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Assumption Fee

2022-01-13T23:33:23-05:00January 13, 2022||

The fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.

Assumption

2022-01-13T23:33:06-05:00January 13, 2022||

The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money by acquiring an existing mortgage debt, [...]

Assumable Mortgage

2022-01-13T23:32:45-05:00January 13, 2022||

An assumable mortgage can be transferred from the seller to the new buyer. Generally requires a credit review of the new borrower and lenders may charge a fee for the assumption. If a mortgage contains [...]

Assignment

2022-01-13T23:32:26-05:00January 13, 2022||

The transfer of a contractual interest or obligation from one person to another such as, but not limited to, a transfer of a mortgage obligation. Assignment is a legal term used to transfer interest from [...]

Assessment

2022-01-13T23:32:14-05:00January 13, 2022||

A local tax levied against a property for a specific community purpose, such as a sewer or streetlights.

Arbitration

2022-01-13T23:32:00-05:00January 13, 2022||

The term used to describe a form of dispute resolution that occurs outside of the court system, usually by private agreement between parties. Basically, arbitration is a dispute resolution system where the parties submit arguments [...]

Annual Percentage Rate (APR)

2022-01-13T23:31:34-05:00January 13, 2022||

The annual cost of a mortgage, including interest, loan fees and other costs, stated as a percentage of the loan amount.

Amortization Term

2022-01-13T23:31:19-05:00January 13, 2022||

The length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30-year fixed-rate mortgage.

Amortization

2022-01-13T23:31:05-05:00January 13, 2022||

The gradual repayment of a mortgage through monthly (e.g. installment) payments. In the early years of a mortgage, most of the monthly payment goes toward interest. Later in the mortgage, more of the payment goes [...]

Affordability Analysis

2022-01-13T23:30:07-05:00January 13, 2022||

An analysis of a buyers’ ability to afford the purchase of a home. Reviews income, liabilities and available funds. Considers the type of mortgage you plan to use, the area where you want to purchase [...]

Adjustment Period

2022-01-13T23:29:41-05:00January 13, 2022||

The period elapsing between adjustment dates for an adjustable-rate mortgage.

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