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Today's Mortgage Terms starting with A
Accrued Interest: Interest earned but has not been paid
Additional Principal Payment: A payment made by the borrower of more than the scheduled principal amount due with the purpose of reducing the remaining balance on the loan.
Adjustable Rate Mortgage: Loans with interest rates that are adjusted periodically based on changes of a pre-determined index. The index is based on market rates such as Treasury bills and prime rates. The ARM has an interest rate cap that limits the amount the interest rate can change.
Adjustment Period: Applicable to an ARM, the time between changes in the interest rate.
Amortization: Repayment of a debt with periodic payments, usually monthly, of principal and interest calculated to pay down the loan within a predetermined time.
Amortization Schedule: A timetable for payment of a mortgage detailing the amount of each payment applied to interest and principal and the balance left outstanding.
Annual Percentage Rate (APR): The cost of credit shown as a yearly rate. The annual percentage rate is usually not the same as the interest rate. The APR will be higher than the interest rate stated in the note due to the fact that it includes the interest rate, loan discount points, fees and mortgage insurance.
Appraisal Fee: A fee charged by a licensed, certified appraiser for a written estimate of a property's current market value at a specific time.
Assumable Mortgage: A mortgage that can be taken over by the buyer when a home is sold by the previous owner.
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Palm Beach refinance mortgage news:
Consider student loans before refinancing home - Palm Beach PostConsider student loans before refinancing home By LIZ PULLIAM WESTON Special to The Palm Beach Post Monday, January 05, 2009 Dear Liz: We owe $127,000 on a home that's currently worth more than $300,000. We have a daughter entering college in fall ...
Commercial Real Estate - Daily Business Reviewuane Stiller, president of Woolbright Development, has seen firsthand the toll the credit crisis and slow economy have taken on the commercial real estate industry. In recent months, his retail development company has had six deals fall through ...
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