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A - B - C - D - E - F - G - H - I - J - L M - N - O - P - R - S - T - U - V - W
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Glossary “A - B”
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Site Map HOME :: ABOUT LOANS :: TO BE PREPARED :: THE HOME FOR YOU :: HOME LISTING SEARCH REAL ESTATE FIRST AID KIT :: CONTACT LYNN ROBERTSON CHECK TODAY’S INTEREST RATES :: GLOSSARY OF TERMS :: MOVING CHECKLIST
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A Acknowledgment: A formal declaration made before an authorized official (usually a notary public), by the person who has executed (signed) a document, that such execution is his/her own act and deed. In most instances documents must be acknowledged (notarized before it can be accepted for recording). Adjustable Rate Mortgage (ARM): A mortgage with an interest rate that changes over time in line with movements in the index. ARMs are also referred to as AMLs (adjustable mortgage loans) or VRMs (variable rate mortgages). Adjustable Period: The length of time between interest rate changes on an ARM. For example, a loan with adjustment period of one year is called a one-year ARM, which means that the interest rate can change once a year. Affidavit: A sworn statement in writing, made before an authorized official. A.L.T.A.: Abbreviation for the American Land Title Association. Amortization: Repayment of a loan in equal installments of principle and interest, rather than interest-only payments. Annual Percentage Rate (APR): The total finance charges (interest, loan fees, points) expressed as a percentage of the loan amount. Assessments: Specific and special taxes (in addition to normal taxes) imposed on real property to pay for public improvements within a specific geographic area. Assumption of Mortgage: A buyer's agreement to assume the liability under an existing note that is secured by a mortgage or deed of trust. The lender must approve the buyer in order to release the original borrower (usually the seller) from liability.
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B Balloon Payment: A lump sum principal payment due at the end of some mortgages or other long-term loans. Beneficiary: As used in a trust deed, the lender is designated as the beneficiary, i.e. obtains the benefit of the security. Binder: Sometimes known as an offer to purchase or an earnest money request. A binder is the acknowledgment of a deposit along with a brief written agreement to enter into a contract for the sale of real estate.
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