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- Abstract of Title:
A written history of ownership of a parcel of land.
- Acceleration:
The right of the lender to demand the immediate repayment of the loan balance
upon the default of the borrower.
- Acknowledgment:
A formal declaration made before an authorized official, by the person who has
signed a document, that such execution is his/her own act and deed.
- Addendum:
A document added to a contract, agreement, or another document.
- Adjustable Period:
The length of time between interest rate changes on an ARM.
- Adjustable Rate Mortgage (ARM):
A mortgage in which the interest rate is changes periodically based on an index.
Also called a variable rate mortgage.
- Adjustment Interval:
For an adjustable rate mortgage, the time (one, three or five years) between
changes in the interest rate or monthly payment.
- Adjustment Period Cap:
The amount that the interest rate is allowed to increase or decrease at the time
of adjustment of an ARM.
- Affidavit:
A sworn statement in writing, made before an authorized official.
- Agent:
A person with a real estate license who works acts on behalf of another for a
fee.
- American Land Title Association (A.L.T.A.):
This is a national association of title companies, attorneys and abstractors.
- Amortization:
Regular scheduled repayment of a loan in equal installments of principle and
interest.
- Amortization Schedule:
A table showing the amounts of principal and interest due and the unpaid mortgage
balance after each payment.
- Annual Percentage Rate (APR):
The interest rate, which reflects the total finance charges of a mortgage as
a yearly rate.
- Application:
The form used to record pertinent information concerning the borrower's ability
to repay the loan.
- Application Fee:
Fee charged by the lender to the borrower for making loan application.
- Appraisal:
A written report by a qualified person that estimates a property's value based
on recent sales information of similar properties.
- Appreciation:
Increase in value of a property.
- As-is:
Value of a property based on its current condition.
- Assessments:
Specific and special taxes imposed on real property to pay for public improvements
within a specific geographic area.
- Assumable Loan:
A loan wherein the buyer "assumes" all outstanding payments.
- Assumption of Mortgage:
A buyer's agreement to assume the liability under an existing note that is secured
by a mortgage.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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