{"id":9406,"date":"2017-02-22T21:44:55","date_gmt":"2017-02-23T05:44:55","guid":{"rendered":"http:\/\/www.simplicity-homes.com\/?p=9406"},"modified":"2020-12-28T11:00:28","modified_gmt":"2020-12-28T19:00:28","slug":"terms-every-homebuyer-know","status":"publish","type":"post","link":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/","title":{"rendered":"Terms Every Homebuyer Should Know"},"content":{"rendered":"

I\"Terms<\/a>t\u2019s the ideal time to begin the process of building your\u00a0brand new Simplicity home. But before you get started down this important path to becoming a new homeowner, it\u2019s important that you understand the lingo – which is different than when purchasing a home via a standard Real Estate transaction. By familiarizing yourself with terms associated with the homebuying process, you\u2019ll have a better understanding of the process and what to expect and won\u2019t be caught off guard as you navigate the process.<\/p>\n

Getting Pre-Approved<\/strong>
\nThe most challenging part of buying a home can be seeking out and acquiring a mortgage. When building a new home, the process is more complex than with a traditional mortgage. You may own your land outright, need to leverage the equity in the land to build your home, or buy the land and home with an all-in-one construction loan. One of the first things to do in this process is lender pre-approval.\u00a0 You can do this with a lender of your choice.\u00a0When working with a\u00a0mortgage lender during this initial process, you will find out how much home you can afford to buy prior to ever starting to research home plans and options. This process contains no obligation to the lender or you as the home buyer. Completing this desired first step helps ensure that you are qualified to build your new home and will say to your home builder that you are serious about moving forward, allowing them to best help you build the home of your dreams.<\/p>\n

Appraisal<\/strong>
\nAn appraisal is the process by which the value of the home is determined. This process is done by a qualified and certified appraiser. The process is important for you to know the value of your home but also required by the lender to verify the purchase price is equal to or less than the property value.<\/p>\n

Down Payment<\/strong>
\nA down payment is the amount of cash that is applied towards the purchase of your new home at the time of closing.\u00a0 When building a new home, a cash down payment is typically required.\u00a0 However, down payment amounts vary depending on the type of loan being secured.\u00a0 At Simplicity, we build homes on rural land that qualify for special low-down-payment construction loans, special loans for Veterans, and many others. It\u2019s important that you discuss your individual needs with a qualified construction loan lender.<\/p>\n

Closing<\/strong>
\nFinally, closing \u2013 the day that every new homebuyer waits for! During closing, all documents and contracts related to your purchase will be reviewed, funds will be exchanged, and the title and deed of your new home will be signed over to you. Congratulations \u2013 you\u2019re a new homeowner!<\/p>\n

