Real estate

Real estate

Of or pertaining to property of land and the buildings on it. This also includes any minerals, crops, or any other natural resource. The business of real estate is the buying, selling, or renting property.

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Real estate > Mortgage

grace period

Banking; Mortgage

The period after the payment due date during which the borrower can pay without being hit for late fees.

adjustable rate

Banking; Mortgage

An interest rate that changes periodically according to an index.

adjustable-rate mortgage (ARM)

Banking; Mortgage

A mortgage with an interest rate that adjusts periodically based on a preselected index, causing interest rates and payments to rise and fall with the market.

adjustment interval

Banking; Mortgage

The time between changes in the interest rate and monthly payments on an ARM.

annual percentage rate (APR)

Banking; Mortgage

The annual cost of a loan, expressed as a yearly rate. APR takes into account interest, discount points, lender fees and mortgage insurance, so it will be slightly higher than the ...

addendum

Banking; Mortgage

An agreement or list that is added to a contract, agreement, or other document such as a letter of intent. FHA and VA require that an addendum be added to or incorporated in a ...