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| Additional
Borrowers |
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Borrowers
who contribute income and credit history to the
qualification process of a loan and whose names appear on
all closing documents. Each additional borrower is equally
liable for the debt and condition of the property.
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| Adjustment
Date |
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The
date the interest rate changes for an adjustable rate
mortgage (ARM).
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| Adjustment
Period |
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The
interval of months between the interest rate adjustment
dates for an adjustable rate mortgage (ARM).
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| Adjustable
Rate Mortgage (ARM) |
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A
mortgage loan in which the interest rate is adjusted
periodically according to a pre-determined adjustment
criteria.
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| Amount
Financed |
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The
Amount Financed is not the amount of the loan. It is the
requested loan amount minus the prepaid finance charge.
The Amount Financed is the amount on which the APR is
based. For example, if the borrower requests $100,000 and
the Prepaid Finance Charge totals $4,000, the Amount
Financed would be $96,000.
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| Annual
Percentage Rate (APR) |
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The
actual cost of a mortgage loan expressed as a yearly rate.
The APR will be higher than the interest rate stated on
the application and note if it includes fees which are
categorized as pre-paid finance charges such as: interest,
discount points, origination fee, required mortgage
insurance and other related fees. The Truth in Lending Act
requires lenders to disclose an APR to assist the borrower
in measuring the actual cost of a loan on an annualized
basis.
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| Application |
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A
form used by mortgage lenders to document necessary
information concerning the mortgage loan applicant(s). |
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| Appraisal |
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An
official report created by a qualified appraiser that
establishes an opinion or estimate of property value. The
estimate of value is generally obtained by comparing homes
similar to the "subject" home within the same
location or neighborhood.
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| Appraised
Value |
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An
opinion or estimate of property value provided by a
certified property appraiser. The estimate of value is
generally obtained by comparing homes similar to the
"subject" home that are within the same location
or neighborhood.
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| Available
Cash |
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The
amount of liquid assets (i.e. checking, savings, mutual
funds, etc.) immediately available to pay closing costs and
down payment.
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| Average
Interest Rate |
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The
actual average interest rate for a combination of debts
based upon a total weighted interest rate calculation.
Utilizing each loan balance and interest rate, the
calculator determines an average interest rate for multiple
debts.
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Copyright 2007 © Lending Table
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