The final lump sum payment that is due at the termination of a balloon mortgage.
A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.
The term applied when a buyer assumes the seller’s mortgage.
A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must “qualify” in order to assume the loan.
When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.
Items of value owned by an individual. Assets that can be quickly converted into cash are considered “liquid assets.” These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others.
A public official who establishes the value of a property for taxation purposes.
The placing of a value on property for the purpose of taxation.
The valuation placed on property by a public tax assessor for purposes of taxation.
The increase in the value of a property due to changes in market conditions, inflation, or other causes.
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