link":"/","isHome":true,"source":"home","visible":1,"target":"_self"},{"name":"About Us","items":[{"name":"Our Story","link":"/our-story","source":"","visible":1,"target":"_self"},{"name":"Trusted Partners","link":"/trusted-partners","source":"","visible":1,"target":"_self"},{"name":"Testimonials","link":"/reviews","source":"reviews","visible":1,"target":"_self"}],"visible":1,"target":"_self"},{"name":"What We Do","items":[{"name":"Where We Build","link":"/where-we-build","source":"","visible":1,"target":"_self"},{"name":"Getting Started","link":"/getting-started","source":"","visible":1,"target":"_self"},{"name":"Construction Process","link":"/our-process","source":"","visible":1,"target":"_self"}],"visible":1,"target":"_self"},{"name":"Find A Home","items":[{"name":"Search Homes","link":"/featured-listing","source":"featured-listing","visible":1,"target":"_self"},{"name":"Available Home Plans","link":"/available-home-plans","source":"","visible":1,"target":"_self"}],"visible":1,"target":"_self"},{"name":"Media","items":[{"name":"Gallery","link":"/gallery","source":"","visible":1,"target":"_self"},{"name":"Blogs","link":"/blog","source":"blog","visible":1,"target":"_self"},{"name":"Awards & Affiliations","link":"/awards-affiliations","source":"","visible":1,"target":"_self"}],"visible":1,"target":"_self"},{"name":"Financing","items":[{"name":"Apply Now","link":"/apply-now","source":"","visible":1,"target":"_self"},{"name":"Mortgage Calculator","link":"/mortgage-calculator","source":"","visible":1,"target":"_self"},{"name":"Buyer Toolkit","link":"/buyer-toolkit","source":"","visible":1,"target":"_self"}],"visible":1,"target":"_self"},{"name":"Contact Us","items":[{"name":"Contact Us","link":"/contact","source":"contact","visible":1,"target":"_self"},{"name":"FAQ","link":"/faq","source":"","visible":1,"target":"_self"},{"name":"Warranty","link":"/warranty","source":"","visible":1,"target":"_self"}],"visible":1,"target":"_self"}]},"data":{"topSpacing":false}}]}
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