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Acceleration clause -
A clause that states that the entire debt is due immediately upon default
of the contract on a mortgage or trust deed.
Adjustable
Rate Mortgage (ARM) -
Mortgage with an adjustable interest rate. The interest rate is adjusted
periodically based on an index. See also Variable Rate Mortgage.
Adjustment date -
The date the interest rate changes on an ARM
. Adjustment Interval -
The time between changes of the interest rate in an ARM . The most common
intervals are one, three or five years.
Amortization -
Loan payment by equal periodic payment figured to pay off debt at
the end of a fixed period, including accrued interest on the outstanding
balance.
Annual percentage rate (A.P.R.) -
Interest rate regarding the cost of a mortgage as a yearly rate. Rate is
usually higher than stated rates because APR includes points and other add
on loan fees or cost's.
Appraisal -
Estimated value of property. Must be made by qualified appraiser.
Assessment -
Used for taxation purposes according to the properties value.
Assumable Loan -
These loans may be passed on from a seller of a home to the buyer. The
buyer "assumes" all outstanding payments.
Assumption -
To assume the responsibility and outstanding debt of an existing mortgage.
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