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Terminologies for Alphabet A

Posted on: 21st May, 2012 01:09 am
Terms for A
  • ABANDONMENT
    The act of giving up one's property voluntarily without intending to reclaim it...

  • ABSOLUTE AUCTION
    It is a type of auction where a property is sold to the bidder offering the highest price without considering the winning bid...

  • ABSORPTION RATE
    It is a rate that gives us an idea of the number of properties bought and sold in a specified market...

  • ACCELERATION CLAUSE
    It is a clause in a promissory note that gives the lender right to demand the outstanding balance of loan. It is applied when the borrower defaults on the loan or has transferred the title without informing the lender...

  • ACCRUED INTEREST
    It is the interest on loan which adds up and can be paid later in instalments rather than paying from the time the loan is originated...

  • ADDITIONAL PRINCIPAL AMOUNT
    It is an extra payment made by the borrower towards original loan amount. Thereby it can reduce the outstanding loan balance and help him to pay off the loan in a short period of time...

  • ADJUSTABLE RATE MORTGAGE
    It is a home loan program in which the interest rate and the monthly payment are adjusted at regular intervals according to the current financial market condition...

  • ADJUSTED BOOK BASIS
    It is the price of the property in which the original cost of the property is added to all capital expenditures like legal fees etc...

  • ADJUSTMENT DATE
    It is the date on which the interest rate of ARM changes at regular intervals...

  • ADJUSTMENT PERIOD
    It is time period during which the interest rate of Adjustable Rate Mortgage is adjusted...

  • ALLIANCE MORTGAGE
    It is the agreement between the lender and the borrower by which the later is permitted to retain the property...

  • ALTERNATIVE MORTGAGE
    It is a home loan that conforms to one-time adjustment rate, usually after every seven years...

  • AMORTIZATION
    It is a loan re-payment plan on an installment basis for a period of time...

  • AMORTIZATION TERM
    It is the total time required to completely pay off the loan...

  • AMORTIZATION SCHEDULE
    It is the table that shows the payments towards the principal and interest as well as the outstanding balance over the life of the loan...

  • ANNUAL PERCENTAGE RATE
    It is the rate of interest on a yearly basis which includes charges on the loan and the interest payment...

  • ANNUAL MORTGAGOR STATEMENT
    It is a statement sent to a borrower at the end of each year of the loan period. It includes all the information of the loan payment throughout the year...

  • ANNUITY
    It is a legal contract sold by the insurance company to provide an income to a person after retirement for a period of time in his lifespan. It is like a pension scheme...

  • APPRAISAL FEE
    It is a fee charged by the appraiser who estimates the total value of the property held as security for a loan...

  • ASSUMPTION
    It is a transaction by which a buyer bears the responsibility of an existing mortgage. It allows him to save money as he can avoid the closing cost on a new mortgage...

  • ASSUMABLE MORTGAGE
    It is a mortgage that can be taken over by a home buyer after which the seller is no longer responsible for repaying it...

  • ATTORNEY WITNESS FEE
    It is a mortgage that can be taken over by a home buyer after which the seller is no longer responsible for repaying it...
Jessica, these terminologies will be of great help to quite a number of people and they can get further information from the given links.
Posted on: 22nd May, 2012 11:19 pm
Thanks for sharing these terminologies, Jessica!! :)
Posted on: 24th May, 2012 10:06 pm
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