A & D Loan
Acquisition and development loan- a loan for the purchase of raw land for the purpose development.
A written history of the ownership of a parcel of land.
Allows the lender to speed up the rate at which your loan comes due or even to demand immediate payment of the entire outstanding balance of the loan should your default on you loan.
A declaration by a notary, certifying, by way of personal knowledge or written identification, the identity of the signer.
Adjustable Rate Mortgage (ARM)
On an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, typically one, three or five years, depending on the index.
A sworn statement in writing.
American Land Title Association (ALTA)
An organization of title companies specializing in Real Property Law which has standardized forms and coverage on a national basis. This is standardized coverage.
Amortization refers to the process of paying off a loan with regular payments over time. In the mortgage world (on a fully amortizing loan), these payments cover the principal and interest and ensure that your loan balance is paid in full at the end of the amortization term. Typical amortization terms are 15, 20 and 30 years.
Annual Percentage Rate (APR)
An estimate of the value of real property, made by a qualified professional called an “appraiser.” An appraisal will be needed to determine the value of your property.
Certificate of Occupancy
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The score given to an individual to determine the credit worthiness. These scores come from TRW, Equifax and Trans Union.