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Ability to Pay - Agreement of Sale
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Alienation Clause - Average Annual...
Alienation Clause
Alternative Minimum Tax (AMT)
Amenities
Amortization Schedule
Amortization Term
Amortization
AMT
Annual Mortgagor Statement
Annual Percentage Rate (APR)
Application Fee
Application
Appraisal
Appraised Value
Appreciation
APR
As-Is Condition
Asking Price
Assessed Value
Assets
Assignment
Assumable Mortgage
Assumption Clause
Assumption Fee
Assumption
Attorney in Fact
Authorized User
Average Annual Yield |
Alienation Clause
A requirement often found in loan documents or contracts whereby the lender expects full repayment of the loan upon the transfer of title.
Alternative Minimum Tax (AMT)
A method for the federal government to ensure that high income earning individuals pay their "fair" share of taxes. Even if the final amount of taxes calculated are lower than what is required by the AMT, it is the AMT that stands and must be paid by the taxpayer.
Amenities
The desirable features of a neighborhood, a condominium complex, a house, or any property, including: upgraded kitchen, swimming pool.
Amortization Schedule
A table to show the calculation of payments over the life of a loan. The schedule reflects repayment of the loan from the first payment to the last payment of the loan including all principal and interest payments.
Amortization Term
The time required to repay a loan in full. For example: A 30 year fixed mortgage has an amortization term of 360 months.
Amortization
The installments or the payments of a debt over an agreed upon period of time as signed or agreed upon in the loan contract. By the end of the agreed upon period of time both the interest and the principal of the loan will be entirely repaid.
AMT
An abbreviation of Alternative Minimum Tax.
Annual Mortgagor Statement
A report detailing the current principal balance and the amount of interest and property taxes paid on the property. This report is assembled and mailed to the borrower once a year.
Annual Percentage Rate (APR)
A calculation of the interest rate in annual terms after taking into consideration the fees, mortgage insurance, and other closing costs paid to obtain the loan in addition to the current interest rate. The APR is calculated by taking the average compounded interest rate over the life of the loan.
Application Fee
The fee charged by the lender to process an application.
Application
A document to be completed by the potential borrower detailing his or her basic identity information and financial status. The completed document is used to qualify the borrower for a loan.
Appraisal
An objective estimation of the market value of a property. The appraiser uses different methods of ascertaining the value of a property including: 1) Comparing neighboring similar property sales, 2) The cost of rebuilding the property plus the value of the land, and 3) Using how much income a property can produce to come up with a value.
Appraised Value
An opinion by an objective appraiser of the worth of a property.
Appreciation
The increase in the value of a property due to real estate market conditions, home improvements, etc.
APR
An abbreviation of Annual Percentage Rate.
As-Is Condition
A condition in the sales contract for a property stating that the property is to be sold in its current condition without any improvements.
Asking Price
The amount of money a seller requests for the purchase of his or her home or property.
Assessed Value
The value of a property ascertained by local or state governmental agencies for the purpose of charging property tax.
Assets
Personal possessions of value including: cash, real estate.
Assignment
The transfer of a mortgage from one person or party to another person or party.
Assumable Mortgage
A loan that can be transferred to another person or party.
Assumption Clause
A clause in the loan contract allowing future buyers or owners of a property to take over the loan in place of the previous borrower. There is usually a fee associated with the transfer of title.
Assumption Fee
A fee associated with assuming another person or party's mortgage.
Assumption
The act of a buyer taking over the seller's existing mortgage.
Attorney in Fact
The one who obtains authorization, generally though a power of attorney, to represent another person or party during his or her absence.
Authorized User
An individual who has been given permission to use another individual's credit card.
Average Annual Yield
The average annual profit or loss over the life of an investment based on the terms of the year. |
