The schedule that shows the required payments on the principal and interest throughout the entire loan life.
Annual Percentage Rate (APR)
A measure of the interest rate that shows the cost of a mortgage at a yearly rate.
An estimated value attributed to a property by a certified appraiser.
The fee charged by a certified appraiser who gives a formal estimated value of the property.
The increase in value of an asset over time.
A part of the property that is considered
A third party entity becomes involved to solve disputes and render a decision
A mineral fiber material that was previously used in building materials, but is now banned in most uses as a result of health concerns
Determined by a tax assessor, this is the value of the property that us used for tax purposes
A tax, charge, or levy that comes from previously established rates
A licensed public official who evaluates properties and attributes a value to the property for use in tax purposes
The party that is assigned a mortgage or a contract
The party that assigns a mortgage or a contract
A mortgage that is structured so that the mortgage can be transferred to a new owner who can assume responsibility for the loan.
Assumption Transfer Fee
The fee charged by the mortgage company to switch the loan over from one party to the party assuming the loan
When a property is legally seized in order to force the party to make up a payment or a debt
Attorney Document Preparation Fee
The fees charged by an attorney to draft any documents used in a business transaction
Attorney in Fact
A licensed attorney who represents a party in regards to executing legal documents such as deeds,
A calculation made by a lender that takes into account a borrower
A secondary offer made on a property that the seller plans on accepting should the primary offer expire
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