Building a new home is probably one of the most important decisions you will ever make. We encourage you to use members of the Home Builders Association because they subscribe to a high code of ethics.

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If you're in the market for a new home, you should shop for your builder as carefully as you shop for your home. Whether you are buying a condo, a townhouse, a house in a subdivision, or a custom built house, you want to know that you are buying a good quality home from a reputable builder. Here are a couple of tips to help you choose a builder.

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So you've just moved into your brand new home. You shopped around and did a lot of research to find the home that was just right for you. You signed a big pile of documents at closing, the moving trucks have left, all the boxes are unpacked, and all your belongings are in their proper places. What should you do now?

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A mortgage is a long-term loan that uses real estate as collateral. A mortgage loan is commonly used for buying a home. Mortgage loans are usually fully amortizing, which means that the monthly principal and interest payment will pay off the loan in the number of payments stipulated on the note. Mortgage loans are also described by the length of time for repayment, such as 15 or 30 years, and whether the interest rate is fixed or adjustable. A mortgage loan where the downpayment is less than 20% usually requires private mortgage insurance (PMI) or government insurance or guarantee.

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Here’s an unsavory recipe: Combine population growth with politics and property tax caps. What do you get? Impact fees.

The term covers a grab bag of assorted fees for water, sewer, roads, schools, etc., assessed to builders and developers when they apply for permits. Home builders have no choice but to pass them along to their customers—home buyers.

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ARM? GPM? PITI? You’d have to be a cryptologist to figure out some of the terms buyers encounter during the home buying process. Doing research on how to buy a housebefore beginning the process can greatly improve your experience and prepare you for the exciting course ahead. And with this glossary of home buying terms at your side, you can rest easy that your new home won’t get lost in translation.

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