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HouseBuyingTips.com Glossary

This glossary is a quick reference of certain terms used throughout the site. For more detailed information and tips related to each term, click the term and you will be taken to the relevant section of the site.

APR - Annual percentage rate

ARM - Adjustable rate mortgage

ASHI - American Society of Home Inspectors

Buyer's Agent - A real-estate agent that works for the home buyer.

FEMA - Federal Emergency Management Agency

FHA - Now an agency within HUD, the Federal Housing Administration was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who might not be able to qualify for conventional loans. The FHA has helped more than 26 million Americans buy a home.

HOA - Home Owners Association

HOW - Homeowners Warranty

HUD - U.S. Department of Housing and Urban Development (HUD was established in 1965 to develop national policies and programs to address housing needs in the U.S. One of HUD's primary missions is to create a suitable living environment for all Americans by developing and improving the country's communities and enforcing fair housing laws.

MLS - Multiple Listing Service

NFIP - National Flood Insurance Program

NIBI - National Institute of Building Inspectors

Point - A fee equal to 1% of the loan amount

Seller's Agent - A real-estate agent that is working for the property seller

Truth in Lending Disclosure - Required 3 days after the lender receives loan application. This statement is required to show the loans annual percentage rate (APR), amount financed, total finance charges, total amount paid for the loan, total number of payments, amount of monthly payment, prepayment penalty and late payment charge.

VA - Veteran Affairs or Veterans Administration