Acceleration – This refers to a lender’s right to request immediate payment of the balance of the loan when the borrower defaults or by using a stipulation from a Due on Sale Clause ARM / Adjustable Rate Mortgage – A mortgage that has an interest rate that is periodically adjusted. This adjustment is based off [...]
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Common Mortgage Terminology Explained
Posted by admin on January 4th, 2010
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No Comments »Glossary of common terms used during the mortgage process.
Posted by admin on December 22nd, 2009
APR – This stands for Annual Percentage Rate. It enables you to compare the full cost of the mortgage. Rather than just being an interest rate, it includes up front and ongoing costs of taking out a mortgage. The formula for calculating APR is set by Government Regulations and therefore enables direct comparison of the [...]
Posted in Articles Tags: Annual Percentage Rate, Arrangement Fees, Arrears, Capital And Interest, common, Consumers, during, Easy Access, Flexibility, Glossary, Government Regulations, Insurance Products, Interest Charges, Interest Mortgage, Interest Rate, lenders, Minimum Loan, mortgage, Mortgage Capped Rate, Mortgage Rate, Mortgages, process., Redemption Fees, Repayment Mortgage, Standard Variable Rate, Terms, used No Comments »