Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate








Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

 

NC Mortgage Glossary

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Acceptance
A buyer or seller's agreement to enter into a contract and be bound by the terms of the offer.
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Account Termination Fee
A fee that is often charged if you pay the outstanding balance in full and terminate your home equity line of credit during the first five years. Merely paying down to a zero balance does not count as termination. See also: Prepayment Penalty.
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Additional Principal Payment
A payment made by a borrower of more than the scheduled principal amount due, in order to reduce the outstanding balance on the loan, to save on interest expenses incurred over the life of the loan and/or pay off the loan early.
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Adjustable-Rate Mortgage (ARM)
A mortgage or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period, and over the life of the loan. Also called a variable-rate mortgage.
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Adjustment Cap
A limit to how much a variable interest rate can go up or down in a single adjustment period.
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Adjustment Date
The date on which the interest rate is subject to change for an adjustable-rate mortgage (ARM).
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Adjustment Period
The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM).
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Affordability Analysis
A preliminary analysis of a borrower's ability to afford the purchase of a home that takes into consideration factors such as income, liabilities, and available funds and assets, as well as the type of home loan, the estimated taxes and insurance for the home, and the estimated closing costs. See also: Prequalification.
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Amenity
A feature of real property that, while not essential to the property's use, enhances its attractiveness and increases the occupant or user's satisfaction. Natural amenities include: a pleasant or desirable location (near water, scenic views, etc). Man-made amenities include: swimming pools, tennis courts, community buildings, and other recreational facilities.
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Amortization
The gradual reduction in the principal amount owed on a debt. During the earlier years, most of each payment is applied toward the interest owed. During the final years of the loan, payment amounts are applied almost exclusively to the remaining principal, unless there has been negative amortization.
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Amortization Table
A timetable or schedule that gives you a breakdown of how much interest and how much principal is included in each monthly payment, from the first payment to the last payment, until the loan is paid in full.
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Amortization Term
The amount of time required to amortize ( pay off) the loan. The amortization term is expressed in months. For example, for a 15-year fixed-rate mortgage, the amortization term is 180 months.
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Annual Adjustment Cap
A limit on how much the variable interest rate on a loan can increase or decrease each year.
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Annual Fee
An annual amount you pay for maintaining an open line of credit.
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Annual Income
The total amount of gross income earned in one year. This does not need to include alimony, child support, or separate maintenance income unless you wish to have it considered as a source of funds for repaying the obligation.
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Annual Percentage Rate (APR)
The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, however, it includes other charges or fees to reflect the estimated total cost of the loan. APR is an estimate and may be more or less with any changes in loan amount, term of loan or other criteria. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since lenders generally must follow the same rules to ensure the accuracy of the APR, borrowers may use the APR as a basis for comparing certain costs of loans.
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Application Fees
Typically a nonrefundable fee paid when you apply for your loan. These fees may include charges for a credit profile, a property appraisal, and so forth.
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Appraisal Fee
The charge paid to an appraiser for estimating the value of a property.
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Appraisal or Appraised Value
An informed estimate of the value of a property. When made in connection with an application for a loan secured by a home, a professional appraiser usually makes it. See also: Property Valuation.
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Appraiser
A person qualified by education, training, and experience to estimate the value of real property.
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Appreciation
An increase in the value of property over time. Important factors in a home's appreciation are its location and condition, and the selling price of similar homes in the area. Appreciation increases the amount of equity, which may also increase the amount you are able to borrow using a home equity loan or line of credit.
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Assessed Value
The value used to determine the property taxes to be paid, based on a public tax assessor's opinion.
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Assessment
The amount of tax due to local government. May also refer to the amount due to local government or to common owners of a property (e.g., a homeowner's association) for a special payment to cover expenses for improvements or maintenance, such as new sewers or roads, or a new roof.
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Assessment Rolls
A public record of the assessed value of property in the taxing jurisdiction.
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Assessor
A public official who establishes the value of a property for taxation purposes.
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Asset
Property or a possession of value that a lender may be willing to accept as collateral to secure repayment of debt. For example, real estate, stocks, mutual funds, cash, or automobiles.
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Assignment
The method of transferring a legal right or contract, such as the terms of a loan, from one person to another.
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Assumable Loan
When you sell your home, your buyer may be able to qualify to take over your existing mortgage at your current rate. This can be beneficial if interest rates have risen above the rate you're currently paying on your mortgage. The lower interest rate benefit may make your home more affordable to prospective homebuyers.
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Assumption
The buyer's acceptance of liability for the seller's existing home loan. See also: Assumable Loan.
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Assumption Clause
A provision in an assumable loan that allows a buyer to assume responsibility for the existing home loan from the seller. The loan does not need to be paid in full by the original borrower (seller) upon sale or transfer of the property.
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Assumption Fee
The fee paid to a lender (usually by the buyer) for the lender's agreement to start collecting payment from the buyer instead of the original borrower (seller).
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Available Funds
The total amount of funds available to you from your own funds and/or other sources that can be used for your down payment and the closing costs associated with a loan.
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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Short Sale Specialist: Jerry Lee Hatley
Foreclosure is NOT
your only option!

Short Sale Incentives:
Why Banks will Give You Money to Sell the Home You Can't Afford

The nation’s leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure – both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents. read more.......

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
   
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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