This loan program requires a 10% down payment with a 10% second lien. That means you get the benefit of a 20% down payment while actually investing only 10%. No mortgage insurance or escrows are required. This type of loan is beneficial because it saves you money every month.

With this loan, the interest rate is adjusted according to movements in the financial market. Because the initial interest rate is often lower for an adjustable rate loan, your monthly payments during the first few years may be lower than a fixed rate loan.

A loan whose interest rate is adjusted according to movements in the financial market. Because the initial interest rate is often lower for an adjustable-rate loan, the monthly payments during the first few years may be lower than a fixed-rate loan.

A payment plan which allows a borrower to reduce a debt gradually through monthly payments of principal and interest.

The annual cost of the mortgage over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance and other items.

An expert evaluation of a property to determine what the piece of property is worth in the marketplace.

An expert evaluation of a property to determine what the piece of property is worth in the marketplace.

The increase in the value of a property.

The increase in the value of a property.

A tax levied on a property or a value placed on the worth of a property by a taxing authority.

A loan which has a series of monthly payments (often for 5 years or less) with the remaining balance due in a large lump sum payment at the end.

Community ordinances governing the manner in which a home may be constructed or modified.

A subsidy (sometimes paid by the builder or developer) to reduce the monthly payments on a mortgage loan.

Perhaps no single design element is more important than color. Color can set a mood, evoke a feeling or draw attention to an object.

* Light colors recede and make a room look bigger while dark colors advance and make a room look warm and cozy.
* Light influences color. Experiment with different lighting to achieve the desired color effect.
* Beiges and off-whites have color, too. These colors become more apparent under intense light.

A meeting to sign documents which transfer property from a seller to a buyer.

A meeting to sign documents which transfer property from a seller to a buyer.

Charges paid at settlement for obtaining a mortgage loan and transferring real estate title. Closing Costs may include points or other origination fees, any pre-paid interest, etc.

Charges paid at settlement for obtaining a mortgage loan and transferring real estate title. Closing Costs may include points or other origination fees, any pre-paid interest, etc.

Approximately 3-5 days prior to closing on your loan, a Imperial Homes representative will contact you to schedule your final walk through. The purpose of the walk through is to allow you to make a final inspection of the home to ensure that it meets your specifications.

These loans are generally offered for a 15 or 30-year term. With this type of loan, monthly payments are the same over the life of the loan.

A mortgage loan not insured by a government agency.

This program features below market interest rates with down payment assistance available for first-time homebuyers within the program limits.

A report from an independent credit rating service that lists all of your current financial obligations to creditors. A credit report is a required document when applying for a home loan.

Before you begin searching for a home, it's important that you determine what you can afford. In making that determination you'll need to consider three things: (1) the down payment (2) your ability to qualify for a loan and (3) closing costs. Keep in mind that a wide variety of home buying loans are available to you. The one that's best for you will depend upon your individual circumstances.

A mortgage interest rate that is lower than the current rate for a certain period of time.

A portion of the purchase price that a buyer pays before moving into a home. The down payment is usually paid at closing.

A portion of the purchase price that a buyer pays before moving in to a home. The down payment is usually paid at closing.

An amount paid to the seller to show that a potential buyer is serious about purchasing a home.

An amount paid to the seller to show that a potential buyer is serious about purchasing a home.

The difference between the value of a home and what is owed on it.

The difference between the value of a home and what is owed on it.

The handling of funds or documents by a third party on behalf of the buyer or seller. Depending on the situation, this process may take from one to six weeks.

The handling of funds or documents by a third party on behalf of the buyer or seller. Depending on the situation, this process may take from one to six weeks.

A mortgage that is insured by the Federal Housing Administration which offers low rate, low down payment mortgages to buyers (terms vary county to county).

All loan programs are subject to availability. Homebuyers are not required to obtain financing from Hammersmith Financial LP and may obtain financing from an approved lender of their choice.

A mortgage in which the interest rate remains constant over the life of the loan. 30-year and 15-year fixed rate mortgages are industry standards.

This loan requires only a 3% down payment and there are no income limits. To qualify, you must have a minimum credit score of 680. Credit scores are assigned by the credit reporting agencies after reviewing a customer's payment history and open account balances.

These loans include FHA (Federal Housing Administration) loans and VA (Veterans Administration) loans. FHA loans allow for low rate, low down payment mortgages while VA loans allow for no down payment and low closing costs.

Insurance (over and above personal liability and theft coverage) that insures against damages that may affect the value of a house.

The cost paid to a lender for the use of borrowed money.

The cost of borrowing money, expressed as an annual percentage of the principle.

A mortgage whose payments are identical each month over the life of a loan.

A large community that features homes constructed by several different builders in a wide variety of price ranges. Community centers, community swimming pools and many other recreational facilities are generally included in a master planned community.

A loan used for the purchase of a home.

Tax credit available for first-time buyers within the program income limits purchasing a property located in an eligible area.

A charge by a lender for the work involved in preparing and servicing a mortgage application. This fee is generally 1% of the loan amount.

If you are self-employed, this is an excellent program for you. With this type of loan, no income documentation is required. Your stated gross monthly income is used for qualifying. Down payments range from 20-30%. A Certificate of Deposit may be opened in lieu of the down payment.

The total amount of your monthly payment, including principal, interest, taxes and insurance.

Insurance purchased by the lender to protect them in case a buyer is unable to make their loan payments. This cost is paid by the homebuyer, as part of their monthly mortgage payment. Home buyers can avoid this fee by making a down payment of 20% or more

A one-time, up-front fee charged by a lender to process a mortgage loan. Each point represents 1% of the loan amount.

The cost of adding a pool can be included in loan amounts up to $227,150 with a 10% down payment.

Payment of all or part of a debt prior to its maturity.

The loan amount borrowed, excluding interest and other charges.

100% financing available through the Rural Development Guaranteed Rural Housing loan program. This program applies to properties in certain eligible geographic areas.

A non-binding agreement between a buyer and a home builders to purchase a home at a future date. A reservation usually requires a deposit.

Because the price of a home can vary greatly depending upon its size, it's important to carefully evaluate your needs. Be realistic. If you're going to be uncomfortable in a home that has two bedrooms, it may be in your best interest to purchase a home that has three.

Before buying a home, think about the specific features that you want or need. While a tremendous number of special features are available to you, you'll want to select the ones that are best suited to you and your family's lifestyle.

This program features market interest rates with down payment assistance available for first-time homebuyers within the program income limits

Makes down payment assistance available for homebuyers within specific income limits.

Proof (usually in form of a deed or certificate) of a person's legal right to ownership of a property.

A company that ensures that the title, or actual legal document of ownership on a property, is free and clear. A title company provides title insurance.

At last the home is yours! Once all documents have been signed and you have paid your closing and down payment costs, the mortgage and deed to the property are transferred into your name.

VA loans are available to active members of the armed forces, as well as to veterans and unremarried surviving widows of veterans. VA loans are backed by the Veterans Administration and feature no down payment and lower closing costs.

Same as an Adjustable Rate Mortgage (ARM).

Regardless of your budget, deciding where you want to live is possibly the single more important factor in choosing your new home. Remember: Location, location, location. In choosing a neighborhood, consider (1) proximity to work, thoroughfares, medical and recreational facilities (2) the quality of area schools and (3) area crime rate.