In order to use this site please turn on Javascript and Cookies

Shore Mortgage

Loan-a-pedia

Welcome to Loan-a-Pedia, our comprehensive guide, dictionary and resource created for you, by our mortgage experts. We decided to take the initiative to make the confusing mortgage process easy to understand.

Quick Jump - Click a letter to move to that section
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 

3/1, 5/1, 7/1 and 10/1 ARMs
Adjustable-rate mortgages in which rate is fixed for three-year, five-year, seven-year and 10-year periods, respectively, but may adjust annually after that.

Acceleration
The right of the lender to demand the immediate repayment of the mortgage loan balance upon the default of the borrower, or by using the right vested in the Due on Sale Clause.

Adjustable Rate Mortgage (ARM)
A mortgage in which the interest rate is adjusted periodically based on a pre-selected index.

Amortization
Loan payment divided into equal periodic payments calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.

Amortization Term
The length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30-year fixed rate mortgage.

Annual Percentage Rate (APR)
The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate, it provides consumers with a good basis for comparing the cost of different loans.

Appraisal
An estimate of the value of property made by a qualified professional called an "appraiser.

Appraised Value
An opinion of a property's fair-market value, based on an appraiser's knowledge, experience, and analysis of the property.

Assessment
A local tax levied against a property for a specific purpose, such as a sewer or street lights.

Assignment
The transfer of a mortgage from one person to another.

Assumability
An assumable mortgage can be transferred from the seller to the new buyer. Generally requires a credit review of the new borrower and lenders may charge a fee for the assumption. If a mortgage contains a due-on-sale clause, it may not be assumed by a new buyer.

Assumption
The 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 cost and new, probably higher, market-rate interest charges will apply.

Assumption Fee
The fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.

Quick Jump - Click a letter to move to that section 
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 

apply
  • We're here to answer all of your questions! Give us a call at 855-SHORE-55.

News and Press
Shore Mortgage Client Reviews and Testimonials
Contact Shore