What is Assumability? - Definition
The term Assumability refers to a mortgage that allows for the transfer of the mortgage and deed from a buyer to seller with out a purchase transaction. An

What is an Assumption? - Definition
An assumption is where a purchaser takes over (or assumes) the responsibility of paying an existing mortgage. This typically requires permission from the current lender. The seller should also

What is Assisted Living? - Definition
Assisted living is a long-term care facility designed for people who have the ability to function mostly on their own, but need a certain amount of assistance.

What is an Amenity? - Definition
An ammenity (or ammenities) applies to the non-monetary benefits of property ownership. Some examples of different ammenities include garages, pools, spas or

What is an Asset? - Definition
An asset is an item that holds a value that can increase or decrease, and is owned by a person, entity, or corporation. An asset can be used to help determine a persons net worth, and

What is Assessed Value? - Defintion
Most Real Estate properties have two values. The assessed value is the value given to the property by the local authorities to determine the real estate taxes

What is an Annuity? - Definition
An Annuity is a form of an investment that is typically provided by an insurance company. An annuity guarantees payments of pre-set amounts and pre-set times,

What is an Anchor? - Definition
When dealing with investment type properties with rental incomes, an anchor is a long term tenant, that is financially stable and generally has a good credit rating.

What is Average Annual Occupancy? - Definition
The Average Annual Occupancy refers to rental and investment (multi-unit) type properties. This Average gives the percentage of units that are rented out with in a years period of time. It also

What is APR? - Definition
APR is an acronym for Annual Percentage Rate. The annual percentage rate is the interest rate that reflects the cost of a mortgage in terms of a yearly rate. The yearly rate includes the note rate and

What is an Afford Ability Analysis? - Definition
An AFFORD ABILITY ANALYSIS is an analysis of a buyer’s ability to afford the purchase of a home. The analysis reviews income, liabilities, available funds, and considers the type of mortgage you plan

What is an Adjustment Period? - Definition
An Adjustment Period begins with the first adjustment date of an adjustable rate mortgage. It is the period time between adjustment dates. It applies to

What is an Adjustment Date? - Definition
An adjustment date is the date on an adjustable rate mortgage that the interest rate changes. This date is frequently predetermined, and the amount of the adjustment is pre-determined by the

What is an Adjusted Basis? - Definition
The term "ADJUSTED BASIS" is a tax related term that is used to describe how one calculates the profit, or the loss from the sale or exchange of property. The equation is calculated by taking the

What is an Acreage? - Definition
An Acreage is a unit ofmeasure for land (a two dimensional measure). An acre(age) is can be defined by the following measures of 160 square rods, 10 square chains, 4840 square yards, or 43,560 square

What is an Acceleration? - Definition
An ACCELERATION is when the mortgagee (lender) has the ability to demand the immediate repayment of the mortgage loan balance in the case of the mortgagor (borrower)defaulting on the terms of the

What is an Acceleration Clause? - Definition
An ACCELERATION CLAUSE allows the lender to speed up the rate (amortization schedule) at which your loan comes due. The lender may also have the ability to demand immediate repayment of your loans

What is the 11th District Cost of Funds Index? - Definition
The 11TH DISTRICT COST OF FUNDS Index is
a monthly cost-of-funds index (COFI) reflecting a weighted-average (an average based on a time period such as the prior 12 months) interest rate paid by 11th

What is a 7/23 Mortgage? - Definition
A 7/23 Mortgage is an Adjustable Rate mortgage where for the first seven years the rate (payment) is fixed. After the fixed period is over, there is a one time adjustment to a previously

What is a 5/25 Mortgage? - Definition
A 5/25 Mortgage is an Adjustable Rate mortgage in which, for the first five years the payment (rate) is fixed. After the five years is over, there is one time adjustment to a previously

What is a 403(b) Loan? - Definition
A 403(b) loan is a loan that can be taken against the vested funds in an employee's 403(b) account. A 403(b) loan normally has a short repayment term of 1 to 5 years. However, if the funds are going to

What is a 401(k) Loan? - Definition
A 401(k) loan is a loan that can be taken against the vested funds in an employee's 401(k) account. This type of loan usually has a short repayment term of 1 to 5 years. However, if the funds are to

What is a 403b? - Definition
A 403b is an investment plan non-profit organization employers that allows employees to invest tax deferred income for either retirement or emergency purposes. (The non-profit version of the 401k) While 403b accounts

What is a 401k? - Definition
A 401k is an investment plan generally sponsored by corporate type employers that allows employees to invest tax deferred income for either retirement or
emergency purposes. While 401k accounts

What is a 10/1 ARM? - Definition
A 10/1 ARM is a form of an adjustable rate mortgage that has a fixed period (a period where the rate or payment does not change) for ten years. Once the mortgage has reached the end of the ten year fixed period the rate can