mortgage :: essays research papers

Mortgage Terms                Adjustable-Rate Mortgage (ARM) A owe with matter to directs and periodic payments adjusted at regular intervals based on changes in either a national or regional index. also called "variable-rate mortgage." Amortization A loanword payment schedule characterized by refer periodic payments that are calculated to meet current bet payments and bang the principal at the end of a fixed period (at maturity date if the loan is fully amortized). Annual Percentage Rate (APR) The total each year cost of a mortgage stated as a voice of the loan amount includes such items as the base interest rate, clandestine mortgage insurance, and loan origination fee (points). Appraisal A scripted analysis of the estimated value of a property prepared by a qualified appraiser. ARM Margin The spread (or difference) between the index rate and the mortgage interest rate for an adjustable-rate mortgage. Balloon Mortgage A mortgage in which the debt service (the regular payments of principal and interest) will not essence in the complete payment of the loan by the end of the mortgage term. Cap A provision of an ARM limiting how much the interest rate or mortgage payments may increase or decrease. immediate payment Reserve A requirement of some lenders that buyers have sufficient immediate payment remaining after closing to make the first two monthly mortgage payments. Closing The completion of a real estate exertion that transfers rights of monomania to the buyer. Also called "settlement." Condominium A type of property ownership within a multi unit complex in which the foundationowner owns a unit and a proportionate interest in certain common areas, such as the grounds of the complex. Contingency A condition that must be met before a contract is legally binding. Conventional Mortgage A loan that is not insured or guaranteed by the federal government. realisation Re port A report from an independent agency that verifies a loan applicants information on previous debts and liabilities. Deed The legal document conveyance of title title to a property. Down Payment The part of the purchase worth which the buyer pays in cash and does not finance with a mortgage. dear(p) Money A deposit made by the potential home buyer to show that he or she is serious about get the house. Easement A right of way giving persons other than the owner access to or over a property. Equity A homeowners financial interest in a property. Equity is the difference between the uncontaminating market value of a property and the amount still owed on the mortgage.