\n

Education throughout the building process.<\/strong><\/p>\n

When building a new home, the process is significantly different than when buying a home via a typical Real Estate transaction. Simplicity team members guide you through the process from start to finish, ensuring a smooth construction process. Check out our home plans here<\/strong><\/a> and start dreaming about your new home today!<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s the ideal time to begin the process of building your\u00a0brand new Simplicity home. But before you get started down this important path to becoming a new homeowner,…<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29,34,27,33,28],"tags":[],"class_list":["post-9406","post","type-post","status-publish","format-standard","hentry","category-financing","category-home-building-tips","category-land","category-moving","category-turn-key-solution"],"acf":[],"yoast_head":"\nTerms Every Homebuyer Should Know - Simplicity Homes Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terms Every Homebuyer Should Know - Simplicity Homes Blog\" \/>\n<meta property=\"og:description\" content=\"It\u2019s the ideal time to begin the process of building your\u00a0brand new Simplicity home. But before you get started down this important path to becoming a new homeowner,...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/\" \/>\n<meta property=\"og:site_name\" content=\"Simplicity Homes Blog\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-23T05:44:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-28T19:00:28+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/\",\"url\":\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/\",\"name\":\"Terms Every Homebuyer Should Know - Simplicity Homes Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.simplicity-homes.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/s3-us-west-2.amazonaws.com\/hayden-homes.com.wordpress.or\/wp-content\/uploads\/2017\/02\/Service-a-Loan-Made-Easy-300x94.jpg\",\"datePublished\":\"2017-02-23T05:44:55+00:00\",\"dateModified\":\"2020-12-28T19:00:28+00:00\",\"author\":{\"@id\":\"\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#primaryimage\",\"url\":\"https:\/\/s3-us-west-2.amazonaws.com\/hayden-homes.com.wordpress.or\/wp-content\/uploads\/2017\/02\/Service-a-Loan-Made-Easy-300x94.jpg\",\"contentUrl\":\"https:\/\/s3-us-west-2.amazonaws.com\/hayden-homes.com.wordpress.or\/wp-content\/uploads\/2017\/02\/Service-a-Loan-Made-Easy-300x94.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.simplicity-homes.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Terms Every Homebuyer Should Know\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.simplicity-homes.com\/blog\/#website\",\"url\":\"https:\/\/www.simplicity-homes.com\/blog\/\",\"name\":\"Simplicity Homes Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.simplicity-homes.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"\",\"url\":\"https:\/\/www.simplicity-homes.com\/blog\/author\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Terms Every Homebuyer Should Know - Simplicity Homes Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/","og_locale":"en_US","og_type":"article","og_title":"Terms Every Homebuyer Should Know - Simplicity Homes Blog","og_description":"It\u2019s the ideal time to begin the process of building your\u00a0brand new Simplicity home. But before you get started down this important path to becoming a new homeowner,...","og_url":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/","og_site_name":"Simplicity Homes Blog","article_published_time":"2017-02-23T05:44:55+00:00","article_modified_time":"2020-12-28T19:00:28+00:00","twitter_card":"summary_large_image","twitter_misc":{"Written by":"","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/","url":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/","name":"Terms Every Homebuyer Should Know - Simplicity Homes Blog","isPartOf":{"@id":"https:\/\/www.simplicity-homes.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#primaryimage"},"image":{"@id":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#primaryimage"},"thumbnailUrl":"https:\/\/s3-us-west-2.amazonaws.com\/hayden-homes.com.wordpress.or\/wp-content\/uploads\/2017\/02\/Service-a-Loan-Made-Easy-300x94.jpg","datePublished":"2017-02-23T05:44:55+00:00","dateModified":"2020-12-28T19:00:28+00:00","author":{"@id":""},"breadcrumb":{"@id":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#primaryimage","url":"https:\/\/s3-us-west-2.amazonaws.com\/hayden-homes.com.wordpress.or\/wp-content\/uploads\/2017\/02\/Service-a-Loan-Made-Easy-300x94.jpg","contentUrl":"https:\/\/s3-us-west-2.amazonaws.com\/hayden-homes.com.wordpress.or\/wp-content\/uploads\/2017\/02\/Service-a-Loan-Made-Easy-300x94.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.simplicity-homes.com\/blog\/2017\/02\/22\/terms-every-homebuyer-know\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.simplicity-homes.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Terms Every Homebuyer Should Know"}]},{"@type":"WebSite","@id":"https:\/\/www.simplicity-homes.com\/blog\/#website","url":"https:\/\/www.simplicity-homes.com\/blog\/","name":"Simplicity Homes Blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.simplicity-homes.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"","url":"https:\/\/www.simplicity-homes.com\/blog\/author\/"}]}},"fimg_url":false,"_links":{"self":[{"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/posts\/9406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/comments?post=9406"}],"version-history":[{"count":3,"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/posts\/9406\/revisions"}],"predecessor-version":[{"id":19493,"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/posts\/9406\/revisions\/19493"}],"wp:attachment":[{"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/media?parent=9406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/categories?post=9406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.simplicity-homes.com\/blog\/wp-json\/wp\/v2\/tags?post=9406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}