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    Adjustable-Rate Mortgage (ARM) : Page 1 of 2

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    Mikka Ella Ü
    An adjustable-rate mortgage is a home loan with an interest rate that can change over time due to market fluctuations. Payments made over the life of the loan reduce the balance through amortization. An appraisal estimates the current value of a property. Closing costs and fees are paid when a real estate transaction is finalized.

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    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd

    Adjustable-Rate Mortgage (ARM) : Page 1 of 2

    Uploaded by

    Mikka Ella Ü
    27 views2 pages
    An adjustable-rate mortgage is a home loan with an interest rate that can change over time due to market fluctuations. Payments made over the life of the loan reduce the balance through amortization. An appraisal estimates the current value of a property. Closing costs and fees are paid when a real estate transaction is finalized.

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    Commercial banking terms

    Original Title

    ConbankC7.pdf

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    © Attribution Non-Commercial (BY-NC)

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    An adjustable-rate mortgage is a home loan with an interest rate that can change over time due to market fluctuations. Payments made over the life of the loan reduce the balance through amortization. An appraisal estimates the current value of a property. Closing costs and fees are paid when a real estate transaction is finalized.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    27 views2 pages

    Adjustable-Rate Mortgage (ARM) : Page 1 of 2

    Uploaded by

    Mikka Ella Ü
    An adjustable-rate mortgage is a home loan with an interest rate that can change over time due to market fluctuations. Payments made over the life of the loan reduce the balance through amortization. An appraisal estimates the current value of a property. Closing costs and fees are paid when a real estate transaction is finalized.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 2

    adjustable-rate mortgage (ARM) A home loan with an interest rate that can change during the mortgage term

    due to changes in market interest rates; also called a flexible-rate mortgage or a variable-rate mortgage. amortization The reduction of a loan balance through payments made over a period of time. appraisal An estimate of the current value of a property. closing costs Fees and charges paid when a real estate transaction is completed; also called settlement costs. condominium An individually owned housing unit in a building with several such units. cooperative housing A form of housing in which a building containing a number of housing units is owned by a nonprofit organization whose members rent the units. deed A document that transfers ownership of property from one party to another. earnest money A portion of the price of a home that the buyer deposits as evidence of good faith to indicate a serious purchase offer.

    Page 1 of 2

    escrow account Money, usually deposited with the lending financial institution, for the payment of property taxes and homeowner's insurance. lease A legal document that defines the conditions of a rental agreement. mortgage A long-term loan on a specific piece of property such as a home or other real estate. points Prepaid interest charged by the lender. title insurance Insurance that, during the mortgage term, protects the owner or the lender against financial loss resulting from future defects in the title and from other unforeseen property claims not excluded by the policy. zoning laws Restrictions on how the property in an area can be used.

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