A type of loan where the interest rate changes periodically up or down, usually once or twice a year

The process of reducing a loan in equal installments of principal and interest

An estimate of the fair market value of a land parcel and any improvements at a given point in time

The sum of finance charges (interest, loan fees, etc.) expressed as a percentage of the loan amount

Special taxes imposed on a property benefiting from local improvements such as street lighting or flood control

An incentive offered by a builder that allows you to lower your interest rate by putting up a certain amount of money

A Pardee Homes program designed to make purchasing a new home easier, more understandable and more satisfactory

The limit on an interest rate for an adjustable rate mortgage; applies to each adjustment or over the life of the mortgage

Your costs as a buyer such as points, mortgage insurance, homeowner’s insurance, prepayments for property taxes, etc. paid at the time of closing (Ask Pardee Home Loans whether you qualify for reduced closing costs!)

The day you do a dance of joy, jingling the keys to your new home; officially known as the date escrow closes and your deed and mortgage are recorded with the county

The financial disclosure statement that accounts for all of the funds received and expected at the close of escrow

A long fancy word for a special tax that varies by district; see Mello-Roos

A personal tour of your new home with a Pardee Construction Superintendent to ensure your selected options are installed correctly

A condition that must be met, such as selling your current home, before your contract to purchase a new home becomes binding

A provision that allows you to change an adjustable rate mortgage to a fixed rate, usually set at the prevalent interest rate and for an additional fee

A document with terms you agree to live by when owning a home in a neighborhood that has a Homeowner’s Association

The home-shopping equivalent of love-at-first-sight; many Pardee shoppers have reported the following symptoms: a pounding heart, racing pulse, big smile

A legal document that transfers real property from seller (Pardee Homes) to buyer (you)

The difference between the sale price and the loan amount, which must be paid in cash by the buyer

Money the buyer (you) gives the seller (Pardee Homes) to secure the Binder; these funds are later applied toward the purchase price of your home

An energy efficiency program Pardee Homes offers on select homes, elevating construction standards to provide the potential for tangible savings on monthly energy bills; see also LIVINGSMART®

The value of a property exceeding the amount owed on it

A procedure in which a third party acts as a stakeholder for both you and Pardee Homes carrying out closing instructions and assuming responsibility for paperwork and funds

An approximation supplied by the lender of all your closing costs

The buyer of a deed (That’s you!)

The seller of a deed (That’s us!)

An association formed by Pardee Homes and managed by homeowners like you for the purpose of maintaining the quality of your neighborhood

A room-by-room tour of your new Pardee home, during which we provide helpful product and warranty information and familiarize you with the working functions of your home

The express limited warranty that Pardee Homes provides concerning the construction of the home

A celebration of your new home with family and friends during which you exchange great food and beverages for household gifts

A special account held by the lender on your behalf, from which your property taxes and insurance will be paid

A written record of a property's condition, including the foundation, interior, roof, kitchen and baths, foundation, heating and air conditioning

A description of real property that usually refers to recorded maps, surveys and other public documents to designate the location of the property

A contemporary concept in homeownership developed by Pardee Homes, combining state-of-the-art features and options for your home that are environmentally sensitive and energy conscious while providing for healthy living; see also ENERGYSMART^TM

A benefit Pardee Home Loans may offer Pardee homebuyers, freezing the interest rate for their loan for a certain period of time

A legislative act in California that allows a Community Facilities District Assessment to ensure critical facilities like schools, roads and utilities are available to serve the first homeowners in a new area

A process whereby more belongings than you need are eagerly packed and transported to their new home; a Yard Sale may expedite this process

A lending fee (such as 1% of the loan amount) charged to offset the costs of evaluating, preparing and submitting a proposed mortgage loan

Anything you own (such as furniture, stocks, bonds, etc.) that is not land or permanent improvements affixed to the land

Principal, Interest, Taxes and Insurance; a quick way to reference your combined monthly house payment

A one-time charge assessed by the lender at closing for the cost of the loan; each point is equal to 1% of the loan amount

A written authorization allowing a selected individual to perform specified acts on your behalf

A report from the title company regarding the current condition of title on the property you intend to purchase

A fee imposed for paying off part or all of a loan before its maturity

A preliminary review of your finances by Pardee Home Loans as an important step in the purchase process with Pardee Homes

A type of insurance that is usually required by a lender if your Down Payment or Equity is less than 20% of the loan value; it insures the lender against loss if you were to default on your mortgage

Taxes you will pay based on the assessed value of your home for community services such as schools, public works, and other costs of local government (may be included with your monthly mortgage payment)

A written document confirming your decision to buy your new home and Pardee Homes’ decision to sell under stated terms and conditions

Filing documents, such as your new deed and mortgage, for record in the county recorder’s office

Fulfillment of your greatest desires and an assurance of lasting quality; the state-of-mind Pardee Homes hopes to provide all our buyers

A list of the money paid out and received by the buyer (you) and seller (Pardee Homes) at closing

Evidence of a person’s right to ownership in real property

Protection for you and your lenders against loss of interest in property in the event that there are legal defects in the Title

A statement that explains the terms of your loan

A temporary relocation of Personal Property to your front yard for the purpose of selling unused items before Moving to a new home