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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Abstract of title A summary of recorded transactions concerning a particular property
Acceleration Clause Provision in a mortgage that allows the lender to demand payment of the entire principal balance if a monthly payment is missed or some other default occurs.
Accrued Interest Interest earned but not yet paid
Additional Principal Payment A way to reduce the remaining balance on the loan by paying more than the scheduled principal amount due.
Adjustable Rate An interest rate that adjusts periodically according to an index
Adjustable-Rate Mortgage (ARM) A mortgage with an interest rate that changes during the life of the loan according to movements in an index rate. Sometimes called AMLs (adjustable mortgage loans) or VRMs (variable-rate mortgages).
Adjusted Basis The cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation taken.
Adjustment Date The date that the interest rate changes on an adjustable-rate mortgage (ARM).
Adjustment Period The period elapsing between adjustment dates for an adjustable-rate mortgage (ARM).
Affordability Analysis An analysis of a buyers ability to afford the purchase of a home. Reviews income, liabilities, and available funds, and considers the type of mortgage you plan to use, the area where you want to purchase a home, and the closing costs that are likely.

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