Gulfport Mortgage Terms Glossary – A-D
Adjustable Rate Mortgage (ARM)
For people looking for a Gulfport Mortgage, an adjustable rate mortgage is a kind of mortgage where the interest rates change. They start with an initial rate, but the rate changes as the market indexes fluctuate.
This is found in the amortization schedule and shows the loan’s value over a set amount of time.
Annual Percentage Rate (APR)
To find out the true cost of a loan, the APR must be used. It will include all fees, insurance rates and interest costs.
Appreciation refers to how much the value of property increases over time.
This is the amount set by an assessor and is used to figure out annual taxes.
A balloon mortgage is a high-risk loan that lasts for a short period of time.
Used to effect a sale, a bridge loan is intended to be just a short-term loan.
The amount of profit gained from an asset like a property.
Capital Gain Tax
This is the tax charged on any profit made from selling a home.
When a home sells, a closing cost is charged to the buyer and seller. This includes documentation fees, origination fees and payments to the lawyer.
Comparable Sales (Comps)
Comparable sales are the price of similar homes in the area. It can be used to calculate a home’s value.
This is a traditional loan that has limits within parameters set by a Government Sponsored Enterprise.
Contingencies are clauses listed in a real estate agreement that show the buyer or seller’s rights.
This is a type of mortgage provided by a government-sponsored organization and is different from FHA loans.
A deed is an official document that shows property ownership.
Depreciation is the value that a property loses by the time. This could be caused by damage or by a poor economy.
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We contacted Amanda & Associates in December 2015 and was put in contact with Jordyn Favret. From day one, Jordyn was thorough and professional. She went above and beyond to deal with an extremely difficult seller even spending hours in the evening and on the weekends to close the deal on the property. Jordyn answered all of our questions and when she didn’t know the answer, she made the effort to investigate it and get back with us in a timely manner. She met with the rental manager and viewed …
“As a first time home buyer, I didn’t really know of what to expect. After meeting with Amanda and talking with her the first time, I felt comfortable enough to ask lots of questions and she was very patient with me. As we closed on our house today, I cannot be any happier that Amanda’s team is the one that helped me along the way. She has gone above and beyond my expectations. Thank you to your team for a great job!”
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Andrea & Kyle Woodard
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Jennifer BatesGulfport, MS
Without a doubt, this has been the best home purchasing experience. I am so impress with everyone at Amanda & Associates. David Becher was exceptional! He contacted me on a regular basis and understood my goals. Finding the perfect cottage on the Gulf Coast has moved me one step closer to retiring in such a beautiful and fun area. Brittany Brackett is another person I want to acknowledge. She consistently communicated with me on the administrative paperwork. Because of her attention to detail, …
They do very well in getting the information needed for you so you can decide on the property being reviewed. Very professional and quick to respond. They keep you informed on all steps during the process of the purchase.