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Glossary of terms and acronyms used on this site

There are 93 entries in this glossary.
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A

Term Definition
Abstract of Title

Documents recording the ownership of property throughout time. Source: www.hud.gov

Acceleration

The right of the lender to demand payment on the outstanding balance of a loan. Source: www.hud.gov

Affidavit

A signed, sworn statement made by the buyer or seller regarding the truth of information provided. Source: www.hud.gov

Amenity

A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, woods, water) or man-made (like a swimming pool or garden). Source: www.hud.gov

Amortization

A payment plan that enables you to reduce your debt gradually through monthly payments. The payments may be principal and interest, or interest-only. The monthly amount is based on the schedule for the entire term or length of the loan. Source: www.hud.gov

ARM

Adjustable Rate Mortgage; a mortgage loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease at intervals determined by the lender; the change in monthly payment amount, however, is usually subject to a cap. Source: www.hud.gov

As-is Condition

The purchase or sale of a property in its existing condition without repairs. Source: www.hud.gov

Assessed Value

The value that a public official has placed on any asset (used to determine taxes). Source: www.hud.gov

Assessor

A government official who is responsible for determining the value of a property for the purpose of taxation. Source: www.hud.gov

Assumable Mortgage

When a home is sold, the seller may be able to transfer the mortgage to the new buyer. This means the mortgage is assumable. Lenders generally require a credit review of the new borrower and may charge a fee for the assumption. Some mortgages contain a due-on-sale clause, which means that the mortgage may not be transferable to a new buyer. Instead, the lender may make you pay the entire balance that is due when you sell the home. An assumable mortgage can help you attract buyers if you sell your home. Source: www.hud.gov

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