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A mortgage in which the interest rate is adjusted periodically
according to the movement in a pre-selected index.
Adjusted basis
The original cost of a property plus the value of any capital
expenditures for improvements to the property minus any depreciation
taken
Adjustment date
The date on which the interest rate changes for an adjustable-rate
mortgage (ARM).
Adjustment Interval
For an adjustable rate mortgage, the time between changes in the
interest rate charged. The most common adjustment intervals are one, three
or five years.
Adjustment period
The period that elapses between the adjustment dates for an
adjustable-rate mortgage (ARM).
Administrator
A person appointed by a probate court to administer the estate of a
person who died intestate.
Agreement of Sale
Known by various names, such as contract of purchase, purchase
agreement, or sales agreement according to location or jurisdiction. A
contract in which a seller agrees to sell and a buyer agrees to buy, under
certain specific terms and conditions spelled out in writing and signed by
both parties.
Amenity
A feature of real property that enhances its attractiveness and
increases the occupant’s or user’s satisfaction although the feature is
not essential to the property’s use. Natural amenities include a pleasant
or desirable location near water, scenic views of the surrounding area,
etc. Human-made amenities include swimming pools, tennis courts, community
buildings, and other recreational facilities.
Amortization
A payment plan, which enables the borrower to reduce his debt gradually
through monthly payments of principal.
Amortization schedule
A timetable for payment of a mortgage loan. An amortization schedule
shows the amount of each payment applied to interest and principal and
shows the remaining balance after each payment is made.
Amortization term
The amount of time required to amortize the mortgage loan. The
amortization term is expressed as a number of months.
Amortize
Reduce a debt by regular payments of both principal and interest.
Amortization Schedule
A timetable for payment of a mortgage showing the amount of each
payment applied to interest and principal and the remaining balance.
Annual Percentage Rate (APR)
The total yearly cost of a mortgage stated as a percentage of the loan
amount: includes the base interest rate, primary mortgage insurance, and
loan origination fee (points)
Annuity
An amount paid yearly or at other regular intervals, often on a
guaranteed dollar basis.
Application
A form used to apply for a mortgage loan and to record pertinent
information concerning a prospective mortgagor and the proposed
security.
Application Fee
The fee charged by the lender to the borrower for applying for a
loan.
Appraised value
An opinion of a property's fair market value, based on an appraiser's
knowledge, experience, and analysis of the property.
Appraiser
A person qualified by education, training, and experience to estimate
the value of real property and personal property.
Appraisal
A professional opinion of the market value of a property.
Appreciation
An increase in the value of a house due to changes in market conditions
or other causes.
Assessed Value
The valuation placed upon property by a public tax assessor for
purposes of taxation.
Assessment
The process of placing a value on property for the strict purpose of
taxation. May also refer to a levy against property for a special purpose,
such as a sewer assessment.
Assessor
A public official who establishes the value of a property for taxation
purposes.
Asset
Anything of monetary value that is owned by a person. Assets include
real property, personal property, and enforceable claims against others
(including bank accounts, stocks, mutual funds, and so on).
Assignment
The transfer of a mortgage from one person to another.
Assumable Loan
These loans may be passed on from a seller of a home to the buyer. The
buyer "assumes" all outstanding payments.
Assumption clause
A provision in an assumable mortgage that allows a buyer to assume
responsibility for the mortgage from the seller. The loan does not need to
be paid in full by the original borrower upon sale or transfer of the
property.
Assumption fee
The fee paid to a lender (usually by the purchaser of real property)
resulting from the assumption of an existing mortgage.
Assumption of Mortgage
An obligation undertaken by the purchaser of property to be personally
liable for payment of an existing mortgage. In an assumption, the
purchaser is substituted for the original mortgagor in the mortgage
instrument and the original mortgagor is to be released from further
liability in the assumption, the mortgagee's consent is usually
required.
Attorney-in-fact
One who holds a power of attorney from another to execute documents on
behalf of the grantor of the power. The original mortgagor should always
obtain a written release from further liability if he desires to be fully
released under the assumption. Failure to obtain such a release renders
the original mortgagor liable if the person assuming the mortgage fails to
make the monthly payments. An "Assumption of Mortgage" is often confused
with "purchasing subject to a mortgage." When one purchases subject to a
mortgage, the purchaser agrees to make the monthly mortgage payments on an
existing mortgage, but the original mortgagor remains personally liable if
the purchaser fails to make the monthly payments. Since the original
mortgagor remains liable in the event of default, the mortgagee's consent
is not required to a sale subject to a mortgage. Both "Assumption of
Mortgage" and "Purchasing Subject to a Mortgage" are used to finance the
sale of property. They may also be used when a mortgagor is in financial
difficulty and desires to sell the property to avoid foreclosure.
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- B -
Balance sheet
A financial statement that shows assets, liabilities, and net worth as
of a specific date.
Bankrupt
A person, firm, or corporation that, through a court proceeding, is
relieved from the payment of all debts after the surrender of all assets
to a court-appointed trustee.
Bankruptcy
A proceeding in a federal court in which a debtor who owes more than
his or her assets can relieve the debts by transferring his or her assets
to a trustee.
Before-tax income
Income before taxes are deducted.
Beneficiary
The person designated to receive the income from a trust, estate, or a
deed of trust.
Bill of sale
A written document that transfers title to personal property.
Binder or "Offer to Purchase"
A preliminary agreement, secured by the payment of earnest money,
between a buyer and seller as an offer to purchase real estate. A binder
secures the right to purchase real estate upon agreed terms for a limited
period of time. If the buyer changes his mind or is unable to purchase,
the earnest money is forfeited unless the binder expressly provides that
it is to be refunded. Broker (See Real Estate Broker)
Blanket insurance policy
A single policy that covers more than one piece of property (or more
than one person).
Bond
An interest-bearing certificate of debt with a maturity date. An
obligation of a government or business corporation. A real estate bond is
a written obligation usually secured by a mortgage or a deed of trust.
Borrower
One who receives funds with the expressed or implied intention of
repaying the loan in full.
Bridge loan
A form of second trust that is collateralized by the borrower's present
home (which is usually for sale) in a manner that allows the proceeds to
be used for closing on a new house before the present home is sold.
Broker
An individual in the business of assisting in arranging funding or
negotiating contracts for a client but who does not loan the money
himself. Brokers usually charge a fee or receive a commission for their
services.
Building code
Local regulations that control design, construction, and materials used
in construction. Building codes are based on safety and health
standards.
Building Line or Setback
Distances from the ends and/or sides of the lot beyond which
construction may not extend. The building line may be established by a
filed plat of subdivision, by restrictive covenants in deeds or leases, by
building codes, or by zoning ordinances.
Buy down
Money advanced by an individual (seller, builder, etc.) to reduce
monthly payments for a home mortgage either during the entire term or for
an initial period of years.
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- C -
Call option
A provision in the mortgage that gives the mortgagee the right to call
the mortgage due and payable at the end of a specified period for whatever
reason.
Capital expenditure
The cost of an improvement made to extend the useful life of a property
or to add to its value.
Capital improvement
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