There are currently 8 names in this directory beginning with the letter A.
Change to an existing contract. Prior to the signing of a valid legal contract parties use addenda to clarify a portion of the original document or alter the terms of the contract.
Adjustable-Rate Mortgage (ARM)
A mortgage with a variable interest rate. This can adjust monthly, biannually, or annually. Option-arms and hybrid mortgages are also considered adjustable-rate mortgage.
On an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, typically one, three or five years, depending on the index.
The way a loan is paid off over time in installments, detailing how much goes toward interest, and how much is paid through principal.
Agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money. Since this is an existing mortgage debt, unlike a new mortgage where closing costs and new, possibly higher, market-rate interest charge will apply.