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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Application An initial statement of personal and financial information. Once six essential items are submitted to the lender the application process begins. These items are 1. Borrower’s name. 2. The borrower’s monthly income. 3. The borrowers Social Security number. 4. The property address. 5. The estimated value of the property. 6. The loan amount.
Application Fee A fee charged by a lender to cover initial costs of processing a loan application. It often includes charges for the appraisal and the credit report.
Appraisal A written analysis prepared by a qualified appraiser and estimating the value of a property.
Appraisal Fee A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date.
Appraised Value An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.
ARM See Adjustable Rate Mortgage
ARM Assumability e ARM loans include a “assumability” feature that allows a qualified applicant to assume the loan. The assumability of an ARM loan might make a property attractive to a borrower who envisions selling their home at a later date. By incorporating an assumable mortgage product, they may be able to make their home more attractive to potential borrowers.
ARM Disclosure An additional disclosure specific to adjustable-rate mortgages that must be prepared and presented to the consumer within three business days of application whenever an adjustable –rate mortgage transaction is contemplated. (Home equity lines have their own unique disclosure.)
ARM Handbook The Consumer Handbook to Adjustable-Rate Mortgages aka the “CHARM Booklet” must be presented to the applicant within three days of application with the ARM disclosure.
Assessment A local tax levied against properties that have benefited from civil improvements such as road or sidewalk construction, a sewer, or streetlights.

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