Resources and Programs

An appraisal is the valuation of a property conducted by a certified professional. In general, an appraisal compares the current market value of the property you’d like to buy with other properties nearby that have recently been sold. This process is necessary in order to validate the property’s listed market value.

These are the fees and charges that both the buyer and the seller of a property owe at the closing of a real estate transaction. As the one purchasing the home, your closing costs will usually include, but aren't limited to the following:

• Origination fee
  
• Discount point/s
• Appraisal fee
• Credit report
• Recording fees

An APR is the cost of your mortgage credit calculated as a yearly rate. Your Annual Percentage Rate is usually higher than your interest rate because it covers your interest rate with the addition of certain fees, such as lender and mortgage broker fees, based on the specific conditions of your loan. While APR allows homebuyers to compare different mortgages based on the annual cost for each loan, be aware that different lenders may have different ways of calculating their APR.

These are short-term loans that cover only the costs of custom home building. It is different and separate from a mortgage, and is considered specialty financing. Once the home is built, the prospective occupant must apply for a mortgage to pay for the completed home.