- abstract
of title
- The
history of a piece of real estate that is formulated
through public record, listing transfers of ownership
and any property claims.
- acceleration
clause
- Any
provision in a mortgage document noting that if
a payment is missed, or any other provision is violated,
the entire debt immediately becomes due.
- acknowledgment
- The
signing of a document in front of a public official.
- acre
- The
amount of land equal to 43,560 square feet.
- adjustable-rate
mortgage (ARM)
- A
mortgage or loan whose interest rate changes periodically
to keep pace with changes in a specific index.
- adjusted
basis
- The
initial cost of a property, along with the value
of any improvements, minus any claimed depreciation.
The adjusted sale price of the property minus commissions,
legal fees and any additional costs of selling.
- adjusted
date
- The
date when the interest rate changes for an adjustable-rate
mortgage (ARM).
- adjustment
period
- The
period that elapses between the adjustment dates
for an adjustable-rate mortgage (ARM).
- agreement
of sale
- The
written contract outlining the terms under which
the buyer agrees to purchase and the seller agrees
to sell a piece of property.
-
- amortization
- The
repayment of a debt by regular installments that
covers both principal and interest.
-
- amortization
term
- The
amount of time required to amortize the mortgage
loan, which is normally expressed as a number of
months. For a 30-year fixed-rate mortgage, the amortization
term is 360 months, while a 15-year fixed-rate mortgage
carries an amortization term of 180 months.
- annual
percentage rate (APR)
- The
cost of a mortgage stated as a yearly rate, which
includes such items as interest, mortgage insurance,
and loan origination fee (points).
-
- appraisal
- A
written analysis of the estimated value of a property
that is prepared by a professional appraiser.
-
- appraiser
- A
person qualified through education, training, and
experience to estimate the value of real and personal
property.
-
- appreciation
- An
increase in the value of a property due to changes
in market conditions or other causes. The opposite
of depreciation.
-
- assessed
valuation
- The
value placed on a property for the purpose of levying
property taxes, which is not necessarily identical
to the appraised value or market value.
-
-
- 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).
-
- assignment
- The
transfer of a contract or mortgage from one person
to another.
-
- assumable
mortgage
- A
mortgage or loan that can be transferred to the
next owner of the property.
-
- assumption
- The
takeover of the seller's existing mortgage or loan
to the buyer.
-
- 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.
-
-
- assumption
fee
- The
fee paid to a lender (usually by the purchaser of
real property) resulting from the assumption of
an existing mortgage or loan.
-
- automatic
renewal clause
- A
clause that allows a contact to be renewed indefinitely
unless it is canceled by the owner of the property.
YOUR
FRIENDLY COLORADO MORTGAGE BROKER SINCE 1977
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