Mortgage

Mortgage

The business of lending money for the purchase of real property which is repayed in security interest.

Industry: Banking; Real estate

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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.

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 interest rate on ...

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 sales contract, if it ...