Glossary
Real Estate & Mortgage Terms/Glossary
acceleration Clause: A Clause in a mortgage which allows lender to demand payment of the balance mortgage.
adjustable-rate mortgage (ARM): A mortgage in which interest changes periodically.
amortization: The amount applied to principal increases in subsequent loan instalments until mortgage is paid off (amortized) in specified time
amortization schedule: A table that shows changing portions of the interest and principal during amortization until loan is paid off
appraisal: Price estimate based on an analysis of compareable sales of similar properties in the neiborhood
appreciation: The increase in property value due to market condition
assessment: Value assessed on property by the assesser
assumable mortgage: A mortgage that can be assumed by the qualified property buyer
chain of titles: A sequence of transfers of title over the years
closing: When transaction documents signed, money changes hands and transaction completes
closing costs: Prepaid items and non-recurring cost in completion of a transaction
cloud on title: Any condition that adversely affects the title to real estate
co-borrower: Any additional individual who is obligated on the loan
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