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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