Terms with Tag Mortgage
- Amortization Period — Definition,
- The amount of time it will take to pay off a mortgage by making routine payments.
- Amortization Schedule — Definition,
- A detailed table showing the amortization of a loan which includes the beginning principal amount, period payments, the interest portion of each payment, the principal reduction portion each payment, and the ending balance. The Canadian Equity Group has developed a mortgage rate calculator which will generate a perfect example of an amortization schedule.
- Amortization Table — Definition,
- A mathematical formula used to calculate monthly mortgage payments based on the borrowed loan amount, the interest rate, and the loan term.
- Amortization Term — Definition,
- The time required to amortize (repay) an entire mortgage loan.
- Amortized Loan — Definition,
- A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal.
- Amount Financed — Definition,
- The principal that is financed. It could include the cost of the purchase and other items rolled into the payments.
- Anishinabek Nation Credit Union (ANCU) — Company, Ontario, Canada, ➥ Provincial regulators required that the credit union close in 2011.
- Annual Administrative Fee — Definition,
- An annual (yearly) fee charged for the administration of a service.
- Annual Household Income (AHI) — Acronym, ➥ Also written as AHHI.
- Annual Mortgage Statement — Definition, Important,
- A report sent to the borrower every year, detailing how much principal remains on the home loan and how much was paid in taxes and interest during the previous year.
- Annual Percentage Rate (APR) — Acronym, Very Important,
- A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans. In mortgages, it is the interest rate of a mortgage when taking into account the interest, mortgage insurance, and certain closing costs including points paid at closing. There is no APR in an automobile lease; instead, the cost of money is expressed as the money factor.
➥ A number used to compare costs associated with mortgage loans and other forms of financing. - Annuity Mortgage (AM) — Acronym,
- Anti-Predatory Lending (APL) — Acronym, ➥ Mostly a US mortgage term.
- Apple Community Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Application Fee — Definition,
- What the lender charges to process the document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Appraisal — Definition,
- An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
- Appraisal Fee — Definition,
- What someone charges to deliver a professional opinion about how much a property is worth.
- Appraisal Report — Definition,
- A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.
- Appraised Value — Definition,
- An educated opinion of how much a property is worth.
- Appraiser — Definition,
- A person qualified by education, training, and experience to estimate the value of real property and personal property.
- Approval — Definition,
- An assessment made by a lender of a borrower's ability to pay for a home and a confirmation of the amount the borrower may obtain.
- Assessment Rolls — Definition,
- Lists of taxable property.
- Asset — Definition,
- Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
- Assignment — Definition,
- The transfer of a mortgage from one person to another.
- Assiniboine Credit Union (ACU) — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Assumability — Definition,
- The ability of a mortgage to be taken over from the original borrower by a new borrower.
- Assumable — Definition,
- A loan or obligation that can be taken over by a new borrower.
- Assumable Mortgage — Definition, Very Important,
- A mortgage that can be taken over or "assumed" by the buyer when a home is sold.
- Assumed Interest Rate (AIR) — Acronym, ➥ Assumable mortgage.
- Assumption (asm) — Abbreviation,
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