![]() The maximum amount of the mortgage is usually based on the appraisal.Īppraised Value - The dollar figure for a property's estimated fair market value, based on an appraiser's knowledge, experience, and analysis of the property and comparable properties near by.Īppraiser - A person qualified by education, training, and experience to estimate the value of real property.Īppreciation - An increase in the value of a property due to changes in market conditions or other causes. Some lenders collect fees for a property appraisal and a credit report, instead of an application fee, at the time of application.Īppraisal - An estimate of the value of a home, made by a professional appraiser. Lenders also sometimes call it a 1003-the form number of Fannie Mae's standard application form.Īpplication Fee - A fee usually paid at the time an application is given to a lender for helping to complete and review an application. The APR more accurately reflects what you'll be paying and allows you to compare different mortgages based on actual costs.Īpplication (or 1003) - A form to be completed by a home loan applicant with the lender's assistance to provide pertinent information about a prospective borrower's employment, income, assets, debts and other financial information, about the purpose of the home loan, and about the property securing the home loan. ![]() ![]() ![]() Because APR includes points and other costs associated with the mortgage, it's usually higher than the advertised simple interest rate. This refers to the interest rate that reflects the actual cost of a mortgage as a yearly rate. For example, for a 30 year fixed rate loan, the amortization term is 360 months.Īmortize - To repay a loan with regular payments that cover both principal and interest.Īnnual Percentage Rate (APR) - stands for Annual Percentage Rate. The amortization term is expressed as a number of months. An amortization schedule shows the amount of each payment applied to interest and principal and the remaining balance after each payment is made.Īmortization Term (period) - The amount of time it takes to pay off the loan. Man-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities.Īmortization - The gradual repayment of a home loan by periodic installments.Īmortization Schedule - A timetable for payment of a home loan. Natural amenities include a pleasant or desirable location near water, scenic views, etc. To protect you in a rising interest market, rate increases are limited (usually 2 percentage points annually 6 percentage points over the life of the loan).Īmenity - 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. Your mortgage payments are adjusted up or down (usually on an annual basis) as the interest rate changes. An ARM is a mortgage with an interest rate that adjusts periodically to reflect changes in market conditions. Our job is to make your home buying or selling experience a pleasant one which is why we also offer a complete set of real estate tools and resources including mortgage calculators, moving guides, Hawaii neighborhood information, real estate buying tips, and articles.Acceptance - A buyer's or seller's agreement to enter into a contract and be bound by the terms of the offer.Īdditional Principal Payment - A payment made by a borrower of more than the scheduled principal amount due, in order to reduce the outstanding balance on the loan, to save on interest over the life of the loan and/or pay off the loan early.Īdjustable Rate Mortgage (ARM) - stands for Adjustable Rate Mortgage, also referred to as a Variable Rate Mortgage. Each of our real estate listings provides comprehensive information on essential details including property features, price change, transaction history, and amenities. You’ll have access to thousands of homes for sale that are currently on the market. To start your real estate search, simply enter your property type whether a home, condo, townhouse, or vacant land and then your specific location. ![]() Locations LLC offers thousands of Hawaii real estate listings from each major island including Oahu, Maui, Kauai, Molokai, Lanai, and the Big Island. ![]()
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