Most Popular Mortgage Terms - Mortgage Glossary

ABANDONMENT : The act of giving up one's property voluntarily any without intending to reclaim it.

ABSOLUTE AUCTION : ABSOLUTE AUCTION is a types of auction in which a property is sold to the bidder and offering the highest money without considering the winning bid.

ABSORPTION RATE : It is a rate that gives us an rough idea of the number of properties bought and sold in a specified market.

Adjustable Rate Mortgage (ARM) : It is an interest rate that changes periodically in relation to an index called Adjustable Rate. The payments may increase or decrease accordingly.Amortization— Amortization is a repayment method in which total amount you borrow is repaid gradually though regular monthly payments of interest and principal.

Annual Membership : Annual Membership is An amount that may be charged annually for having a line of available credit.They Often charged regardless whether you use the line or not.Annual Membership is Also referred to as a participation fee.

Annual Percentage Rate (APR) : It is the rate of interest on a yearly basis, which includes charges on the mortgage loan and the interest payment.

Application (Mortgage Application) : Application is an initial statement of financial information and personal information which is required to approve your loan.
Application Fee-- A small (or may be big in some time)amount that are paid upon application. An application amount(fee) may frequently include charges for property appraisal ($200-$400) and a credit report ($30-50).

Assessment : The Process in which we determining a property's value for the purpose of taxation is called Assessment.

Assumable Loan : This types of loans may be passed on from a seller of a home to the buyer. The buyer "assumes" all outstanding payments.

ATTORNEY WITNESS FEE : An attorney is required to be present at the time of closing of a loan. He acts as a witness to signing the legal papers and charges a fee for that.

What is a mortgage?

In one line we can say A mortgage is a loan that we take out to buy some property or properties or anything else.
There are numbers of finance companies which provides mortgage.
We can take mortgage directly from banks, specialist mortgage, building societies, lenders and corporatives.
People take Mortgage for different purpose like Home purchases, Car, Marriage, Study etc.

About Mortgage

Mortgage is a way of using properties whether it is real or personal .We provide the complete defination, terms assiciated with mortgage,Informations and everything about mortgage.

There are numbers of Definition of mortgage few of them are given below:
1. Mortgage is the methode of using properties.
2. A process by which real property is pledged as security.
3. Mortgage is a conditional conveyance of real property as security for the repayment of a loan.