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I thought it would be a good idea to include some basic Real Estate terms and definitions for anyone considering buying homes in Warner Robins GA.
Glossary of Real Estate Terms
| Acceptance | A buyer's or seller's agreement to enter into a contract and be bound by the terms of the offer. |
| Amortization | The gradual repayment of a home loan by periodic installments. |
| Amortization Term (period) | The amount of time it takes to pay off the loan. The amortization term is expressed as a number of months. For example, for a 30 year fixed rate loan, the amortization term is 360 months. |
| Appraisal | An estimate of the value of a home, made by a professional appraiser. The maximum amount of the mortgage is usually based on the appraisal. |
| Closing | The conclusion or consummation of a transaction. In real estate, closing includes the delivery of a deed, the signing of notes and security instruments, and the disbursement of funds necessary to the sale or loan transaction. Also referred to as settlement. |
| Closing Costs | Various expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include items such as broker's commissions, discount points, origination fees, attorney's fees, taxes, title insurance premiums, escrow agent fees, and charges for obtaining appraisals, inspections and surveys. Closing costs will vary according to the area of the country. Lenders or real estate professionals often provide estimates of closing costs to prospective home buyers even before the HUD-1 settlement statement is delivered. |
| Commitment Letter | A formal notification from a lender stating that the borrower's loan has been conditionally approved and specifying the terms under which lender agrees make the loan. Also known as a "loan commitment." |
| Conventional Loan | A home loan that is not insured or guaranteed by the federal government. Contrast with government loan. Can be for conforming or non-conforming loan amounts. |
| Down Payment | The part of the purchase price of a property that the buyer pays in cash and does not finance with a home loan. |
| Earnest Money Deposit (Earnest Money) | A deposit made by the potential home buyer to show that he or she is serious about buying the house. |
| Fair Market Value | The price that a buyer, willing but not compelled to buy, and a seller, willing but not compelled to sell, would agree on. |
| Federal Housing Administration (FHA) | An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and loan underwriting but does not lend money or plan or construct housing. |
| FHA Home Loan | A mortgage home loan that is insured by the Federal Housing Administration (FHA). Also known as a government loan. |
| Homeowner's Insurance (Hazard Insurance) | Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards. The policy typically combines personal liability insurance and property hazard insurance coverage for a dwelling and its contents. See also homeowner's insurance. |
| Home Inspection | A thorough inspection that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. Contrast with appraisal. |
| Homeowner's Warranty (HOW) | A type of insurance that covers repairs to specified parts of a house for a specific period of time. It may be provided by the builder or property seller as a condition of the sale but homeowners can also purchase it. |
| HUD-1 Settlement Statement | A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD). The HUD-1 statement is also known as the "closing statement" or "settlement sheet." |
| Mortgage | A legal document that pledges a property to the lender as security for payment of a debt. |
| Mortgage Broker | An individual or company that brings borrowers and lenders together for the purpose of loan origination. Mortgage brokers typically require a fee or a commission for their services. |
| Mortgage Lender | A mortgage lender is an investor that lends money secured by a mortgage on real estate. |
| Pre-Approval | A lender's conditional agreement to lend a specific amount on specific terms to a homebuyer. (subject to satisfactory appraisal and no change in financial condition). You can shop with assurance, because you'll know up-front how large a loan you could qualify for. |
| Pre-Qualification | A preliminary analysis of a borrower's ability to afford the purchase of a home. An affordability analysis takes into consideration factors such as income, liabilities, and available funds, along with the type of home loan, the likely taxes and insurance for the home, and the estimated closing costs. |
| Primary Residence | The place someone lives most of the time. |
| Principal, Interest, Taxes, and Insurance (PITI) | Four potential components of a monthly mortgage payment. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that may be paid into an escrow account each month for property taxes and mortgage and hazard insurance. |
| Private Mortgage Insurance (PMI) | Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require PMI for a loan with a loan-to-value (LTV) percentage in excess of 80 %. |
| Real Estate Agent | A person who is normally licensed by the state and who, for a commission or a fee, assists in negotiating a real estate transaction. |
| REALTOR® | A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the NATIONAL ASSOCIATION OF REALTORS®. |
Additional Real Estate Terms can be found at http://www.johncobbmiddlega.com.z57preview.com/glossary.shtml
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Having Fun at Stone/Snow Mountain - 2 Hrs North of Warner Robins GA
Kamron and I went for snow day Stone Mountain last week and it was quite the adventure from start to finish. The 2 hour car ride up was somewhat uneventful with only a couple small fights between Mickey, Minney, and Kamron. We had to separate Minnie and Mickey, and let Mickey ride up front with me. Once we arrived at Snow Mountain we played in the snow area until our sledding time started. We had 2 hours allotted for our downhill tubing. After our 7th or 8th time down the hill we had to call it quits after the person at the top "accidentally" spun me around and gave me a solid kick down the hill backwards. All in all the tubing was great, but I figured we'd better stop before we overdid it and someone got hurt. After the tubing we had something to eat and watched the 20 minute 4D preview of Journey to the Center of the Earth, which was great. The dinosaur really scared Kamron but I was brave until soemthing felt like it was grabbing my leg. I had to watch part of the movie with my feet off the floor. We had to hurry/run to the sky lift because the last ride of the day started at 5 p.m. When we got to the top of Stone Mountain they told us to make sure we were back on board at 5:30 because it was the last trip of the day. I guess if you miss the ride back down then you have to walk down and that is about a 3 mile hike. We managed to find the car before dark and starting heading back to Warner Robins. Here is a link to more information on Stone/Snow Mountain http://www.snowmountainpark.com/

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Brand New Tools Added for Homebuyers in Warner Robins GA
Good News for anyone searching for a Home in Warner Robins: My Website just went fully IDX with many new updated tools for anyone looking for property or homes for sale in Warner Robins GA. Here are a few links to try my new updated web page and homebuyer resources!
