- Adjustable Rate Mortgage
- A loan whose Interest Rate is adjusted to financial market
- Adjustment Interval
- The period of time between changes in the interest rate for an
adjustable-rate mortgage. Typical adjustment intervals are one,
three, and five years.
- 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, etc.
Man-made amenities include swimming pools, tennis courts, community
buildings, and other recreational facilities.
- A payment plan by which a loan is reduced through monthly payments
of principal and interest.
- Annual Percentage Rate
- Annual cost of credit over the life of the loan, including interest,
service charges, points, loan fees, mortgage insurance, and other items.
Disclosure of APR is required by the Truth-in-Lending Law.
- A form to be completed by a home loan applicant with the lender's
assistance to provide pertinent information about a prospective
borrower's employment, income, assets, debts and other financial
information, about the purpose of the home loan, and about the property
securing the home loan. Lenders also sometimes call it a 1003-the
form number of Fannie Mae's standard loan application.
- An evaluation to determine the current market price of a property.
- The increase in the value of the property due to changes in market
conditions or other causes. Inflation, increased demand, home
improvement, and sweat equity are all causes of appreciation. The
opposite of depreciation.
- A tax levied on a property, or a value placed on the worth of a
property by a taxing authority. May also refer to the amount due
to a local government or to common owners of a property (e.g., a
homeowner's association) for a special payment to cover expenses of
improvements or maintenance, such as new sewers or roads.
- 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).
- The method of transferring a right or contract, such as the terms of
a loan, from one person to another.
- Allows a buyer to assume responsibility for an existing loan instead
of getting a new loan. The lender usually charges the buyer a fee
to start collecting the payment from the buyer instead of the original
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