BuyNewBuyNow™ wants you to know all the facts about new home ownership to help you make an educated decision when it comes time to make the biggest purchase of you life. We are here to help you make your home more than just a house. Buy new and buy now. It's the smart thing to do for people looking for equity, appreciation and money saving tax deductions. While some naysayers point to a softening of the new home market, the reality is that there has never been a better time to buy a new home.

Learn more about why a new home is right for you, and about the home buying process.

• It's a Great Time To Buy New
  
  
• New Home F.A.Q.
  
  
• Term Glossary

Balloon Mortgage
A mortgage with a balloon payment.

Balloon Payment
The final payment on a loan, when that payment is greater than the preceding installment payments and pays the loan in full.

Basis Point
One one-hundredth of a percentage point. For example, if mortgage rates fall from 7.50% to 7.47%, then they've declined 3 basis points. A full percentage point is 100 basis points.

Bilateral Contract/Agreement
A contract in which each party promises to perform an act in exchange for the other party's promise to perform. The usual real estate contract is an example of a bilateral contract in which the buyer and seller exchange reciprocal promises respectively to buy and sell the property. If one party refuses to honor his or her promise and the other party is ready to perform, the nonperforming party is said to be in default.

Bill of Sale
A written agreement by which one person sells, assigns or transfers to another his or her right to, or interest in, personal property. A bill of sale is sometimes used by a seller of real estate to evidence the transfer of personal property, such as when the owner of a store sells the building and includes the store equipment and trade fixtures.

Blanket Loan
A mortgage covering more than one parcel of real estate, providing for each parcel's partial release from the mortgage lien upon repayment of a definite portion of the debt.

Blended Rate
An interest rate for a newly financed loan that is higher than the existing rate but lower than the current market rate.

Bridge Loan
A loan, normally short term, used by an owner to purchase real estate pending the sale of another property. Normally, the loan is repaid from the owner's equity if and when the previous property sells.

Broker
A state-licensed agent who, for a fee, acts for property owners in real estate transactions, within the scope of state law.

Builder Warranty
A guarantee on the quality of construction offered by the developer or building contractor.

Building Codes
Regulations established by local governments describing the minimum structural requirements for buildings; includes foundation, roofing, plumbing, electrical, and other specifications for safety and sanitation.

Building Line
A line fixed at a certain distance from the front and/or sides of a lot, beyond which the building may not project.

Buy Down
The action to pay additional discount points to a lender in exchange for a reduced rate of interest on a loan. The reduced rate may apply for all or a portion of the loan term. A loan that has been bought down by the seller of the property for the benefit of the buyer.