Glossary
Abstract of title A written record of the historical ownership of the property that helps to determine whether the property can, in fact, be transferred from one party to another without any previous claims. An abstract of title is used in certain parts of the country when determining if there are any previous claims on the subject property in question.
Acceleration A loan accelerates when it is paid off early, usually at the request or demand of the lender. An acceleration clause within a loan document states what must happen when a loan must be paid immediately; but usually it applies to nonpayment, late payments, or the transfer of the property without the lender’s permission.
Adjustable rate mortgage A loan program where the interest ...
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