Glossary |
Terms that are on use on this site.
|
|
Search for entries: |
|
|
|
|
| A |
| Pages: 1 |
| Abstract (of title) | A written summary of the title history of a particular piece of real estate.
|
| | |
| Acceleration Clause | A provision of a mortgage or note which provides that the entire outstanding balance will become due and payable in the event of default. |
| | |
| Amortization | Repayment of loan by installment payments. As the payments are made, the debt is reduced so that at the end of fixed period or term, no money will be owed. |
| | |
| Application Fee | That part of the closing costs pre-paid to the lender at time of application to cover initial expenses. |
| | |
| Appraisal | A report made by a qualified person as to the value of a property as of a given date. |
| | |
| APR (Annual Percentage Rate) | The annual percentage rate refers to the total cost of the loan, expressed as a yearly rate. |
| | |
| ARM (Adjustable Rate Mortgage) | A mortgage in which the interest rate is adjusted periodically, based on the movement of a financial index. |
| | |
| Assessed Value | The value placed on a piece of real estate by the taxing authority for the purpose of taxation. Also called an assessment. |
| | |
| Assumption of Mortgage | The purchaser takes over mortgage payments for the balance of the loan, assuming primary liability. Unless specifically released by the lender, the seller remains secondarily liable. |
| | |
|
