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Mortgage Explained - Mortgage Terms & Glossary!
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Mortgage Terms Glossary - A

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Confused By The Mortgage Terms and Definitions? Get The Answers Here!
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Acceleration Clause - Acceptance - Accrued Interest - Adjustable Rate Mortgage Loans (ARM) - Adjustment Date - Adjustment Interval - Adjustment Period - Agreement of Sale - Amortization - Amortization Schedule - Amount Financed - Annual Percentage Rate (APR) - Application - Application Fee - Appraisal - Appraisal Fee - Appraised Value - Appreciation - Assessed Value - Asset - Assignment - Assumable Mortgage - Assumption Agreement - APR - ARM

Acceleration Clause - A common provision of a mortgage or note providing the holder with the right to demand that the entire outstanding balance is immediately due and usually payable in the event of default.

Acceptance - An offeree's consent to enter into a contract and be bound by the terms of the offer.

Accrued Interest - Interest earned but not yet paid.

Adjustable Rate Mortgage Loans (ARM) - Loans with interest rates that are adjusted periodically based on changes in a pre-selected index. As a result, the interest rate on your loan and the monthly payment will rise and fall with increases and decreases in overall interest rates. These mortgage loans must specify how their interest rate changes, usually in terms of a relation to a national index. If interest rates rise, your monthly payments will rise. An interest rate cap limits the amount by which the interest rate can change; look for this feature when you consider an ARM loan.

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage .

Adjustment Interval - The length of time between changes in the interest rate or monthly payment on an ARM loan.

Adjustment Period - The period that elapses between the adjustment dates for an adjustable-rate mortgage .

Agreement of Sale - Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

Amortization - Repayment of a loan with periodic payments of both principal & interest calculated to payoff the loan at the end of a fixed period of time.
See also, Negative Amortization

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.

Amount Financed - This figure is used to calculate your APR. It represents your loan amount minus any prepaid finance charges and assumes you will keep the loan to maturity and make only the required monthly payments.

Annual Percentage Rate (APR) - There are two interest rates applied to your loan: the Actual Interest Rate and the Annual Percentage Rate. The Actual Rate is the annual interest rate you pay on your loan (sometimes referred to as the "note rate"), and is the rate used to calculate your monthly payments. The amount of interest you pay, as determined by your Actual Rate, is only one of the costs associated with your loan; there may be others. The Annual Percentage Rate (APR) includes both your interest and any additional costs or prepaid finance charges you might pay such as prepaid interest, private mortgage insurance, closing fees, points, etc. Your APR represents the total cost of credit on a yearly basis after all charges are taken into consideration. It will usually be slightly higher than your Actual Rate because it includes these additional items and assumes you will keep the loan to maturity.

Application - An initial statement of personal and financial information required to apply for a loan.

Application Fee - Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges.

Appraisal - An appraisal is a written analysis of the estimated value of your property. A qualified appraiser who has knowledge, experience and insight into the marketplace prepares the document. It demonstrates approximate fair market value based on recent sales in your neighborhood and is required to purchase or refinance your new home or property.

Appraisal Fee - A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date. This fee is paid to the outside appraisal company we engage to objectively determine the fair market value of your property. This fee varies based on the location and type of your property.

Appraised Value - An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

Appreciation - An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.

Assessed Value - The valuation placed on property by a public tax assessor for purposes of taxation.

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 Mortgage - A mortgage that can be taken over ("assumed") by the buyer when a home is sold.

Assumption Agreement - A legal document signed by a home buyer which requires the buyer to assume responsibility for the obligations of a mortgage made by a former owner.

APR - See Annual Percentage Rate.

ARM - See Adjustable Rate Mortgage Loans.
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