Closing The conclusion of the loan transaction. This includes delivery of a deed, financial adjustments, the signing of closing documents and the disbursement of funds necessary to finalize the sale or loan transaction.
Closing Costs Money paid by the borrower or the seller for various services provided in connection with the closing of a mortgage loan. This generally involves an appraisal, title insurance, closing fee, credit report fee, tax service fee, underwriting fee, settlement fee, flood certification fee, recording fees, courier fee and final inspection fee.
Closing Documents The documents which are signed at closing. These include: the Deed of Trust with attachments, Promissory Note, Truth-in-Lending Disclosing, and other documents related to the transaction.
Mortgage A legal instrument that secures lien against the real property, given as security for the payment of a debt.
Earnest Deposit A portion of the down payment delivered to the seller by the purchaser of real estate with a purchase offer as evidence of good faith.
Easement A right given to a third party to use a portion of property for certain purposes, such as power lines or water mains.
Elevation The exterior facade of a home, including the materials (like brick or stone) used on that face. At Ronning Homes, you get to choose from three to five different elevations, or architectural styles, in addition to a selection of colors for each of our plans. So the house you buy will look like your house, and not like the one next door.
Framing The construction of the skeleton structure, or framework, of a house.
Floor Plan An architectural drawing showing the overall layout of a home. At Ronning Homes, most of our communities offer several plans from which to choose: ranch, split foyer, multi-level, etc.
Home Site Each new community is divided into individual lots, or home sites. In Ronning Homes’ communities, a home buyer gets to choose their home site and the floor plan that suits them best. Some restrictions such as home site availability, timing or suitability of some lots for specific floor plans apply. There are also some restrictions to ensure the streetscape of the neighborhood; this ensures that your home is not like your neighbor’s!
Included Features Included features included in the base price of your new home. Examples include specific types of appliances, flooring, windows, etc.
Lot Premium A premium paid by the buyer for a special, unique home site that may be either larger or in a more desirable location.
Mortgage Insurance Insurance which protects the lender against loss that could result from a mortgage default.
Option All Ronning homes come with many included features and buyers are able to select colors for many of these features. In addition, Ronning homebuyers are able to personalize their home to fit their unique lifestyle by purchasing additional options such as appliances, designer finishes on cabinets, countertops and floors, fireplaces and a variety of other choices.
Phase A group of home sites within a community. At Ronning, we sell the lots within the current phase before moving on to the next phase of the community. The benefit to the homebuyer is that in most cases construction activity is focused in one small area at a time. So when you move in to your new home, most of the construction for neighboring homes will already be complete.
Title Company The company that researches the title of the property and guarantees that the research is correct.
Underwriting The process of analyzing the loan application and supporting information to decide whether the loan is acceptable and at what terms. Underwriting generally takes place immediately prior to closing.
