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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