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Ch 12 Mortgages

Vocabulary terms from Chapter 12: Real Estate and Mortgages

TermDefinition
Appraisal An opinion of value on a home
Appreciation To increase in value
ARM (Adjustable Rate Mortgage loan secured by a deed of trust or mortgage in which the interest rate will change periodically
Conventional Loan Mortgage obtained through the Federal National Mortgage Association (FNMA), which insures against default; generally includes a down payment of 5-20% or more
Curb Appeal ludes a down payment of 5-20% or more. Curb Appeal:
Equity The property value over and above any mortgage or liabilities related to it
Fixed Rate An interest rate that does not change over time
interest rate that does not change over time. Interest Only Loan Interest Only Loan: A
MLS (Multiple Listing Service) Computer program used by realtors to search frequently updated listings of available properties in order to find prospective homes for their clients.
Mortgage A loan secured by the collateral of some specified real estate property, obligates the borrower to make a predetermined series of payments
Created by: mgarda