![]() ![]() Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.Īppraiser - An individual qualified by education, training, and experience to estimate the value of real property and personal property. Because you are using the same payment on a smaller amount, the APR is always higher than the actual note rate on your loan.Īpplication - The form used to apply for a mortgage loan, containing information about a borrower's income, savings, assets, debts, and more.Īppraisal - A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.Īppraised Value - An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. You will come up with a number close to the APR. It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your actual loan amount. ![]() It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. It also shows the gradual decrease of the loan balance until it reaches zero.Īnnual Percentage Rate - This is not the note rate on your loan. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.Īmortization Schedule - A table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. Its headquarters are in Washington, D.C.Īmortization - The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. The term is "administratrix" if such a person is a woman.Īdverse Possession - A claim made against the lands of another by virtue of open and notorious possession of said lands by the claimant.Īffidavit - A sworn statement in writing.Īgent - A person or company that has the power to act on behalf of another or to transact business for another, e.g., a title agent under contract with Old Republic Title to issue policies of title insurance.Īir Rights - The right to ownership of everything above the physical surface of the land.ĪLTA - American Land Title Association, a national association of title insurance companies, abstractors and attorneys specializing in real property law. All ARMs are tied to indexes.Īdministrator - A person appointed by a probate court to settle the affairs of an individual dying without a will. Can include the right to enter and leave over the lands of another.Īccretion - The slow build-up of lands by natural forces such as wind or water.Īcknowledgment - The act by which a party executing a legal document goes before an authorized officer or notary public and declares the same to be his or her voluntary act and deed.Īcre - A tract of land 208.71 feet square and containing 43,560 square feet of land.Īdjustable Rate Mortgage -A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.Īccess - The right to enter and leave a tract of land from a public way. Abstract of Title - A condensed history or summary of all transactions affecting a particular tract of land.Īcceleration Clause -A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. ![]()
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