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| Appraiser
- A person qualified by education, training, and experience to estimate the value of real property and personal property. |
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| Appreciation
- An increase in the value of a property due to changes in market conditions and other causes. The opposite of depreciation. |
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| 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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| ARM
- An ARM (adjustable rate mortgage) is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally, these changes are determined by a margin and an index so that the interest rate changes, up or down, are based on market conditions at the time of the change. Most often these interest rate changes are limited by a rate change cap and a lifetime cap. If you apply for an adjustable rate mortgage, the lender is required to provide you with an ARM Program Disclosure which spells out the terms of the loan. |
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| Assessed Value
- The valuation placed on property by a public tax assessor for purposes of taxation. |
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| Assessment
- The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a sewer assessment. |
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| Assessment Rolls
- The public record of taxable property. |
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| Assessor
- A public official who establishes the value of a property for taxation purposes. |
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| Asset
- Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds and so on). |
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| Assignment
- The transfer of a mortgage from one person to another. |
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| Assumable Mortgage
- A loan that does not have to be paid in full if the home is sold. Instead, the new owner can take over payments on the existing loan and pay the seller the difference between the sales price and the balance on the loan. |
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| Assumption
- The transfer of the seller's existing mortgage to the buyer. |
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| Assumption Clause
- A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property. |
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| Assumption Fee
- The fee paid to a lender (usually by the purchaser of real property) resulting from the assumption of an existing mortgage. |
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| Attorney Opinion
- Commonly referred to as a "title opinion". This fee is related to the title insurance required by the lender. It is a document issued by an attorney listing any liens or encumbrances that could affect the property that are a matter of public record. For our comparison purposes, the attorney opinion fee is considered to be a third party fee and may be included in the title insurance or closing fee by some lenders. |
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