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A credit rating where the FICO score is 660 or above. There have been no late mortgage payments within a 12-month period. This is the best credit rating to have when entering into a new loan.
- Browse Related Terms: "A" Loan or "A" Paper, "B" Loan or "B" Paper, "C" Loan or "C" Paper, Fixed Expenses, mortgage interest, Serious Delinquency, Sub-Prime Loan, Variable Expenses
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See: annual percentage rate.
- Browse Related Terms: A.P.R., annual percentage rate (A.P.R.), Assumption, Buy Down, Commitment Letter, Discount point, Float, Interest Accrual Rate, Truth-in-Lending Act
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Documents recording the ownership of property throughout time.
A historical summary provided by a title insurance company of all records affecting the title to a property.
- Browse Related Terms: Abstract of title, Assignment of Mortgage, Chain of Title, Deed, Deed of trust, Document Recording, Mortgage holder, Notary Public, Ownership, Public Record Information, Quitclaim Deed, Recorder, Recording, Recording Fees, Title, Transfer of Ownership, trust deed
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The right of the lender to demand payment on the outstanding balance of a loan.
- Browse Related Terms: Acceleration, acceleration clause, cash-out refinancing, due-on-sale, Due-on-sale Clause, Loan Acceleration, Maturity, Mortgage Acceleration Clause, Mortgage life insurance, Principal, Revolving Debt
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A clause that allows a lender to declare the entire outstanding balance of a loan immediately due and payable should a borrower violate specific loan provisions or default on the loan.
- Browse Related Terms: Acceleration, acceleration clause, cash-out refinancing, due-on-sale, Due-on-sale Clause, Loan Acceleration, Maturity, Mortgage Acceleration Clause, Mortgage life insurance, Principal, Revolving Debt
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The written approval of the buyer's offer by the seller.
- Browse Related Terms: acceptance, affidavit, Asking Price, Assumable Mortgage, Assumption Clause, Assumption Fee, Assumption of mortgage, Bona fide, Creative financing, Disclosures, Earnest Money, Fair market value, HUD-1 Settlement Statement, non-assumption clause, Offer, Owner Financing, prorate, Rescission, Sale-Leaseback, Seller Take-Back
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Money paid to the lender in addition to the established payment amount used directly against the loan principal to shorten the length of the loan.
- Browse Related Terms: Additional Principal Payment, Annual Mortgagor Statement, Annuity, Charge-off, interest, Interest rate, Interest Rate Swap, Nonperforming Asset, Notional Principal Amount, open-end mortgage, Original Principal Balance, P&I, PITI Reserves, Premium, Remaining Balance, Right of rescission, Self-amortizing mortgage, taxes
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A mortgage instrument that allows maximum flexibility in selecting the terms under which interest rates and payments may be adjusted over the maturity of the loan. Includes adjustable rate mortgages, renegotiated rate mortgages, variable rate mortgages.
- Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Adjustment Index, Adjustment Interval, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Cost of Funds Index (COFI), Fixed-Period Adjustable-Rate Mortgage, index, Inflation Coverage, Initial Interest Rate, Interest Rate Cap, Interest Rate Ceiling, Interest Rate Floor, LIBOR-Index, Margin, Mitigation, Payment Change Date, Prime rate, Treasury Index, Truth in lending, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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A mortgage that does not have a fixed interest rate. The rate changes during the life of the loan based on movements in an index rate, such as the rate for Treasury securities or the Cost of Funds Index. ARMs usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates increase, generally your loan payments increase; and when interest rates decrease, your monthly payments may decrease. For more information on ARMs, see the Consumer Handbook on Adjustable-Rate Mortgages.
A mortgage loan that allows the interest rate to be changed, usually based on an established index, at specific intervals over the maturity of the loan.
A mortgage loan that does not have a fixed interest rate. During the life of the loan the interest rate will change based on the index rate. Also referred to as adjustable mortgage loans (AMLs) or variable-rate mortgages (VRMs).
A variable or flexible rate mortgage with an interest rate that varies according to the financial index it is based upon. To limit the borrower's risk, the ARM may have a payment or rate cap. See also: cap.
- Browse Related Terms: Adjustable-Rate Mortgage (ARM), annual cap, ARM, CAP, interest cap, Life Cap, life-of-loan cap, Lifetime Cap, Payment Cap, Rate Cap
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The actual date that the interest rate is changed for an ARM.
- Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Adjustment Index, Adjustment Interval, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Cost of Funds Index (COFI), Fixed-Period Adjustable-Rate Mortgage, index, Inflation Coverage, Initial Interest Rate, Interest Rate Cap, Interest Rate Ceiling, Interest Rate Floor, LIBOR-Index, Margin, Mitigation, Payment Change Date, Prime rate, Treasury Index, Truth in lending, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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The published market index used to calculate the interest rate of an ARM at the time of origination or adjustment.
- Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Adjustment Index, Adjustment Interval, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Cost of Funds Index (COFI), Fixed-Period Adjustable-Rate Mortgage, index, Inflation Coverage, Initial Interest Rate, Interest Rate Cap, Interest Rate Ceiling, Interest Rate Floor, LIBOR-Index, Margin, Mitigation, Payment Change Date, Prime rate, Treasury Index, Truth in lending, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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The time between the interest rate change and the monthly payment for an ARM. The interval is usually every one, three or five years depending on the index.
- Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Adjustment Index, Adjustment Interval, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Cost of Funds Index (COFI), Fixed-Period Adjustable-Rate Mortgage, index, Inflation Coverage, Initial Interest Rate, Interest Rate Cap, Interest Rate Ceiling, Interest Rate Floor, LIBOR-Index, Margin, Mitigation, Payment Change Date, Prime rate, Treasury Index, Truth in lending, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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A signed, sworn statement made by the buyer or seller regarding the truth of information provided.
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All > Business > Real Estate > Superfund
As the lead Agency within the Public Health Service for implementing the health-related provisions of CERCLA, the Agency for Toxic Substances and Disease Registry is charged under the Superfund Act to assess the presence and nature of health hazards at specific Superfund sites, to help prevent or reduce further exposure and the illnesses that result from such exposures, and to expand the knowledge base about health effects from exposure to hazardous substances
- Browse Related Terms: Agency for Toxic Substances and Disease Registry (ATSDR), Community Advisory Groups (CAG), Data Element Dictionary (DED), Ecotox Thresholds (ET), Frequently Asked Questions (FAQ), Frequently Asked Questions About Contaminants Found at Hazardous Waste Sites (ToxFAQs), Integrated Exposure Uptake Biokinetic Model (IEUBK), Operations and Maintenance (O&M), Superfund Enhanced State and Tribal Role Initiative (STROLE), Superfund Job Training Initiative (SUPERJTI), Technical Assistance to Brownfields Communities (TAB), Technical Review Workgroup for Lead (TRW)
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"HazDat", the Agency for Toxic Substances and Disease Registry's Hazardous Substance Release/Health Effects Database, is the scientific and administrative database developed to provide access to information on the release of hazardous substances from Superfund sites or from emergency events and on the effects of hazardous substances on the health of human populations.
- Browse Related Terms: Agency for Toxic Substances and Disease Registry's Hazardous Substance Release/Health Effects Database (ATSDR-HazDat), Chemical Emergency Preparedness and Prevention Office (CEPPO), Emergency Planning and Community Right-to-Know Act (EPCRA), Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA), Office of Air and Radiation (OAR), Office of Pollution Prevention and Toxics (OPPT), Office of Prevention, Pesticides and Toxic Substances (OPPTS), Office of Science Coordination and Policy (OSCP), Risk Management Plans (RMP), Toxic Release Inventory (TRI), Toxic Substances Control Act (TSCA)
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Same or similar to "contract to purchase." See "contract to purchase" under "mortgage."
- Browse Related Terms: Agreement of sale, Contract for deed, Contract of sale, Contract to purchase, Finance company, Global Debt Facility, inflation, Installment contract, Land contract, Purchase agreement, Sweat Equity
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Similar to a "wraparound mortgage." See also "wraparound mortgage."
- Browse Related Terms: All-inclusive deed of trust, End loan, Interim loan, Junior mortgage, Permanent mortgage, Piggyback loan, second mortgage, Third mortgage, Underlying mortgage, Wraparound mortgage
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Any mortgage other than a fixed interest rate, level payment, amortizing loan. Includes variable rate mortgages, rollover loans, graduated payment mortgages, shared appreciation mortgages, adjustable rate mortgages, growing equity mortgages.
- Browse Related Terms: Alternative mortgage instrument (AMI), Buydown Account, closed-end mortgage, Fixed payment mortgage, fixed-rate mortgage, graduated payment mortgage (GPM), Graduated Payment Mortgages, Growing-Equity Mortgage (GEM), Low-Down-Payment Feature, Property Appreciation, Variable payment plan
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Features of your home that fit your preferences and can increase the value of your property. Some examples include the number of bedrooms, bathrooms, or vicinity to public transportation.
- Browse Related Terms: amenities, Assessed Value, assessment, Assessor, Capital Improvements, Credit Related Expenses, Credit Related Losses, Demolition, Flood Certification Fee, Property tax, Special assessment, variance
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A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, woods, water) or man-made (like a swimming pool or garden).
- Browse Related Terms: Amenity, Bracket Sign, Landscape improvement, maintenance costs, Mature tree, Occupiable space, Real property, Story, utility costs