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Warner Robins Georgia - Things To Do in Warner Robins GA
Here is an updated list of things to do in Warner Robins Georgia, job information, local weather, community information, open houses, hotel, hospitals, golf courses, local schools, colleges, and information about Robins AFB. I will be updating these items and including links on a ongoing basis. Any questions feel free to ask.
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"I'm bored", "There isn't anything to do". Sound familiar?
When my children tell me they are bored, I look at them puzzled and say, "How?"
When I was a kid the only time I was ever bored was when I got into the back seat of the family car on a Sunday afternoon and took a "Sunday drive" with my parents . I much rather had been at home playing with my friends in the vacant wooded lot next door to my house on Sherry Lane that we called, "the woods".
The woods was a magical place; it was where great things happened. We built tree forts in large, majestic oak trees. They had kitchens, living rooms and escalators (which was actually pieces of 2 x 4 wood nailed to the tree).
My best friends were Tammie, Cathy and Sissy. Tammie, Sissy and I were tomboys. Cathy instilled some girlish traits into us by making us play with Barbie dolls. Cathy's mom made alot of her Barbie doll clothes and the clothes hung on these special miniature pink clothes hangars.
But when I got tired of playing Barbies, I hopped onto my blue bicycle with the banana seat and rode to the woods for a fun game of "Crash-Bang-Smash-em-up".
This game started with two people on their bicylces, each at the top of a hill opposite from each other and on the count of "1-2-3-Go" would ride their bikes as hard and as fast as they could toward a head-on collision course with the other. This would result in a crash and bang and if we were lucky a smash to your opponents bike and a few bruises to our shin bones. Luckily we never broke a limb (or at least from playing that game).
All of the kids in our neighborhood had rectangular trampolines. They weren't just for jumping and turning flips. They made great wrestling mats. We imitated wrestling legends like Mr. Wrestling No. 1 and Dusty Rhodes and had tag team matches against the Assassins and Abdullah the Butcher. Fortunately none of us could get the "sleeper hold" maneuver correct.
Childhood is where experience is made. Watching "Scooby Doo" cartoons on Saturday mornings is how I learned to be a Private Investigator when I grew up. And decorating and re-decorating my playhouse that my dad built me is what fueled my passion for becoming an Interior Decorator. But I'm sure I worried my parents with my great aspirations of wanting to become a wrestler or a race car driver.
Once I found two frogs attached to each other. Excitedly, I brought them into my mom exclaiming that it was a "grandpa riding his grandson on his back" and that we needed to call The Daily Sun and have them come out and take a picture of it for the newspaper. She just smiled and assured me that the two frogs probably didn't want to be bothered.
Playing games of Leap Frog, Tag and Hide-n-Seek on sunny days and chasing and catching lightning bugs on warm summer evenings; riding bikes through water puddles on rainy days and catching raindrops in my mouth; running in between freshly laundered sheets hanging on the clothes line and making mud pies in aluminum tins are just a few of the many memories from my childhood that I want to make with my children today.
Donna Hunter Glenn is a weekly columnist for the Houston Home Journal and Warner Robins Times Newspapers and is the principal decorator and owner of Addressing Rooms Interior Decorating and Home Staging in Warner Robins, GA.
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