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| Affordability Analysis
- A detailed analysis of your ability to afford the purchase of a home. An affordability analysis takes into consideration your income, liabilities, and available funds, along with the type of mortgage you plan to use, the area where you want to purchase a home and the closing costs that you might expect to pay. |
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| Amenity
- A feature of real property that enhances its attractiveness and increases the occupant's or user's satisfaction although the feature is not essential to the property's use. Natural amenities include a pleasant or desirable location near water, scenic views of the surrounding area, etc. Man-made amenities include swimming pools, tennis courts, community buildings and other recreational facilities. |
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| Amortization
- A loan repayment plan, which enables the borrower to reduce his debt gradually through monthly payments of principal and interest. |
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| Amortization Schedule
- A timetable for payment of a mortgage loan. An amortization schedule shows the amount of each payment applied to interest and principals and shows the remaining balance after each payment is made. |
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| Amortization Term
- The amount of time required to amortize the mortgage loan. The amortization is expressed as a number of months. For example, for a 30 year fixed rate mortgage, the amortization term is 360 months. |
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| Amortize
- To repay a mortgage with regular payments that cover both principal and interest. |
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| Annual Fee
- The annual fee for a line of credit is due at the beginning of the first anniversary of the credit line and every year thereafter. |
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| Annual Mortgagor Statement
- A report sent to the mortgagor each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year. |
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| Annual Percentage Rate (APR)
- To make it easier for consumers to compare mortgage loan interest rates, the federal government developed a standard format called an "Annual Percentage Rate" or APR to provide an effective interest rate for comparison shopping purposes. Some of the costs that you pay at closing are factored into the APR for ease of comparison. Your actual monthly payments are based on the periodic interest rate, not the APR. |
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| Annuity
- A specified income paid yearly or at other regular intervals, often on a guaranteed dollar basis. |
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| Application
- The process of applying for a mortgage. The term "application" generally refers to a form that is used to collect financial information from a borrower by a lender. |
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| Application Fee
- Funds required by a lender in advance of processing a loan request. Generally a fee is collected to cover the costs of an appraisal and credit report and may or may not be refundable. |
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| Appraisal
- An analysis performed by a qualified individual to determine the estimated value of a home. |
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| Appraisal Fee
- In order to verify that the value of your home supports the loan amount you request, an appraisal will be ordered by the lender. The appraisal is generally performed by a professional who is familiar with home values in the area and may or may not require an interior inspection of the home. The fee for the appraisal is commonly passed on to the borrower by the lender. For our comparison purposes, the appraisal fee is a third party fee. |
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| Appraised Value
- An opinion of a property's fair market value, based on an appraiser's knowledge, experience and analysis of the property. |
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