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floridabeachandgolfhomes.com
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Definitions (202)
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acceleration clause
Stipulation in a mortgage agreement that allows the lender to demand immediate payment of the entire loan balance if any scheduled payment is missed. Source: floridabeachandgolfhomes.com (offline)
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adjustable rate mortgage
Mortgage loan on which the interest rate falls and rises with changes in prevailing rates. The mortgage rate is tied to a selected index and may be adjusted annually. Also called a variable rate mortgage. Source: floridabeachandgolfhomes.com (offline)
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agent
Person authorized to act by and on behalf of another. Source: floridabeachandgolfhomes.com (offline)
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air rights
Right to occupy and use the open space above a parcel of land or property, such as in the leasing of air space over existing buildings or highways. Source: floridabeachandgolfhomes.com (offline)
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amortize
Pay a debt in monthly or other periodic installments until the total amount, along with the interest, if any, is paid. Source: floridabeachandgolfhomes.com (offline)
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annual percentage rate
Combines the interest rate with other loan costs, such as points and loan fees, into a single figure that shows the true annual cost of borrowing. Source: floridabeachandgolfhomes.com (offline)
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appraisal
A formal estimate of property value conducted by a professional qualified to make such an opinion. Source: floridabeachandgolfhomes.com (offline)
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appreciation
Increase in property value or worth due to economic or related factors; the opposite of depreciation. Source: floridabeachandgolfhomes.com (offline)
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as is
Said of property offered for sale in its present condition with no guarantees as to quality and no promise of repair or fix-up by the seller; property is purchased in exactly the condition in which it is found. Source: floridabeachandgolfhomes.com (offline)
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