The gradual repayment of a mortgage loan by installments.

A feature of real property that enhances its attractiveness and increases the occupant’s or user’s satisfaction although the feature is not essential to the property’s use. Natural amenities include a pleasant or desirable location near water, scenic views of the surrounding area, etc. Human-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities.

A detailed analysis of your ability to afford the purchase of a home. An affordability analysis takes into consideration your income, liabilities, and available funds, along with the type of mortgage you plan to use, the area where you want to purchase a home, and the closing costs that you might expect to pay.

A person appointed by a probate court to administer the estate of a person who died intestate.

The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM).

The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

The original cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation taken.

A mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change.

A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.

An offeree’s consent to enter into a contract and be bound by the terms of the offer.

A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed.

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Have you gotten lost in the legal-ese that always seems to accompany financial transactions? Well, we're here to help you decipher the language. Simply click on the letter below to see the definitions for that letter.

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