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| Abstract Of Title | | A summary of the public records relating to the title (ownership) to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects or claims to the property which must be cleared before a buyer can purchase clear, marketable, and insurable title. | | | | Acceleration Clause | | A Condition in a mortgage that may require the balance of the loan to become due and payable immediately. This may occur if regular mortgage payments are not made or for breach of other conditions of the mortgage. | | | | Adjustable Rate Mortgage (ARM) | | A variable or flexible rate mortgage with an interest rate that adjusts periodically. The rate is based upon a financial index plus a margin. To limit the borrower's risk, the ARM usually has a payment or rate cap. See also Hybrid and Negative Amortization Arm. | | | | Amortization | | The process of setting up payment for a mortgage so that the loan is paid off within a specific period of time. | | | | Annual Percentage Rate | | The cost of your loan expressed as a yearly rate. For mortgages, it includes interest, points, origination fees, mortgage insurance (if required by the lender) as well as various title and vendor service fees. | | | | Application | | A printed form used by a mortgage lender to record necessary information concerning a prospective mortgage borrower(s). | | | | Application Fee | | A sum of money paid towards estimated initial mortgage processing expenses such as an appraisal and credit report. | | | | Appraisal | | An expert judgment or estimate of the quality and value of real estate as of a given date. It is done by a licensed professional who reviews 3 to 5 other properties that have sold within the last 1 -2 years, usually within a one mile radius, with similar square footage and features as the subject property that is being evaluated. | | | | Appreciation | | A property's increase in value due to inflation or economic factors. | | | | Assessed Valuation | |
The value that a taxing authority places on real or personal property for the purpose of taxation. | | | | Assessment | | Charges levied against a property for tax purposes or to pay for municipality or association improvements such as curbs, sewers, or grounds maintenance. | | | | Assignment | | A means of transferring a contract right or other asset to another person or entity. | | | | 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. | | |
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| John Hastings |
| Bell Mortgage |
| 1760 - 116th Ave NW |
| Coon Rapids, MN 55448 |
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| office: |
(763) 862-4899 |
| cell: |
(612) 819-3996 |
| fax: |
(866) 290-1118 |
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| Copyright © 2005 John Hastings. All Rights Reserved. |
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