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Choose a Letter to view the terms starting with that letter.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
A & D Loan
Acquisition and Development Loans are used in purchasing and developing raw land with the intent of future development.
Abstract of Title
A written history of ownership showing verification or non-verification of title.
Acceleration Clause
Requires the balance of a loan to become due immediately. Occurs when regular payments are not made.
Acquisition Cost
The price to obtain property, including purchase price and all nonrecurring closing costs, including discount points, FHA application fee, service charge, credit report, FHA appraisal, escrow, document preparation, title insurance, termite inspection, reconveyance and recording fees for FHA-insured loans.
Ad Valorem
A Latin phrase used to describe a tax charged in relation to the value of the property taxed meaning "according to value".
Adjustable Rate Mortgage (ARM)
A loan with an adjusted interest rated determined by a pre-selected index.
Adjustment Period
The period between adjustments of an ARM interest rate.
All-inclusive Trust Deed
Overriding trust deed; A financing tool where a lender assumes payments on an existing mortgage or trust deed and takes from the borrower a trust deed with a face value in an amount equal to the amount due on the old instrument and the additional amount of money borrowed.
Amortization
A financial obligation paid in installments; An amortized loan includes both principal and interest, usually due monthly, resulting in complete payment of the amount borrowed, with interest, by the end of the loan term.
Annual Percentage Rate (APR)
The cost of credit including interest, loan fees and discount points stated as an annual percentage.
Appraisal
A licensed appraiser’s estimate of a property’s monetary value on the open market; Justifies the contract purchase price.
Arrearages
The total delinquent principal, interest, taxes and insurance owed.
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