Mortgage Dictionary

A guide to mortgage and real estate terminology
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Abandonment A disclaimer of ownership by the trustee or debtor in ...
Abatement A reduction in amount;this usually applies to taxes or rent. Example: ...
Abbreviations 1003 -- standard application CLTV - combined loan to value ...
Absentee Owner An owner who does not manage or live at their ...
Absolute Auction An auction in which there is no reserve price and ...
Absolute Title A title without any liens or judgements. ...
Absorption Rate An estimate of the expected annual sales or new occupancy ...
Abstract of judgment A court document that states how much the loser of ...
Abstract of title A summary of all the recorded instruments and proceedings that ...
Abstract Update Taking a current but old abstract of title and updating ...
Abut Adjoining ...
Accelerated Amortization Paying more than the minimum principle due on a loan ...
Accelerated cost recovery system Commonly referred to as ACRS (prounounced "acres"), a method of ...
Accelerated depreciation A bookeeping method that allows an owner to deduct a ...
Acceleration clause The section of a mortgage document that allows the lender ...
Acceptance A property seller’s formal, written approval of a buyer’s offer. ...
Accession Additions to a property as a result of annexing fixtures ...
Acquisition indebtedness A loan to buy your house or any loan you ...
Acre 43,560 square feet. A plot of land 180 by 242 ...
Acre foot The water or other material needed to cover an acre ...
Actual age The years since a structure was built. Differs from effective ...
Ad valorem tax A tax based according to item value only, usually property ...
Add on interest Interest that is computed at the beginning of the loan, ...
Addendum A change made to a contract ...
Additional principal payment Extra money included with a loan payment to pay off ...
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