mortgage dictionary: Glossary of Mortgage Loan Terms
- 01/09/08 02:13 AM
Acceleration ClauseA provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed.Adjustable Rate Mortgage (ARM)A mortgage whose interest rate changes over time based on an index and a margin. Rate changes are made at prescribed times and within prescribed limits (caps) as defined in the mortgage contract.Adjustment IntervalOn an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, typically one, three or five years, depending on the index.AmortizationThe gradual repayment of a mortgage by installments.Annual Percentage Rate (A.P.R.)The interest rate reflecting the … (0 comments)
Blog about Orange County Real Estate - Search all Orange County Real Estate for sale, Bank owned properties, foreclosures, homes, condos, high rise. office space listings, retail properties, warehouses, investment property, commercial real estate brokers, lease, sale, commercial real estate and more.
Acceleration ClauseA provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed.Adjustable Rate Mortgage (ARM)A mortgage whose interest rate changes over time based on an index and a margin. Rate changes are made at prescribed times and within prescribed limits (caps) as defined in the mortgage contract.Adjustment IntervalOn an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, typically one, three or five years, depending on the index.AmortizationThe gradual repayment of a mortgage by installments.Annual Percentage Rate (A.P.R.)The interest rate reflecting the … (0 comments)
;)
;)
