Real Estate Term Definitions:
Add-On Rate : Adjustable Rate Mortgage : Adjustments : Agent :
Amortization : Appraisal : Asking Price : Assessor :
Assumption of Mortgage Defined

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Mortgage & Home Buyer's Glossary: A

 
Add-on Rate
A type of loan repayment plan arranged to divide the principal into equal installments. Interest is added-on to the principal resulting in high initial monthly payments, that, over time, are reduced as the principal balance is reduced.
Adjustable Rate Mortgage
A mortgage in which the interest and payment rates vary periodically, based on a specific index, such as a 30 year Treasury bill or the Cost-of-Funds index.
 
Adjustments
Money credited to either/both buyer and seller at closing, including real estate taxes, price adjustments based on disclosures in the inspection, etc.
Agent
A licensed person who represents the seller (and/or buyer) and who provides market assessment, sales or buying strategy, recommends various services and sources important to the seller or buyer.
Amortization
A method by which mortgage payments are equalized over the life of the loan despite the fact that the proportion of principal to interest changes.
Appraisal
Professional and unbiased written opinion of property's value based on recent, comparable sales, quality of construction and current condition, and style of architecture.
Asking Price
The price at which the property has been placed on the market for sale.
Assessor
A municipal or county official who determines the value of properties for the purpose of taxation.
Assumption of Mortgage
The buyer assumes liability for an existing mortgage held by the seller, subject to approval by the lender.


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Long and Foster Real Estate
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Prince Frederick, MD 20678
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