Annual percentage rate (APR).
The total yearly cost of a mortgage stated asa percentage of the loan amount; includes such items as the base interest rate,primary mortgage insurance, and loan origination fee (points).
The first step in the official loan approval process; this form is usedto record important information about the potential borrower necessary to theunderwriting process.
A professional opinion of the market value of a property: Adocument that gives an estimate of a property's fair market value; an appraisalis generally required by a lender before loan approval to ensure that themortgage loan amount is not more than the value of the property.
An increase in the value of a property due to changes in marketconditions or other causes.
Adjustable Rate Mortgage; a mortgage loan subject to changes in interestrates; when rates change, ARM monthly payments increase or decrease atintervals determined by the lender; the Change in monthly -payment amount,however, is usually subject to a Cap.
The valuation placed upon property by a public tax assessor for purposes of taxation.
A government official who is responsible for determining the value of a property for the purpose of taxation.
Housing where the monthly costs to the tenant aresubsidized by federal or other programs.
A mortgage that can be taken over ("assumed') by thebuyer when a home is sold.
The transfer of the seller's existing mortgage to the buyer.B
A mortgage that typically offers low rates for an initialperiod of time (usually 5, 7, or 10) years; after that time period elapses, thebalance is due or is refinanced by the borrower.
A federal law Whereby a person's assets are turned over to atrustee and used to pay off outstanding debts; this usually occurs whensomeone owes more than they have the ability to repay.
A preliminary agreement, secured by the payment of earnest money,under which a buyer offers to purchase real estate.
Grants made by the federal government on a formula basis,usually to a state or local government.
A person who has been approved to receive a loan and is thenobligated to repay it and any additional fees according to the loan terms.
Authority to incur indebtedness for which the federalgovernment is liable, which authority is granted in advance of the provision of appropriations to repay such debts. Borrowing authority may take the form of authority to borrow from the Treasury or authority to borrow from the public bymeans of the sale of federal agency obligations. Borrowing authority is not anappropriation since it provides a federal agency only with the authority to incur adebt, and not the authority to make payments from the Treasury under the debt.Appropriations are required to liquidate the borrowing authority.
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