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ABR. Accredited Buyers Representative. A professional designation awarded by the Real Estate Buyers Agent Council to REALTORS who specialize in representing buyers in real estate transactions.
Abstract of title. A historical summary provided by a title insurance company of all records affecting the title to a property.
Acceleration clause. A provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed.
Adjustable rate mortgage (ARM). A mortgage with an interest rate that changes over time based on an index.
Agency. The contractual relationship between a real estate agent and client. A client is represented by an agent.
Amenities. Features of your home that fit your preferences and can increase the value of your property. Some examples include number of bedrooms, bathrooms, or vicinity to public transportation.
Amortization schedule. A timetable for repayment of a mortgage showing the amount of each payment applied to interest and principal and the remaining balance.
Amortization. The gradual repayment of a mortgage by installments.
Annual percentage rate (APR). The total yearly cost of a mortgage stated as a percentage of the loan amount; includes the base interest rate, primary mortgage insurance, and loan origination fee (points).
Appraisal. A professional opinion on the market value of a property.
Appreciation. An increase in the value of a house due to changes in market conditions.APR. Annual percentage rate
ARM. Adjustable rate mortgage.
Assessed value. The value placed upon a property by a public tax assessor for purposes of taxation.
Assumable mortgage. A mortgage that can betaken over (assumed) by the buyer when a house is sold.
Assumption. The transfer of the seller’s existing mortgage to the buyer.
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