If a mortgage payment is delinquent or the property is sold without the lender being informed, for example, the lender then has the right to demand that the outstanding balance be paid immediately.
A mortgage in which the interest rates change depending on the fluctuations of an index.
Payments that cover both the principal balance on a loan as well as the interest, decreasing the loan amount over time.
annual percentage rate (APR)
A value created according to a government formula which reflects the true annual cost of borrowing in percentage form.
A date-specific estimate or opinion of the value of a property based on the analysis of an impartial third party.
The increase of the value of a property based on market fluctuations such as inflation.
The valuation placed on a property by a tax assessor for taxation purposes.
Public official who establishes the value of a property for tax purposes.
Real or personal property under ownership and having value.
assignment: When ownership of a mortgage is transferred from one business or individual to another.
A mortgage loan that transfers to the new owner when a property is sold.
When a buyer assumes the seller’s mortgage.